Speechly Bircham's corporate advisory team recently acted as the legal adviser to Mithras Investment Trust plc (the Company) on its first tender offer, which was announced to shareholders at the Annual General Meeting of the Company on 8 May 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.  As set out in the circular distributed to shareholders on 29 May 2013, the Company wishes to distribute to approximately £6.9 million pursuant to the initial tender offer, being up to 13 per cent. of the Company's issued shares as at close of business on Friday, 21 June.  The initial tender offer is being made by Winterflood Securities Limited, the Company's Sponsor and is due to be approved and implemented at a General Meeting of shareholders on Monday, 24 June 2013.

Prior to announcing the tender offer, Speechly Bircham also advised the Company in relation to its successful Court application for a £8.6 million reduction of capital by way of a cancellation of the Company's share premium account, which became effective on 23 May 2013.  The purpose of the cancellation of share premium account is to ensure that the Company has sufficient distributable reserves to continue to implement further tender offers and, if applicable, share buy-backs, in the future.

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

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