REG - Marwyn Value Inv Ltd - Net Asset Value - Ordinary Shares

Marwyn Value InvestorsAnnouncement

12/07/2024 10:00

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RNS Number : 2036W  Marwyn Value Investors Limited  12 July 2024

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

12 July 2024

 

Marwyn Value Investors Limited

Net Asset Value per Ordinary Share

 

The board of directors of Marwyn Value Investors Limited (the "Company") today
announces that the estimated net asset value ("NAV") per ordinary share of the
Company based on the estimated value of its interests in Marwyn Value
Investors L.P. is £1.86774 as at 30 June 2024. As at 30 June 2024, there were
55,490,360 ordinary shares and 30,970,984 exchange shares in issue.

 

As at 30 June 2024 the closing mid share price of an ordinary share in the
Company was £0.95000 and represented a discount of 49.14% to the NAV per
ordinary share.

 

Historic NAV Performance

 

               Estimated            Movement over  Year to date   Total Return Year to date (%)(2)  NAV Inception to date (%)(1)  Total Return Inception to date (%)(2)

               NAV per share (£)    Month (%)      Movement (%)

 2024:

 June 30       1.86774              -1.0           +6.0           +8.7                              +140.5                        +223.2
 May 31        1.88731              +2.1           +7.1           +9.8                              +143.0                        +226.6
 April 30      1.84939              +0.5           +5.0           +6.3                              +138.1                        +216.2
 March 31      1.83928              +1.9           +4.4           +5.7                              +136.8                        +214.5
 February 29   1.80566              +1.4           +2.5           +3.8                              +132.5                        +208.7
 January 31    1.78088              +1.1           +1.1           +1.1                              +129.3                        +200.6

 2023:

 December 31   1.76146              +5.7           -0.4           +5.1                              +126.8                        +197.4
 November 30   1.66601              -0.4           -5.8           -0.6                              +114.5                        +181.3
 October 31    1.67333              -0.1           -5.4           -1.6                              +115.5                        +178.7
 September 30  1.67527              -0.1           -5.2           -1.4                              +115.7                        +179.0
 August 31     1.67756              +0.3           -5.1           -1.3                              +116.0                        +179.4
 July 31       1.67284              -0.2           -5.4           -2.9                              +115.4                        +174.9
 June 30       1.67546              -0.2           -5.2           -2.7                              +115.7                        +175.3
 May 31        1.67815              -0.1           -5.1           -2.6                              +116.1                        +175.7
 April 30      1.67949              -0.4           -5.0           -3.8                              +116.3                        +172.3
 March 31      1.68615              -4.1           -4.6           -3.4                              +117.1                        +173.4
 February 28   1.75866              -0.7           -0.5           +0.7                              +126.4                        +185.1
 January 31    1.77070              +0.1           +0.1           +0.1                              +128.0                        +183.5

 

NAV Allocation

 

Based upon the Company's indirect investments, the estimated allocation of the
ordinary share NAV is:

 

 Ordinary Shares                 Total Value (£m)(3)   NAV/pence per Ordinary Share  % of NAV
 Investment Portfolio
 Quoted investments
 AdvancedAdvT                    23.1                  41.6                          22.3%
 MAC Alpha                       1.0                   1.8                           0.9%
 Marwyn Acquisition Company II   9.8                   17.6                          9.4%
 Marwyn Acquisition Company III  9.8                   17.6                          9.4%
 Zegona Communications           12.5                  22.5                          12.0%
 450                             5.1                   9.2                           4.9%
 Unquoted investments
 Le Chameau(4)                   28.4                  51.2                          27.5%
 Palmer Street                   6.4                   11.5                          6.2%
 Total Value                     96.0                  173.0                         92.6%
 Cash                            17.1                  30.8                          16.5%
 Other assets / liabilities      (9.4)                 (17.0)                        (9.1)%
 Net Asset Value                 103.6                 186.8                         100.0%

 

Recent Transactions

 

As announced by the Company on 28 June 2024, funds managed by Marwyn
Investment Management LLP have made an investment of £16.7 million into
Marwyn Acquisition Company II Limited ("MAC II") as part of MAC II's £30m
fundraise and acquisition of InvestAcc Group Limited, with £11.6 million
being attributable to the Company's ordinary shares. The investment was
effective 4 July 2024.

 

The Board notes the announcement by Marwyn Acquisition Company III Limited
("MAC III") that MAC III has repurchased 5 million A shares and matching
warrants to subscribe for ordinary shares of MAC III for an aggregate
consideration of £5 million (the "Consideration") from Marwyn Value Investors
LP and MVI II Holdings I LP, each being a fund managed by the Manager. Of the
Consideration, approximately £3.9 million is attributable to the Company's
ordinary shares

Pro Forma NAV Allocation

 

Had the above transactions completed on 30 June 2024, the resulting NAV
allocation of the ordinary shares, assuming no profit or loss recognised,
would have been:

 

 Ordinary Shares                 Total Value (£m)(3)   NAV/pence per Ordinary Share  % of NAV
 Investment Portfolio
 Quoted investments
 AdvancedAdvT                    23.1                  41.6                          22.3%
 MAC Alpha                       1.0                   1.8                           0.9%
 Marwyn Acquisition Company II   21.4                  38.6                          20.6%
 Marwyn Acquisition Company III  5.9                   10.6                          5.7%
 Zegona Communications           12.5                  22.5                          12.0%
 450                             5.1                   9.2                           4.9%
 Unquoted investments
 Le Chameau(4)                   28.4                  51.2                          27.4%
 Palmer Street                   6.4                   11.5                          6.2%
 Total Value                     103.7                 186.8                         100.0%
 Cash                            9.4                   17.0                          9.1%
 Other assets / liabilities      (9.4)                 (17.0)                        (9.1)%
 Net Asset Value                 103.6                 186.8                         100.0%

 

 

 

Notes

(1)The 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.

(2)The total return inception to date movement is based on the reinvestment of
dividends paid to shareholders into the Company and is calculated on a
cum-income basis.

(3)Portfolio investments are held at fair value in accordance with
International Financial Reporting Standards ("IFRS"). Quoted investments with
sufficient volume and frequency of trading to constitute an 'active market'
under IFRS are held at their listed price on the valuation date. Unquoted
investments, and quoted investments where there is no active market, are
valued in accordance with International Private Equity and Venture Capital
guidelines on a quarterly basis or whenever there is a material change in the
investment which would indicate a significant change in valuation.

(4)The investment in Le Chameau is held through Silvercloud Holdings Limited
("Silvercloud"), with the value allocated to Le Chameau being the value
attributable to each share class of Marwyn Value Investors L.P.'s holding in
Silvercloud.

 

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.

 

Enquiries to:

marwyn@aztecgroup.co.uk

Aztec Financial Services (Jersey) Limited

Aztec Group House

PO Box 730

IFC6, The Esplanade

St Helier

Jersey JE4 0QH

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