REG - Marwyn Value Inv Ltd - Net Asset Value - Ordinary Shares

Marwyn Value InvestorsAnnouncement

15/01/2025 08:00

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RNS Number : 3162T  Marwyn Value Investors Limited  15 January 2025

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

15 January 2025

 

Marwyn Value Investors Limited

Net Asset Value per Ordinary Share

 

The board of directors of Marwyn Value Investors Limited (the "Company") today
announces that the estimated net asset value ("NAV") per ordinary share of the
Company based on the estimated value of its interests in Marwyn Value
Investors L.P. is £2.00286 as at 31 December 2024. As at 31 December 2024,
there were 55,490,360 ordinary shares and 30,970,984 exchange shares in issue.

 

As at 31 December 2024 the closing mid share price of an ordinary share in the
Company was £0.92250 and represented a discount of 53.94% to the NAV per
ordinary share.

 

Historic NAV Performance

 

               Estimated            Movement over  Year to date   Total Return Year to date (%)(2)  NAV Inception to date (%)(1)  Total Return Inception to date (%)(2)

               NAV per share (£)    Month (%)      Movement (%)

 2024:

 December 31   2.00286              +5.3           +13.7          +19.4                             +157.9                        +255.0
 November 30   1.90226              +0.5           +8.0           +13.4                             +144.9                        +237.2
 October 31    1.89189              +0.9           +7.4           +11.4                             +143.6                        +231.4
 September 30  1.87588              -0.7           +6.5           +10.5                             +141.5                        +228.6
 August 31     1.88963              -1.8           +7.3           +11.3                             +143.3                        +231.0
 July 31       1.92388              +3.0           +9.2           +12.0                             +147.7                        +233.0
 June 30       1.86774              -1.0           +6.0           +8.7                              +140.5                        +223.2
 May 31        1.88731              +2.1           +7.1           +9.8                              +143.0                        +226.6
 April 30      1.84939              +0.5           +5.0           +6.3                              +138.1                        +216.2
 March 31      1.83928              +1.9           +4.4           +5.7                              +136.8                        +214.5
 February 29   1.80566              +1.4           +2.5           +3.8                              +132.5                        +208.7
 January 31    1.78088              +1.1           +1.1           +1.1                              +129.3                        +200.6

 2023:

 December 31   1.76146              +5.7           -0.4           +5.1                              +126.8                        +197.4
 November 30   1.66601              -0.4           -5.8           -0.6                              +114.5                        +181.3
 October 31    1.67333              -0.1           -5.4           -1.6                              +115.5                        +178.7
 September 30  1.67527              -0.1           -5.2           -1.4                              +115.7                        +179.0
 August 31     1.67756              +0.3           -5.1           -1.3                              +116.0                        +179.4
 July 31       1.67284              -0.2           -5.4           -2.9                              +115.4                        +174.9
 June 30       1.67546              -0.2           -5.2           -2.7                              +115.7                        +175.3
 May 31        1.67815              -0.1           -5.1           -2.6                              +116.1                        +175.7
 April 30      1.67949              -0.4           -5.0           -3.8                              +116.3                        +172.3
 March 31      1.68615              -4.1           -4.6           -3.4                              +117.1                        +173.4
 February 28   1.75866              -0.7           -0.5           +0.7                              +126.4                        +185.1
 January 31    1.77070              +0.1           +0.1           +0.1                              +128.0                        +183.5

 

 

NAV Allocation

 

Based upon the Company's indirect investments, the estimated allocation of the
ordinary share NAV is:

 

 Ordinary Shares                 Total Value (£m)(3)   NAV/pence per Ordinary Share  % of NAV
 Investment Portfolio
 Quoted investments
 AdvancedAdvT                    25.5                  46.0                          23.0%
 InvestAcc Group                 25.9                  46.6                          23.3%
 MAC Alpha                       1.0                   1.8                           0.9%
 Marwyn Acquisition Company III  5.9                   10.6                          5.3%
 Zegona Communications           19.7                  35.6                          17.8%
 450                             5.1                   9.2                           4.6%
 Unquoted investments
 Le Chameau(4)                   28.4                  51.2                          25.5%
 Palmer                          6.4                   11.5                          5.7%
 Total Value                     117.9                 212.4                         106.1%
 Cash                            5.3                   9.6                           4.8%
 Other assets / liabilities      (12.0)                (21.7)                        (10.9)%
 Net Asset Value                 111.1                 200.3                         100.0%

 

Dividends to Ordinary Shareholders

 

The Board and the Manager, in line with best practice, continue an active and
ongoing dialogue with investors on a range of fund-related matters including
the implementation of the ordinary share distribution policy.

 

The Board confirms that it expects to maintain the dividend payments to
ordinary shareholders in line with the current policy at the same rates as
paid since 2021, being 9.06p annually per share, paid in equal quarterly
instalments. To the extent that any changes to the ordinary share distribution
policy are proposed in the future, such changes would be subject to
shareholder ordinary resolution.

 

It is expected that dividends will be paid in each of February, May, August
and November in 2025.

 

 

Notes

(1)The 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.

(2)The total return inception to date movement is based on the reinvestment of
dividends paid to shareholders into the Company and is calculated on a
cum-income basis.

(3)Portfolio investments are held at fair value in accordance with
International Financial Reporting Standards ("IFRS"). Quoted investments with
sufficient volume and frequency of trading to constitute an 'active market'
under IFRS are held at their listed price on the valuation date. Unquoted
investments, and quoted investments where there is no active market, are
valued in accordance with International Private Equity and Venture Capital
guidelines on a quarterly basis or whenever there is a material change in the
investment which would indicate a significant change in valuation.

(4)The investment in Le Chameau is held through Silvercloud Holdings Limited
("Silvercloud"), with the value allocated to Le Chameau being the value
attributable to each share class of Marwyn Value Investors L.P.'s holding in
Silvercloud.

 

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.

 

Enquiries to:

Marwyn Value Investors Limited

Scott Danks

scottdanks@marwyn.com

 

Company secretary - Palmer Fund Services (Jersey) Limited

marwyn@palmerfs.com

1 Grenville Street

St Helier

Jersey JE2 4UF

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