Mithras Investment Trust PLC Interim Management Statement (2917V)

TIDMMTH

RNS Number : 2917V

Mithras Investment Trust PLC

01 November 2017

 
 Mithras Investment Trust PLC (the "Company") 
   Company No: 2478424 
 
 
   Interim Management Statement (Unaudited) 
 
   For the three months ended 30 September 2017 
 
   The Company has prepared this Interim Management 
   Statement ("IMS") voluntarily and it covers the 
   three months ended 30 September 2017. 
 
   Objective and Investment Policy 
   The Company's investment objective, approved 
   by shareholders in January 2009, is to follow 
   a realisation strategy which aims to crystallise 
   value for shareholders in a manner which seeks 
   to achieve a balance between returning cash to 
   shareholders promptly and maximising the value 
   of the Company's portfolio. 
 
   In December 2012, the Board announced that the 
   core strategy of returning capital to shareholders 
   would be achieved through a series of tender 
   offers. 
 
   The Company's investment portfolio consists of 
   a commitment to Mithras Capital Fund LP ("MCF"), 
   which is invested in European and United States 
   based limited partnership buyout funds. 
  Financial Position and Performance Summary 
                                                               % change 
                           At 30 September    At 30 June    to previous 
                                      2017          2017         period 
  Net Asset Value per 
   Ordinary 2p share 
   (pence)                           234.3         226.5            3.4 
  Mid market quoted 
   share price (pence)               219.5         221.0          (0.7) 
  Discount (%)                         6.3           2.4            3.9 
  FTSE All-Share Index             6,922.2       6,777.3            2.1 
 
 Following the completion of the Seventh Tender 
 Offer on Monday, 2 October 2017, the Company's 
 proforma Net Asset Value at 30 September 2017 was 
 241.3 pence per Ordinary 2p share. 
 
 Material Events and Transactions 
 In the three months ended 30 September 2017, there 
 were no drawdowns or distributions from MCF. However, 
 the Company received a distribution of GBP2.0 million 
 on 19 October 2017 which comprised distribution 
 proceeds from the disposals of IPH and ADB Safegate 
 from PAI Europe V as well as partial distribution 
 proceeds from CVC Europe V and Doughty Hanson V. 
 
 As at 30 September 2017, the Company's maximum 
 outstanding commitment to MCF was GBP3.2m. However, 
 the Company does not expect this amount to be fully 
 drawn and the current expectation is that up to 
 GBP0.4m may be drawn by MCF. The Company's cash 
 balance at 30 September 2017 was GBP0.4m. 
 
 No dividends have been paid by the Company during 
 the period under review. 
 
 In addition, at a General Meeting held on 29 September 
 2017, shareholders approved the special resolution 
 authorising the Company to buy back up to 3,962,182 
 Ordinary shares in connection with its Seventh 
 Tender Offer. The Company's resulting share capital 
 was 6,068,659 Ordinary shares of 2p each in issue. 
 

A copy of this IMS is available on the Company's website at www.mithrasinvestmenttrust.com

For further information, please contact:

Mr Bernie Boylan

Mithras Capital Partners LLP

Tel: [phone]

1 NOVEMBER 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRUGGRGGUPMGCG

(END) Dow Jones Newswires

November 01, 2017 10:20 ET (14:20 GMT)