Net Asset Value - Ordinary Shares

RNS Number : 7096Y

Marwyn Value Investors Limited

17 January 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

17 January 2022

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 per ordinary share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £1.83703 as at 31 December 2021. As at 31 December 2021, there were 55,490,360 ordinary shares and 30,970,984 exchange shares in issue.

As at 31 December 2021 the closing mid share price of an ordinary share in the Company was £1.1900 and represented a discount of 35.22% to the net asset value per ordinary share.

Historic Performance

	Estimated NAV per share (£)	Movement over Period (%)	Movement over Month (%)	Year to date Movement (%)	NAV Inception to date (%) *	Total Return Inception to date (%) **
2021:
December 31	1.83703	+4.6	+3.3	+12.6	+136.5	+179.0
December 17	1.75661	-0.5	-1.2	+7.7	+126.2	+166.8
December 10	1.76465	-0.7	-0.7	+8.2	+127.2	+168.0
November 30	1.77782		-2.9	+9.0	+128.9	+170.0
October 29	1.83118		+0.4	+12.3	+135.8	+174.7
September 30	1.82313		+0.1	+11.8	+134.8	+173.5
August 31	1.82074		+0.4	+11.6	+134.4	+173.1
July 30	1.81298		-1.5	+11.2	+133.4	+168.5
June 30	1.84097		+1.1	+12.9	+137.0	+172.7
May 28	1.82030		+0.1	+11.6	+134.4	+169.6
April 30	1.81843		+1.4	+11.5	+134.1	+166.0
March 31	1.79347		+13.1	+10.0	+130.9	+162.4
February 26	1.58536		-1.8	-2.8	+104.1	+131.9
January 29	1.61440		-1.0	-1.0	+107.9	+132.8
2020:
December 31	1.63095		+3.4	+1.6	+110.0	+135.2
November 30	1.57657		+0.3	-1.7	+103.0	+127.4
October 30	1.57138		+0.1	-2.1	+102.3	+126.6
September 30	1.57027		+0.0	-2.1	+102.2	+126.5
August 28	1.57067		-1.2	-2.1	+102.2	+126.5
July 31	1.58921		+1.3	-1.0	+104.6	+129.2
June 30	1.56926		+3.2	-2.2	+102.1	+126.3
May 29	1.52047		+0.5	-5.2	+95.8	+119.3
April 30	1.51308		+1.5	-5.7	+94.8	+118.2
March 31	1.49070		-6.3	-7.1	+91.9	+115.0
February 28	1.59129		-1.3	-0.8	+104.9	+129.5
January 31	1.61170		+0.4	+0.4	+107.5	+132.5

Silvercloud (Le Chameau) revaluation

The Company holds all its investments through Marwyn Value Investors L.P. (the "Master Fund"). For the estimated NAV as at 31 December 2021, the Master Fund's investment in Silvercloud Holdings Limited (through which the investment in Le Chameau is held) attributable to the ordinary shares has been revalued to 18.90m from a previous carrying value of 13.08m. This reflects the continued strong performance of Le Chameau through 2021, delivering double-digit % revenue growth, in both its retailer and direct e-commerce channels, along with an increase in gross margin and underlying profitability. The new value of the investment represents 18.54% of the NAV of the ordinary shares as at 31 December 2021.

Potential settlement of VAT reclaim

The estimated net asset value per ordinary share as at 31 December 2021 does not include any amounts relating to the settlement of VAT reclaims arising from a historic investment in Praesepe plc, which operates in the gaming industry (as announced by the Company on 7 September 2021) due to the significant uncertainty of the amount and timing of any such settlement.

Prepared on the following basis:

* 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.

** 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.

Enquiries to:

Aztec Financial Services (Jersey) Limited

Aztec Group House

11-15 Seaton Place

St Helier

Jersey

JE4 0QH

 

END

 

 

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