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07 November 2014

Charles Russell Speechlys acts for Mithras Investment Trust plc on its third tender offer

Charles Russell Speechlys’ Corporate Advisory team recently acted as the legal adviser to Mithras Investment Trust plc (the Company) on its third tender offer, which was announced to shareholders on 5 November 2014.
The third tender offer follows on from the Company’s announcement 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. 
Should the shareholders all tender their basic entitlement, the Company would distribute approximately £6.7 million to shareholders through the third tender offer. 
The third tender offer arrives off the back of the completion of the Company’s second and initial tender offers, which returned approximately £6.1 million and £6.9 million to shareholders respectively, both of which took place in 2013.
All three tender offers were made possible by 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.
Additionally, the Company put in place a management retention arrangement to retain the services of the managing partner of the investment manager through to completion of the Company’s realisation strategy. 
The Charles Russell Speechlys team advising on these transactions was led by partner Andrew Collins and included Corporate associate Lucy Scott and Financial Services associate James Griffiths. Winterflood Securities (Joe Winkley and Neil Langford) also acted for the Company.