Update on Settlement of VAT Reclaim
12/01/2023 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:20230112:nRSL4388Ma&default-theme=true RNS Number : 4388M Marwyn Value Investors Limited 12 January 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 12 January 2023 Marwyn Value Investors Limited Update on Settlement of VAT Reclaim Further to the Company's previous announcements in relation to the historic VAT reclaims relating to Praesepe, the Company is pleased to announce that, following consultation with the professional advisers handling the claims, the remaining unsettled claims have progressed such that there is sufficient certainty on the recoverability of the amounts due to the Master Fund to recognise the estimated amounts as a receivable. The total estimated amounts to be recognised by the Master Fund in relation to these remaining unsettled reclaims, after deductions for fees, taxes and other expenses, is £5.02 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 £4.33 million 7.8 pence +3.6% 2016 Realisation Shares £0.53 million 56.7 pence +14.7% 2021 Realisation Shares £0.03million 7.8 pence +3.5% * Estimated impact on NAV is the estimated post-carry impact on the latest net asset value as reported by the Company on 29 December 2022 These amounts will be reflected in the Company's estimated net asset value per share calculations as at 31 December 2022 which will be released via RNS on or before 16 January 2023. For the avoidance of doubt, these amounts represent the estimated funds to be received from all of the remaining unsettled claims. These remain dependent on final settlement with HMRC and whilst the actual amount received may be different, any difference is not expected to be material. The timing of receipt of cash into the Master Fund also remains uncertain; based on the timeline for the settlement of previous claims, it is currently estimated that these amounts will be received in 2023. Returns to the Company's shareholders There is no net capital gain arising from the settlement of the VAT reclaims and accordingly, no cash return is due to ordinary shareholders on receipt of the funds into the Master Fund, which will be retained by the Master Fund. To date, the Company has distributed over £28.1 million to ordinary shareholders in excess of the amount that would be required under the distribution of 50% net capital gains as described in the Company's ordinary share distribution policy. A further announcement will be made by the Company in relation to any distribution to the Company's 2016 realisation shareholders and/or 2021 realisation shareholders following receipt of the funds into the Master Fund. 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 £4.3 billion in equity profits and an aggregate return on capital to shareholders of 123 per cent (as at 31 December 2022). 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