Update on Settlement of VAT Reclaim
16/11/2022 07:00
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221116:nRSP5225Ga&default-theme=true RNS Number : 5225G Marwyn Value Investors Limited 16 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 16 November 2022 Marwyn Value Investors Limited Update on Settlement of VAT Reclaim Further to the Company's announcement on 7 November 2022 in relation to the historic VAT reclaims relating to Praesepe, the Company is pleased to announce that the amounts due to the Master Fund from the VAT reclaims agreed by HMRC earlier this month have now been finalised. The total cash amount to be received by the Master Fund in relation to these reclaims is £3.63 million, with the amounts attributable to each of the Company's share classes being: Share class Amount attributable Per share Estimated impact on NAV* Ordinary Shares £3.13 million 5.6 pence +2.7% 2016 Realisation Shares £0.38 million 41.0 pence +11.8% 2021 Realisation Shares £0.02 million 5.6 pence +2.6% * Estimated impact on NAV is the estimated post-carry impact on the latest net asset value as reported by the Company on 11 November 2022 These amounts will be reflected in the Company's estimated net asset value calculations as at 11 November 2022 which will be released via RNS on or before 25 November 2022. Potential Future Claims Following settlement of these claims, the cumulative amounts received by the Master Fund after deductions including fees, tax and other expenses (including £1.06 million received in August 2022 and £0.29 million received in September 2022), total £4.98 million. The cumulative agreed claims represent approximately 50% of the estimated total gross claims filed with 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 by the Master Fund. Accordingly, no amount relating to the remaining claims will be reflected in the Company's estimated NAV calculations until there is sufficient certainty over the amount and timing of the receivable, at which point a further RNS announcement will be made. Amounts (if any) received by the Master Fund under these remaining reclaims are approximately 86.3% attributable to the Company's ordinary shareholders, 10.6% attributable to the Company's 2016 realisation shareholders and 0.6% attributable to the Company's 2021 realisation shareholders. Returns to the Company's shareholders There is no net capital gain arising from the settlement of this agreed VAT reclaim and accordingly, no cash return is due to ordinary shareholders on receipt of the cash into the Master Fund, which will be retained by the Master Fund. To date, the Company has distributed £26.9 million to ordinary shareholders in excess of what would be required under the distribution of 50% net capital gains as described in the Company's ordinary share distribution policy. Due to the costs associated with a return of capital, the cash amounts received from this reclaim attributable to the 2016 realisation shareholders and the 2021 realisation shareholders will be retained by the Master Fund until such time that sufficient cash is available to distribute in a cost-effective manner. 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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