Net Asset Value

RNS Number : 4583Q

Marwyn Value Investors Limited

27 October 2021

 

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

27 October 2021

Marwyn Value Investors Limited

Net Asset Value per Realisation Share

The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value per realisation share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £2.31234 as at 15 October 2021. As at 15 October 2021 there were 3,684,055 realisation shares in issue.

As at 15 October 2021 the closing mid share price of a realisation share in the Company was £1.9250 and represented a discount of 16.75% to the net asset value per realisation share.

Historic Performance

	Estimated NAV per share (£)	Movement over Period (%)	Movement over Month (%)	Year to date Movement (%)	Total shareholder return inception to date (%) *
2021:
October 15	2.31234	-0.0	+0.8	+30.9	-3.6
October 8	2.31278	+0.8	+0.8	+30.9	-3.6
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
2020:
December 31	1.76651		+7.5	+1.5	-14.6
November 30	1.64285		-1.0	-5.6	-17.1
October 30	1.65957		-0.2	-4.6	-16.7
September 30	1.66293		-0.7	-4.4	-16.7
August 28	1.67491		-2.3	-3.7	-16.4
July 31	1.71404		+2.1	-1.5	-15.5
June 30	1.67843		+6.8	-3.5	-16.3
May 29	1.57184		+1.2	-9.7	-18.7
April 30	1.55246		+3.4	-10.8	-19.2
March 31	1.50194		-12.0	-13.7	-20.3
February 28	1.70604		-2.4	-2.0	-15.7
January 31	1.74783		+0.4	+0.4	-14.7

The estimated net asset value per realisation share as at 15 October 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.

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

Realisation Shares redemption

On 15 October 2021, the Company announced that the proceeds received from Zegona Communications Plc's tender offer attributable to holders of the Company's realisation shares (the "Realisation Shareholders"), along with cash attributable to Realisation Shareholders which is not required to be held for reasonable working capital purposes, will be distributed in accordance with the terms of the Company's realisation class.

T he Company can now confirm that, subject to rounding as described below, £6,361,262 will be returned to Realisation Shareholders and 74.673 per cent. of the Company's issued realisation shares will be redeemed on the redemption date (being 4 November 2021) (the "Redemption Date").  As fractions of realisation shares will not be redeemed, the number of realisation shares held by each Realisation Shareholder to be redeemed will be rounded down to the nearest whole number of realisation shares.

By way of illustration and based on the estimated net asset value per realisation share ("NAV") as at 15 October 2021, a holder at the record date of 1,000 realisation shares with an aggregate NAV of £2,312.34 would:

-  be entitled to an aggregate return of £1,726.70 (before rounding down the number of realisation shares to be redeemed to the nearest whole number of realisation shares);

-  have 746 of their realisation shares, with an aggregate NAV of £1,725.01, redeemed; and

-  continue to hold realisation shares with an aggregate NAV of £587.33.

The existing ISIN of the realisation shares (KYG5897M3076, the "Old ISIN") will expire following the close of business on the Redemption Date.  The new ISIN of the Company's realisation shares post the redemption (KYG5897M4066, the "New ISIN") will be enabled from 8.00 a.m. on 5 November 2021.  Up to close of business on the Redemption Date, realisation shares will be traded under the Old ISIN.  Purchases of realisation shares that are unsettled as at the close of business on the Redemption Date will be transformed automatically by CREST and will settle under the New ISIN with an accompanying delivery of cash through CREST in respect of the pro rata redemption proceeds. The payment of the redemption monies to eligible holders of realisation shares is expected to be effected through CREST (in the case of holders of depository interests relating to the realisation shares) or by cheque (in the case of realisation shares held in certificated form) by 19 November 2021.

The timetable for the redemption is set out below.

Expected Timetable:

Record date for redemption	6.00 p.m. on 4 November 2021
Redemption date	4 November 2021
Admission of Realisation Shares under new ISIN	8.00 a.m. on 5 November 2021
Ex-date	5 November 2021
Payment of the redemption proceeds	On or before 19 November 2021

Enquiries to:

Aztec Financial Services (Jersey) Limited

Aztec Group House

11-15 Seaton Place

St Helier

Jersey

JE4 0QH

 

END

 

 

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