REG - Marwyn Value Inv Ltd - Annual Financial Statements December 2023

Marwyn Value InvestorsAnnouncement

30/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240430:nRSd4920Ma&default-theme=true

RNS Number : 4920M  Marwyn Value Investors Limited  30 April 2024

LEI: 213800L5751QTTVEA774

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

30 April 2024

 

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

 

Annual Report and Financial Statements 2023

 

Marwyn Value Investors Limited announces the publication of its annual results
for the year ended 31 December 2023.

 

The Annual Report and Financial Statements are available on the 'Financial
Reports' section of the Company's website,
http://www.marwynvalue.com/company-information/financial-reports
(http://www.marwynvalue.com/company-information/financial-reports) , and will
be uploaded to, and available on, the National Storage Mechanism.

 

HIGHLIGHTS

 

·      Ordinary share NAV Total Return of +5.1% with £5m (9.06p per
share) paid in dividends

·      AdvancedAdvT: completion of acquisitions from Capita Plc

·      Zegona: additional investment following €5bn acquisition of
Vodafone Spain and €300m placing

·     Le Chameau: appointment of Waheed Ali as Executive Chairman,
additional investment and reporting record sales and continuing growth

·      Investment in and launch of fund administrator, Palmer Fund
Services

·      £97m net assets attributable to Ordinary shares and significant
investible cash in the fund and portfolio companies

Robert Ware, Chairman of Marwyn Value Investors Limited, commented:

"As we look forward, we believe that the Company is on the cusp of an exciting
period. The strategic investments made during 2023 have strengthened our
position for the future. With a portfolio now full of opportunities, we are
optimistic that we are well placed to deliver value creation in the coming
years."

 

Manager's Review of 2023 and Outlook for 2024

During 2023, our portfolio companies have demonstrated resilience and
adaptability in the face of market challenges and are well underway in
executing their strategies.

 

AdvancedAdvT, under the leadership of Vin Murria, completed the acquisition of
five software businesses from Capita at an attractive valuation and is now
well-positioned to pursue synergistic acquisition opportunities. With a strong
balance sheet and a recent transition to AIM, we are optimistic about the
company's future performance.

 

Palmer, launched in May 2023 with an £8 million investment from Marwyn Funds
(of which approximately £6.2 million was attributable to the Company's
ordinary share class), has made significant strides in establishing its
presence in the private capital servicing sector. The company's highly
experienced management team, comprising former executives of Sanne Group plc,
has been focusing on obtaining the necessary regulatory approvals. We
anticipate that as Palmer starts to onboard clients throughout 2024, the
company will experience rapid growth and deliver substantial returns on our
investment.

 

Zegona Communications, led by the experienced team of Eamonn O'Hare and Robert
Samuelson, made a transformative move when it agreed to acquire Vodafone Spain
in October 2023. The €5.0 billion transaction (which remains conditional on
regulatory approval), financed through an innovative mix of vendor preference
shares, underwritten leverage, bridge financing, and a €300 million equity
placement, demonstrates Zegona's expertise in identifying and executing
high-potential investments in the Spanish telecommunications market. With a
clear value creation plan focused on cost reduction, revenue stabilisation,
and potential fixed network transactions, we are confident in Zegona's ability
to drive significant returns.

 

Le Chameau, with the addition of Waheed Alli to its management team and a
further £5 million investment from the Marwyn Funds (of which over £4.9
million was attributable to the Company's ordinary share class), is poised for
significant milestones as it approaches its centenary in 2027. The combination
of Waheed's expertise and the leadership of CEO Corry Cavell-Taylor provides a
solid foundation for the brand's expansion and strategic initiatives in the
coming years.

 

Marwyn Acquisition Company II has benefited from the appointment of Will Self
as CEO, working alongside Chairman Mark Hodges. This strengthened management
team has accelerated MAC II's focus on financial services and
intergenerational wealth.

 

We continue to explore promising opportunities in the media and entertainment
space through 450 plc and are actively engaging with potential management
partners for Marwyn Acquisition Company III and MAC Alpha.

 

Despite the challenges posed by the current market environment, we remain
confident in our investment philosophy and the resilience of our portfolio
companies. We are grateful for the unwavering support of our investors and the
guidance provided by our Board. As we move forward, we will continue to seek
out compelling investment opportunities while prudently managing our resources
to maximise long-term value creation.

 

PERFORMANCE

 

Ordinary Shares

                                                            NAV Total Return(2)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2023                                   +5.1%                +10.4%                 -6.4%
 3 Years to 31 December 2023                                +26.4%               +19.8%                 -31.1%
 Since inception(3) (23 February 2006 to 31 December 2023)  +197.4%              +162.0%                -18.9%
 Post year-end
 3 months to 31 March 2024                                  +5.7%                -1.0%                  -2.3%

 

 

2016 Realisation Shares

                                                                    Shareholder Total Return(4)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2023                                           +5.0%                        +10.4%                 -6.4%
 Since inception(5) (23 February 2006 to 31 December 2023)          +204.3%                      +162.0%                -18.9%
 Since creation of class(6) (30 November 2016 to 31 December 2023)  +4.7%                        +51.6%                 +2.4%
 Post year-end
 3 months to 31 March 2024                                          +0.7%                        -1.0%                  -2.3%

 

 

2021 Realisation Shares

                                                                    Shareholder Total Return(4)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Year to 31 December 2023                                           +4.2%                        +10.4%                 -6.4%
 Since inception(5) (23 February 2006 to 31 December 2023)          +193.1%                      +162.0%                -18.9%
 Since creation of class(6) (30 November 2021 to 31 December 2023)  +8.6%                        -3.4%                  -33.5%
 Post year-end
 3 months to 31 March 2024                                          +5.3%                        -1.0%                  -2.3%

 

 

(1) Zegona's acquisition of Vodafone Spain remains conditional on certain
regulatory approvals.

(2) NAV Total return assumes the reinvestment of dividends paid to
shareholders into the Company at NAV and is calculated on a cum-income basis.

(3) For the Ordinary shares, inception to date movement is based on the
combined weighted average NAV of Marwyn Value Investors I, II and B shares
prior to their amalgamation, using the conversion ratio published on 17 April
2008.

(4) For the Realisation share classes, shareholder total return is calculated
as the movement in total shareholder value, including all distributions made
to Realisation shareholders over the relevant period.

(5) Realisation class inception to date is calculated based on the Ordinary
share performance up to the date the Ordinary shares were converted to the
relevant Realisation class, then shareholder total return of the relevant
Realisation class from that date.

(6) Realisation class shareholder total return from creation of class
represents total shareholder return for the relevant class from the date that
Ordinary shares were converted to Realisation shares for each class.

 

Capitalised terms used in this announcement and not otherwise defined have the
same meaning as detailed in the Company's Annual Report and Audited Financial
Statements for the year ended 31 December 2023.

 

Company enquiries:

Company Secretary - Aztec Financial Services (Jersey) Limited

Magdala Mullegadoo / Chris Copperwaite

Telephone: 01534 833000

 

Investor Relations - Kam Bansil

Telephone: 020 7039 1901

 

Corporate Broker:

Chris Clarke / Owen Matthews

Liberum Capital Limited

Telephone: 0203 100 2200

 

The Company is a closed-ended investment company, trading on the London Stock
Exchange's Specialist Fund Segment - a fully regulated market for
professional, institutional and sophisticated investors. Current investments
through its underlying funds include AdvancedAdvT Limited, the operating
business of Le Chameau, 450 plc, Marwyn Acquisition Company II Limited, Palmer
Street Limited, Zegona Communications plc, Marwyn Acquisition Company III
Limited and MAC Alpha Limited.

 

Shares in the Company are not designed or intended for retail investors.
Marwyn Investment Management LLP, the Manager, does not promote shares in the
Company to retail investors and they should not be offered to retail
investors.

 

Cautionary Statement

This announcement contains forward-looking statements which are made in good
faith based on the information available at the time of its approval. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond the Company's control that could cause the
actual results, performance.

 

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACSUKVWRSVUSUAR