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18 December 2013

Speechly Bircham advises Mithras Investment Trust plc on its second tender offer of the year

This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.

Speechly Bircham's corporate advisory team recently acted as the legal adviser to Mithras Investment Trust plc (the Company) on its second tender offer, which was announced to shareholders on 6 November 2013.

The Company announced in December 2012 that it intended to enter into a series of tender offers to achieve its core realisation strategy of returning capital to shareholders. 

Following the General Meeting of shareholders on 11 December 2013, at which the special resolution approving the second tender offer was passed, 3,946,243 shares were repurchased by the Company and cancelled, equating to 12.5 per cent of the Company's shares in issue and returning approximately £6.1 million to shareholders.

The second tender offer follows the Company's successful Court application for a £8.6 million reduction of capital on 23 May 2013 by way of a cancellation of the Company's share premium account and completion of the Company's initial tender offer on 24 June 2013, which returned approximately £6.9 million to shareholders.

The Speechlys' team advising on these transactions was led by partner, Andrew Collins and included corporate associates Paul Arathoon and Lucy Scott.