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RNS Number : 2267T Marwyn Value Investors Limited 13 November 2023
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
13 November 2023
This announcement contains inside information
Marwyn Value Investors Limited ("MVIL" or the "Company")
Investment in Zegona Communications Plc
MVIL is pleased to announce that funds managed by Marwyn Investment Management
LLP have made an investment of £7.845 million in Zegona Communications Plc
("Zegona") as part of a total equity placing of €300 million (£262
million).
On 31 October 2023, Zegona announced that it had entered into binding
agreements with Vodafone Europe B.V. in relation to the acquisition of 100% of
Vodafone Holdings Europe, S.L.U. ("Vodafone Spain") for €5.0 billion, funded
through a combination of new debt, Vodafone financing and this equity placing.
The transaction values Vodafone Spain at an enterprise value of €5.0
billion, representing a multiple of 3.9x EBITDAaL, as defined in Zegona's
announcement. Full details of the transaction are available on Zegona's
website.
Zegona was founded by the current management team of Eamonn O'Hare and Robert
Samuelson, alongside Marwyn, in 2015 with a 'Buy-Fix-Sell' strategy within
European TMT. Zegona's first buy-fix-sell asset, Telecable, was acquired in
August 2015 and sold to Euskaltel in July 2017 with Zegona retaining a 15%
stake in Euskaltel (later increased to over 20%). Zegona returned the majority
of proceeds from the sale of Euskaltel in 2021 via a tender offer.
MVIL Investment
Funds managed by Marwyn Investment Management LLP (the "Manager") have
invested £7.845 million in Zegona, of which approximately £6.23 million is
attributable to the Ordinary shares of MVIL and approximately £0.04 million
is attributable to the 2021 Realisation shares of MVIL. As it is over 3 years
since the creation of the 2016 Realisation shares of MVIL, there is no
allocation to the 2016 Realisation shares.
Marwyn Value Investors Limited is a closed-ended investment company on the
London Stock Exchange Specialist Fund Segment - a fully regulated market for
professional, institutional and sophisticated investors. Marwyn's 12
comparable listed acquisition companies that have acquired platform businesses
have gone on to make over 80 subsequent transactions, delivering over £4.3
billion in equity profits and an aggregate return to shareholders of 119 per
cent on invested capital as at 31 October 2023.
For further information see www.marwynvalue.com (http://www.marwynvalue.com) .
Neither the content of the Company's website, nor the content on any website
accessible from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless previously
published by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the Company.
This announcement contains inside information for the purposes of Article 7 of
the UK version of EU Regulation 596/2014 which forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018, as amended ("MAR"), and is
disclosed in accordance with the Company's obligations under MAR. The person
responsible for making this announcement is Robert Ware, Chairman, PO Box 309,
Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
Company enquiries:
Company Secretary - Aztec Financial Services (Jersey) Limited
Chris Copperwaite / Magdala Mullegadoo
Telephone: 01534 833000
Investor Relations
Kam Bansil
Telephone: 020 7039 1901
PR Adviser - FGS Global
Rollo Head 07768 994987
Chris Sibbald 07855 955531
Corporate Broker - Liberum Capital Limited
Chris Clarke / Owen Matthews
Telephone: 0203 100 2200
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.
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