Marwyn Value Inv Ltd Marwyn Value - MVIR - Net Asset Value - 2016 Realisation Shares
11/11/2022 10:25
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RNS Number : 1531G Marwyn Value Investors Limited 11 November 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA,
JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN
WHICH IT WOULD BE UNLAWFUL TO DO SO
LEI: 213800L5751QTTVEA774
11 November 2022
Marwyn Value Investors Limited
Net Asset Value per 2016 Realisation Share
The board of directors of Marwyn Value Investors Limited (the "Company") today
announces that the estimated net asset value per 2016 realisation share of the
Company based on the estimated value of its interests in Marwyn Value
Investors L.P. is £2.93593 as at 31 October 2022. As at 31 October 2022 there
were 933,070 2016 realisation shares in issue.
As at 31 October 2022 the closing mid share price of a 2016 realisation share
in the Company was £2.02500 and represented a discount of 31.03% to the net
asset value per 2016 realisation share.
Historic Performance
Estimated Movement over Period (%) Movement over Year to date Total shareholder return inception to date (%) *
NAV per share (£) Month (%) Movement (%)
2022:
October 31 2.93593 -0.0 -0.2 +2.7 -0.5
October 21 2.93725 -0.1 -0.2 +2.7 -0.5
October 14 2.93894 -0.0 -0.1 +2.8 -0.5
October 7 2.93993 -0.1 -0.1 +2.8 -0.4
September 30 2.94203 +0.7 +2.9 -0.4
August 31 2.92190 -0.2 +2.2 -0.5
July 29 2.92746 +3.4 +2.4 -0.5
June 30 2.83013 -0.2 -1.0 -1.0
May 31 2.83643 -0.1 -0.8 -1.0
April 29 2.83992 -0.1 -0.7 -1.0
March 31 2.84166 -0.2 -0.6 -0.9
February 28 2.84806 -0.2 -0.4 -0.9
January 31 2.85389 -0.2 -0.2 -0.9
2021:
December 31 2.86004 +25.2 +61.9 -0.9
November 30 2.28510 -0.9 +29.4 -3.8
October 29 2.30585 +0.5 +30.5 -3.8
September 30 2.29429 -0.2 +29.9 -4.0
August 31 2.29918 +2.3 +30.2 -3.9
July 30 2.24748 -0.4 +27.2 -4.9
June 30 2.25552 +1.2 +27.7 -4.8
May 28 2.22915 +4.7 +26.2 -5.3
April 30 2.12899 -0.2 +20.5 -7.3
March 31 2.13284 +26.9 +20.7 -7.2
February 26 1.68115 -3.0 -4.8 -16.3
January 29 1.73284 -1.9 -1.9 -15.3
Potential settlement of VAT reclaim
As announced by the Company on 10 August 2022, the first of the Praesepe VAT
reclaims in which the Master Fund has an interest has been received, with
£0.112 million of the amount attributable to the 2016 realisation shares.
This amount was recognised in the 2016 realisation shares estimated net asset
value as at 29 July 2022. A further £0.031 million attributable to 2016
realisation shares was received in September 2022 and was recognised in the
estimated net asset value as at 16 September 2022.
On 7 November 2022, the Company announced that a further claim has been
approved by HMRC. Whilst the total amount attributable to the Master Fund and
deductions including fees, tax and other expenses are yet to be finalised, it
is expected that cash in excess of £3 million will be received by the Master
Fund, of which, approximately 10.6% will be attributable to the Company's 2016
realisation shareholders. This will be recognised in the Company's estimated
net asset value from the date on which the amount is finalised. Approximately
50% of the total gross claims in which the Master Fund has an interest have
now been agreed by HMRC.
Whilst it is expected that the remaining claims will be settled in an
equivalent manner, there remains significant uncertainty over both the amount
that may be repaid by HMRC and the timing of receipt of any cash, net of fees,
taxes and other expenses by the Master Fund. Accordingly, the estimated net
asset value per ordinary share as at 31 October 2022 does not include any
amounts relating to the settlement of the remaining VAT reclaims.
Following the partial redemption of 2016 realisation shares in November 2021
(distributing the proceeds of Zegona Communications Plc's tender offer), the
number of 2016 realisation shares in issue was reduced from 3,684,055 to
933,070 with a corresponding decrease in total NAV. As a consequence, any
amounts received relating to the VAT settlement will have a proportionally
higher impact on the current NAV of the 2016 realisation shares as compared to
the period prior to the November partial redemption.
* Total shareholder return inception to date is calculated as the movement in
total shareholder value, including all distributions made to 2016 realisation
shareholders since the creation of the 2016 realisation shares on 30 November
2016.
Enquiries to:
Aztec Financial Services (Jersey) Limited
Aztec Group House
11-15 Seaton Place
St Helier
Jersey
JE4 0QH
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