Mithras Investment Trust PLC AGM Statement (1005M)
April 25 2018 - 7:00AM
UK Regulatory
TIDMMTH
RNS Number : 1005M
Mithras Investment Trust PLC
25 April 2018
MITHRAS INVESTMENT TRUST PLC (the "Company")
AGM Statement
At the Company's Annual General Meeting to be held today, the
Chairman will make the following statement:
Update on Realisation Strategy
-- The Private Equity exit environment has continued to support
the Company's realisation strategy and there is good visibility on
the remaining portfolio and the short term exit prospects.
-- The Company is moving towards a position to make a
significant distribution to shareholders later this year.
-- The timing of the realisation strategy depends upon the
completion of a small number of ongoing exit processes.
-- At the stage that the costs of maintaining the Company as a
listed investment trust become uneconomic and this will trigger the
final stage of the realisation strategy.
-- The Board has been developing a plan for the final stage of
the realisation strategy which is likely to involve either:
i. The Secondary sale of MCF followed by a Members Voluntary Liquidation of the Company or;
ii. An appointed liquidator pursues the longer term liquidation of the Company's assets.
-- The Board has appointed an advisor, FRP Advisory LLP, with
the intention that they will become the appointed liquidator at the
appropriate time and is working through the planning phase to
enable the final stage of the realisation strategy to proceed
quickly and efficiently.
Expected Realisation Process
-- A Circular will be issued seeking shareholder approval by
Special Resolution at a General Meeting. Immediately following
shareholder approval, the liquidator will assume control and the
Board will step down.
-- The next cash return to shareholders will be made by the
liquidator shortly after the Company is put in to liquidation.
-- The Liquidator will retain some cash to meet outstanding obligations.
-- There will be significant cost savings even after liquidation and any other costs.
-- The Board is working to minimise the costs of liquidating the
Company and the Group as these will impact returns to
shareholders.
-- The Company's shares will be delisted upon entering
liquidation meaning no trading in shares will be permitted unless
this is approved by the liquidator.
-- The Company will seek to maintain investment trust status
throughout the liquidation process. Any distributions made will be
capital in nature.
-- A final and smaller cash distribution to shareholders will be
made once the liquidator has settled all potential liabilities and
received Her Majesty's Revenue & Customs tax clearance.
For further information, please contact:
Susan Gledhill
Company Secretary
BNP Paribas Secretarial Services Limited
Tel: 020 7410 5971
25 APRIL 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMSEUFSIFASEIL
(END) Dow Jones Newswires
April 25, 2018 07:00 ET (11:00 GMT)
Mithras Inv.Tst (LSE:MTH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mithras Inv.Tst (LSE:MTH)
Historical Stock Chart
From Sep 2023 to Sep 2024