Mithras Investment Trust PLC Interim Management Statement (1218M)

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RNS Number : 1218M

Mithras Investment Trust PLC

25 April 2018

 
 Mithras Investment Trust PLC (the "Company") 
   Company No: 2478424 
 
 
   Interim Management Statement (Unaudited) 
 
   For the three months ended 31 March 2018 
 
   The Company has prepared this Interim Management 
   Statement ("IMS") voluntarily and it covers the 
   three months ended 31 March 2018. 
 
   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 31 March    At 31 December    to previous 
                                  2018              2017         period 
  Net Asset Value per 
   Ordinary 2p share 
   (pence)                       255.0             255.5          (0.2) 
  Mid market quoted 
   share price (pence)           250.0             222.0           12.6 
  Discount (%)                     1.9              13.1         (11.2) 
  FTSE All-Share Index         6,766.2           7,265.7          (6.9) 
 
 Material Events and Transactions 
 In the three months ended 31 March 2018, the Company 
 received gross distributions totalling GBP1.5 million 
 with GBP0.1 million being retained by MCF to meet 
 ongoing obligations. These distributions principally 
 comprised proceeds from PAI Europe V's disposal 
 of Kiloutou and OCM POF IV's disposal of Cyanco. 
 
 As at 31 March 2018, the Company's maximum outstanding 
 commitment to MCF was GBP3.0 million. However, 
 the Company does not expect this amount to be fully 
 drawn and the current expectation is that up to 
 GBP0.3 million may be drawn by MCF. The Company's 
 cash balance at 31 March 2018 was GBP6.0 million. 
 
 At the Annual General Meeting ("AGM") on Wednesday, 
 25 April 2018, shareholders approved a final dividend 
 of 4.0p per Ordinary 2p share payable on 4 May 
 2018 to shareholders on the Register of Members 
 on 2 March 2018. 
 
 A copy of the presentation given at the AGM will 
 shortly be available on the Company's website, 
 www.mithrasinvestmenttrust.com. 
 
 There have been no changes in the Company's share 
 capital in the quarter under review, which remains 
 at 6,068,659 Ordinary shares 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]

25 APRIL 2018

This information is provided by RNS

The company news service from the London Stock Exchange

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April 25, 2018 10:14 ET (14:14 GMT)