Interim Management Statement

RNS Number : 3957S

Marwyn Value Investors Limited

18 November 2011

Marwyn Value Investors Limited

18 November 2011

Interim management statement for the period from 1 July 2011 to 18 November 2011.

Introduction

This interim management statement covers the period from 1 July 2011 to 31 October 2011 together with relevant information up to the date of publication.

Investment Objective

Marwyn Value Investors Limited (the "Company") (LSE: MVI) is a Specialist Fund Market-listed company which provides access to the investment strategy pursued by the Marwyn Value Investors L.P. (the "Fund").

The Fund invests in a portfolio of European small and mid-cap opportunities, pursuing a 'buy and build' strategy in sectors impacted by structural and regulatory change. The Fund focuses on sourcing and working alongside high quality management teams across a range of sectors, including media, leisure and gaming, software, food and support services.

Material Events and Transactions

In September, Entertainment One (LSE: ETO LN) announced that it is considering its strategic options, which may include a sale of the group in response to interest it has received from various parties. J.P. Morgan and Credit Suisse have been engaged to co-ordinate the review for the board.

Marwyn Management Partners plc (LSE: MMP LN), announced that its subsidiary Marwyn

European Transport plc ("MET") has acquired the German bus operator FirstGroup Deutschland GmbH ("FGD") from FirstGroup plc for cash consideration of EUR5.5m on a nil cash/nil debt basis. FGD is MET's second acquisition within the German bus sector following the acquisition of Axel Tucks GmbH in July 2011.

General Financial Information

Ordinary Shares

Ordinary shares	31 Oct 2011	30 Sep 2011	31 Dec 2010
Net Asset Value per Share p (basic)	202.2	194.5	159.3
Share price (p)	140.5	138	101.5
Discount (%)	30.5	29.0	36.3
Net Assets (GBPm)	133.7	128.6	105.3
Market Capitalisation (GBPm)	92.8	91.2	67.10
Number of Ordinary shares	66,106,473	66,106,473	66,106,473

% change	1 month to 31 Oct 2011	3 months to 31 Oct 2011	12 months to 31 Oct 2011
NAV per Ordinary share	3.96%	4.44%	48.79%
Ordinary Share Price	1.81%	4.46%	65.29%
FTSE All Share Index (ex Investment Trusts)	7.88%	-5.39%	-2.55%

The Company's total NAV for the Ordinary shares is broken down across the following companies:

Company	Sector	% of NAV at 31 Oct 2011	% of NAV at 30 Sep 2011	% of NAV at 31 Dec 2010
Advanced Computer Software	Healthcare Software	9.29%	9.62%	10.36%
Entertainment One	Entertainment Rights	86.34%	84.09%	74.25%
Breedon Aggregates	Construction Materials	15.90%	16.56%	16.15%
Marwyn Management Partners plc¹	Conglomerate	4.76%	5.28%	10.30%
Silverdell	Asbestos Services	2.33%	2.60%	1.55%
Zetar	Specialty Confectionery	-	-	1.26%

Other assets of the Master Fund		1.39%	1.81%	2.84%
Liabilities of the Master Fund		-20.01%	-19.96%	-16.71%
Net assets		100.00%	100.00%	100.00%

¹ As at 31 December 2010, the Master Fund held ordinary shares in Praesepe plc which were converted to ordinary shares in Marwyn Management Partners plc in June 2011.

B Ordinary Shares

B Ordinary shares	31 Oct 2011	30 Sep 2011	31 Dec 2010
Net Asset Value per Share p (basic)	103.2	103.4	116.7
Share price (p)	71.5	71.5	89
Discount (%)	30.7	30.9	23.7
Net Assets (GBPm)	5.17	5.18	5.84
Market Capitalisation (GBPm)	3.58	3.58	4.46
Number of B Ordinary shares	5,008,870	5,008,870	5,008,870

% change	1 month to 31 Oct 2011	3 months to 31 Oct 2011	12 months to 31 Oct 2011
NAV per B Ordinary share	-0.19%	-9.87%	-11.26%
B Ordinary Share Price	0.00%	-8.92%	-23.12%
FTSE All Share Index (ex Investment Trusts)	7.88%	-5.39%	-2.55%

The Company's total NAV for the B Ordinary shares is broken down across the following companies:

Company	Sector	% of NAV at 31 Oct 2011	% of NAV at 30 Sep 2011	% of NAV at 31 Dec 2010
Fulcrum Utility Services Limited	Support Services	55.03%	53.93%	55.60%
Marwyn Capital II	Investment Company	41.14%	42.02%	38.49%

Other assets of the Master Fund		4.51%	4.69%	6.48%
Liabilities of the Master Fund		-0.68%	-0.64%	-0.57%
Net assets		100.00%	100.00%	100.00%