Mithras Investment Trust PLC Interim Management Statement (1593O)
03 November 2016 - 12:38AM
UK Regulatory
TIDMMTH
RNS Number : 1593O
Mithras Investment Trust PLC
02 November 2016
Mithras Investment Trust PLC (the "Company")
Company No: 2478424
Interim Management Statement (Unaudited)
For the three months ended 30 September 2016
The Company has prepared this Interim Management
Statement ("IMS") voluntarily and it covers the
three months ended 30 September 2016
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.
The Company will not make any new investments
but will continue to meet its existing outstanding
commitment to Mithras Capital Fund ("MCF"). The
Company will retain sufficient cash resources
to meet all outstanding obligations and realised
cash may be invested in AAA-rated money market
funds pending return to shareholders in accordance
with the Company's investment objective.
Financial Position and Performance Summary
% change
At 30 September At 30 June to previous
2016 2016 period
Net Asset Value per
Ordinary 2p share
(pence) 206.3 185.2 11.4%
Mid market quoted
share price (pence) 164.5 152.0 8.2%
Discount (%) 20.3 17.9 2.4%
FTSE All-Share Index 6,183.8 5,737.5 7.8%
Material Events and Transactions
In the three months ended 30 September 2016, the
Company received gross distributions totalling
approximately GBP1.5 million with GBP0.1m being
retained by MCF to meet ongoing obligations. These
distributions principally comprised proceeds from
a partial sell down of shares in AdvancePierre
Foods by OCM POF IV following its listing in July
2016. The Company also received final distribution
proceeds following the sale of OCM POF IV's investment
in Alstria Office, with CVC Europe V also distributing
final distribution proceeds from the previously
completed sales of Evonik and Raet.
As at 30 September 2016, the Company's maximum
outstanding commitment to MCF was GBP3.5m. 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 2016 was GBP4.1m.
No dividends have been paid by the Company during
the period under review.
There have been no changes in the Company's share
capital in the quarter under review, which remains
at 14,228,143 Ordinary shares in issue.
Asset Allocation At 2 November At 30 September
2016 2016
% %
Fund of funds 87.0 87.0
Cash and current assets 13.0 13.0
-------------- ----------------
100.0 100.0
-------------- ----------------
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: 020 7872 5651
2 NOVEMBER 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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