REG - Marwyn Value Inv Ltd - Unaudited Interim Results 2024

Marwyn Value InvestorsAnnouncement

27/09/2024 07:00

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RNS Number : 8873F  Marwyn Value Investors Limited  27 September 2024

LEI: 213800L5751QTTVEA774

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27 September 2024

 

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

 

Unaudited Interim Results 2024

 

Marwyn Value Investors Limited announces the publication of its interim
results for the six months ended 30 June 2024.

 

The Interim Results are available on the 'Annual Reports and Interim Results'
section of the Company's website,
http://www.marwynvalue.com/company-information/financial-reports
(http://www.marwynvalue.com/company-information/financial-reports) .

 

HIGHLIGHTS

 

 ·           Ordinary share NAV Total Return of +8.7% with £2.5m (4.53p per share) paid in
             dividends
 ·           AdvancedAdvT: acquired Celaton, a company highly complementary to the existing
             business; reported adjusted EBITDA ahead of management expectations
 ·           Zegona: €5bn acquisition of Vodafone Spain complete; proposed joint FibreCo
             transactions with MasOrange and Telefonica announced
 ·           MAC II: Acquisition of InvestAcc, a leading pension administrator, announced
             pending regulatory approval, supported by further investment from the Marwyn
             funds

 

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

"As we move through the second half of 2024 and beyond, the outlook for our
portfolio remains very promising. Each of our operating investments are poised
for growth, and we believe that the groundwork laid over the past few years is
beginning to manifest in NAV growth. We are optimistic about the opportunities
ahead and confident that the Company is well-positioned to deliver substantial
value to our shareholders in the coming years."

 

CIO Investment Commentary

Our investment approach remains focused on partnering with exceptional
management teams, whose leadership and vision are critical to the success of
our portfolio companies. Below are updates on the key developments within our
portfolio:

AdvancedAdvT

Led by Vin Murria, AdvancedAdvT has successfully acquired Celaton, a business
that complements its existing software portfolio, which was acquired from
Capita last year. Operational improvements have been identified and are
already in progress across the acquired businesses. This proactive approach to
value creation is beginning to positively impact the share price, further
solidifying our confidence in the company's strategy and its future potential.

Zegona

Zegona completed the acquisition of Vodafone Spain, a transformative deal that
positions the company for significant growth in the Spanish telecommunications
market. With the successful refinancing of the transaction, Zegona now has a
strong long-term capital structure, enabling its management team to focus on
exploring clear paths to additional growth for Vodafone Spain in the short and
medium term. One such growth avenue is already underway, with two proposed
joint FibreCo transactions announced with MasOrange and Telefonica. These
transactions are expected to create significant value for Zegona shareholders.
 The market has responded positively, with the share price beginning to
reflect the value potential of this acquisition.

MAC II

In June, we were delighted to announce MAC II's platform acquisition in the
pension administration sector. The company MAC II is acquiring, InvestAcc, is
a market leader in the complex pension services space and provides a strong
platform for further consolidation. This acquisition was supported by
additional investment of £16.7 million from Marwyn (£11.6 million
attributable to the Company's ordinary shareholders). The transaction will
complete soon after receiving FCA approval. We believe the company will be
well-positioned to capitalise on both its strong organic growth and a robust
pipeline of additional acquisition targets.

Le Chameau

Le Chameau continues to execute strategic initiatives to enhance its brand
value and expand market reach. This includes leveraging its history of
successful collaborations with luxury brands to further elevate its brand
positioning. We eagerly anticipate the upcoming autumn and winter seasons to
assess the impact of these initiatives.

Palmer

Palmer has secured regulatory clearances in Jersey and the UK, with other
applications progressing well. Its tech-based administration platform is also
advancing, enabling the company to target and on-board clients. This will
allow Palmer to showcase the potential of its team and the strength of its
differentiated service offering, built on cloud technology with
state-of-the-art capabilities to solve clients' data, reporting and analytics
needs and empowering clients to make better data driven investment decisions.

 

PERFORMANCE

 

Ordinary Shares

                                                        NAV Total Return(1)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2024                             +8.7%                +8.2%                  +1.1%
 3 Years to 30 June 2024                                +18.5%               +0.8%                  -35.8%
 Since inception(2) (23 February 2006 to 30 June 2024)  +223.2%              +183.5%                -18.0%

 

 

2016 Realisation Shares

                                                                Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2024                                     +1.2%                        +8.2%                  +1.1%
 Since inception(4) (23 February 2006 to 30 June 2024)          +204.9%                      +183.5%                -18.0%
 Since creation of class(5) (30 November 2016 to 30 June 2024)  +4.9%                        +64.0%                 +3.5%

 

 

2021 Realisation Shares

                                                                Shareholder Total Return(3)  FTSE SmallCap (ex-IC)  FTSE AIM All-Share
 Six months to 30 June 2024                                     +8.1%                        +8.2%                  +1.1%
 Since inception(4) (23 February 2006 to 30 June 2024)          +217.0%                      +183.5%                -18.0%
 Since creation of class(5) (30 November 2021 to 30 June 2024)  +17.4%                       +4.5%                  -32.7%

 

 

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

(2) 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.

(3) 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.

(4) 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.

(5) 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 Unaudited Interim Results for the
six months ended 30 June 2024.

 

Company enquiries:

Marwyn Value Investors Limited

Scott Danks

scottdanks@marwyn.com

 

Company Secretary - Aztec Financial Services (Jersey) Limited

Magdala Mullegadoo / Chris Copperwaite

01534 833000

 

Investor Relations - Kam Bansil

020 7039 1901

 

Corporate Broker - Panmure Liberum Limited

Chris Clarke

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.

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