Net Asset Value - Ordinary Shares
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
4 June 2024
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 £1.88731 as at 31 May 2024. As at 31 May 2024, there were 55,490,360 ordinary shares and 30,970,984 exchange shares in issue.
As at 31 May 2024 the closing mid share price of an ordinary share in the Company was £1.01000 and represented a discount of 46.48% to the NAV per ordinary share.
Historic NAV Performance
|
|
Estimated NAV per share (£) |
Movement over Month (%) |
Year to date Movement (%) |
Total Return Year to date (%)2 |
NAV Inception to date (%)1 |
Total Return Inception to date (%)2 |
|
|
|
|
|
|
|
|
|
2024:
|
|
|
|
|
|
|
|
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 |
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 |
24.6 |
44.4 |
23.5% |
|
MAC Alpha |
1.0 |
1.8 |
0.9% |
|
Marwyn Acquisition Company II |
9.8 |
17.6 |
9.3% |
|
Marwyn Acquisition Company III |
9.8 |
17.6 |
9.3% |
|
Zegona Communications |
12.0 |
21.6 |
11.5% |
|
450 |
5.1 |
9.2 |
4.9% |
|
Unquoted investments |
|
|
|
|
Le Chameau4 |
28.4 |
51.2 |
27.2% |
|
Palmer Street |
6.4 |
11.5 |
6.1% |
|
Total Value |
97.1 |
174.9 |
92.7% |
|
Cash |
17.3 |
31.2 |
16.5% |
|
Other assets / liabilities |
(9.7) |
(17.4) |
(9.2)% |
|
Net Asset Value |
104.7 |
188.7 |
100.0% |
Notes
1The 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.
2The 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.
3Portfolio 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.
4The 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@aztecgroup.co.uk
Aztec Financial Services (Jersey) Limited
Aztec Group House
PO Box 730
IFC6, The Esplanade
St Helier
Jersey JE4 0QH
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