Net Asset Value - 2016 Realisation Shares

RNS Number : 9470I

Marwyn Value Investors Limited

14 December 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

14 December 2022

Marwyn Value Investors Limited

Net Asset Value per 2016 Realisation Share

The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value per 2016 realisation share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £3.28334 as at 30 November 2022. As at 30 November 2022 there were 933,070 2016 realisation shares in issue.

As at 30 November 2022 the closing mid share price of a 2016 realisation share in the Company was £2.02500 and represented a discount of 38.33% to the net asset value per 2016 realisation share.

Historic Performance

	Estimated NAV per share (£)	Movement over Period (%)	Movement over Month (%)	Year to date Movement (%)	Total shareholder return inception to date (%) *
2022:
November 30	3.28334	-0.0	+11.8	+14.8	+1.3
November 18	3.28403	-0.0	+11.9	+14.8	+1.3
November 11	3.28563	+11.9	+11.9	+14.9	+1.3
October 31	2.93593		-0.2	+2.7	-0.5
September 30	2.94203		+0.7	+2.9	-0.4
August 31	2.92190		-0.2	+2.2	-0.5
July 29	2.92746		+3.4	+2.4	-0.5
June 30	2.83013		-0.2	-1.0	-1.0
May 31	2.83643		-0.1	-0.8	-1.0
April 29	2.83992		-0.1	-0.7	-1.0
March 31	2.84166		-0.2	-0.6	-0.9
February 28	2.84806		-0.2	-0.4	-0.9
January 31	2.85389		-0.2	-0.2	-0.9
2021:
December 31	2.86004		+25.2	+61.9	-0.9
November 30	2.28510		-0.9	+29.4	-3.8
October 29	2.30585		+0.5	+30.5	-3.8
September 30	2.29429		-0.2	+29.9	-4.0
August 31	2.29918		+2.3	+30.2	-3.9
July 30	2.24748		-0.4	+27.2	-4.9
June 30	2.25552		+1.2	+27.7	-4.8
May 28	2.22915		+4.7	+26.2	-5.3
April 30	2.12899		-0.2	+20.5	-7.3
March 31	2.13284		+26.9	+20.7	-7.2
February 26	1.68115		-3.0	-4.8	-16.3
January 29	1.73284		-1.9	-1.9	-15.3

Settlement of VAT reclaims

To date, a total of £0.525 million has been recognised in the estimated net asset value per ordinary share relating to the Praesepe VAT reclaims in which the Master Fund has an interest. The cumulative agreed claims represent approximately 50% of the estimated 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, net of fees, taxes and other expenses by the Master Fund. Accordingly, the estimated net asset value per 2016 realisation share as at 30 November 2022 does not include any amounts relating to the settlement of the remaining VAT reclaims.

Following the partial redemption of 2016 realisation shares in November 2021 (distributing the proceeds of Zegona Communications Plc's tender offer), the number of 2016 realisation shares in issue was reduced from 3,684,055 to 933,070 with a corresponding decrease in total NAV. As a consequence, any amounts received relating to the VAT settlement will have a proportionally higher impact on the current NAV of the 2016 realisation shares as compared to the period prior to the November partial redemption.

* Total shareholder return inception to date is calculated as the movement in total shareholder value, including all distributions made to 2016 realisation shareholders since the creation of the 2016 realisation shares on 30 November 2016.

Enquiries to:

Aztec Financial Services (Jersey) Limited

Aztec Group House

11-15 Seaton Place

St Helier

Jersey

JE4 0QH

 

END

 

 

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