REG - Marwyn Value Inv Ltd - Update on Settlement of VAT Reclaim

Marwyn Value InvestorsAnnouncement

30/08/2023 07:00

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RNS Number : 5443K  Marwyn Value Investors Limited  30 August 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

 

30 August 2023

 

 

Marwyn Value Investors Limited (the "Company")

Update on Settlement of VAT Reclaim

 

Further to the Company's previous announcements in relation to the historic
VAT reclaims relating to Praesepe, the Board is pleased to announce that the
final amounts due to Marwyn Value Investors LP (the "Master Fund"), totalling
£4.94 million after deductions for fees, taxes and other expenses, have now
been received.

 

Including amounts received in 2022, the total received by the Master Fund from
the historic VAT reclaims is £9.92 million, of which £9.66 million* is
attributable to the Company's share classes as follows:

 

 Share class              2023 receipt    Total receipt
 Ordinary Shares          £4.26 million   £8.55 million
 2016 Realisation Shares  £0.52 million   £1.05 million
 2021 Realisation Shares  £0.03 million   £0.06 million

*£0.26 million of the total receipts are attributable to other investors in
the Master Fund

 

These amounts represent the final amounts to be received from all outstanding
claims relating to Praesepe.

 

Returns to the Company's shareholders

Ordinary shares

Under its ordinary share distribution policy, the Company is committed to
return to shareholders 50% of net capital gains, to the extent that this has
not already been returned to shareholders as part of the Company's regular
quarterly distributions. To date, the Company has distributed over £31.9
million to ordinary shareholders in excess of the amount that would be
required under the distribution of 50% net capital gains. As such, no
distribution will be paid to ordinary shareholders on receipt of the funds
into the Master Fund.

 

2016 realisation shares

The £1.05 million attributable to the Company's 2016 realisation shares will
be paid to 2016 realisation shareholders (net of any crystallised incentive
allocation (estimated to be c.£0.17 million)). A further announcement will be
made by the Company to inform 2016 realisation shareholders of the process by
which such capital shall be returned to them in due course.

 

2021 realisation shares

The £0.06 million attributable to the Company's 2021 realisation shares will,
ultimately, be paid to 2021 realisation shareholders (net of any crystallised
incentive allocation (estimated to be Nil)). Due to the legal and registrar
costs associated with a capital return, the Company does not believe it is in
the 2021 realisation shareholders' best interests to return this capital at
this time and accordingly, this will be held by the Company to be paid
together with future distributions.

 

Company enquiries:

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 95553

 

Corporate Broker - Liberum Capital Limited

Chris Clarke / Owen Matthews

Telephone: 0203 100 2200

 

Marwyn Value Investors Limited is a closed-ended investment company listed on
the London Stock Exchange Specialist Fund Segment - a fully regulated market
for professional, institutional and sophisticated investors. Marwyn's previous
12 comparable listed acquisition companies which have completed a platform
acquisition have delivered in excess of £4.5 billion in equity profits and an
aggregate return on capital to shareholders of 123 per cent (as at 31 July
2023).

 

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.

For further information see http://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.

 

 

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