Update on Settlement of VAT Reclaim
07/11/2022 07:01
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221107:nRSG4518Fa&default-theme=true RNS Number : 4518F Marwyn Value Investors Limited 07 November 2022 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 7 November 2022 Marwyn Value Investors Limited Update on Settlement of VAT Reclaim Further to the Company's announcement on 10 August 2022, the Company is pleased to announce that a further Praesepe VAT reclaim in which the Master Fund has an interest has now been agreed by HMRC. Whilst the total amount attributable to the Master Fund and deductions including fees, tax and other expenses are yet to be finalised, it is expected that cash in excess of £3 million will be received by the Master Fund in the coming weeks, of which, approximately 86.3% will be attributable to the Company's ordinary shareholders, approximately 10.6% will be attributable to the Company's 2016 realisation shareholders and approximately 0.6% will be attributable to the Company's 2021 realisation shareholders. This will be recognised in the Company's estimated net asset value from the date on which the amount is finalised. A further announcement will be made confirming the final cash amounts in due course. Potential Future Claims Including the above claim and the amounts already received by the Master Fund, net of fees, tax and other expenses (being £1.06 million received in August 2022 and £0.29 million received in September 2022), approximately 50% of the total gross claims in which the Master Fund has an interest have now been agreed by HMRC. Whilst it is expected that the remaining claims will be settled in an equivalent manner, there remains significant uncertainty over both the amount that may be repaid by HMRC and the timing of receipt of any cash, net of fees, taxes and other expenses by the Master Fund. Accordingly, no amount relating to the remaining claims will be reflected in the Company's estimated NAV calculations which are reported via RNS until there is sufficient certainty over the amount and timing of the receivable, at which point a further RNS announcement will be made. Company enquiries: Aztec Financial Services (Jersey) Limited Chris Copperwaite / Magdala Mullegadoo Telephone: 01534 833000 Investor Relations Kam Bansil Telephone: 020 7039 1901 Corporate Broker - Liberum Capital Limited Chris Clarke / Owen Matthews Telephone: 0203 100 2200 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 previous 11 comparable listed acquisition companies which have completed a platform acquisition have delivered in excess of £4.2 billion in equity profits and an aggregate return on capital to shareholders of 119 per cent (as at 31 October 2022). For further information see http://www.marwynvalue.com (http://www.marwynvalue.com) . 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