Net Asset Values

Marwyn Value Investors Limited

18 July 2024

 

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

18 July 2024

Marwyn Value Investors Limited

Net Asset Values

The board of directors of Marwyn Value Investors Limited (the "Company") today announces the following estimated net asset value ("NAV") information, based on the estimated value of its interests in Marwyn Value Investors L.P. as at 12 July 2024:

Ordinary Shares

The estimated NAV per Ordinary Share is £1.879. Based upon the Company's indirect investments, the estimated allocation of the Ordinary Share NAV is:

Ordinary Shares	Total Value (£m)1	NAV/pence per Ordinary Share	% of NAV
Investment Portfolio
Quoted investments
AdvancedAdvT	23.9	43.1	22.9%
MAC Alpha	1.0	1.8	0.9%
Marwyn Acquisition Company II	21.5	38.8	20.7%
Marwyn Acquisition Company III	5.9	10.6	5.6%
Zegona Communications	12.4	22.3	11.9%
450	5.1	9.2	4.9%
Unquoted investments
Le Chameau2	28.4	51.2	27.2%
Palmer Street	6.4	11.5	6.1%
Total Value	104.5	188.4	100.3%
Cash3	9.3	16.8	9.0%
Other assets / liabilities	(9.6)	(17.3)	(9.2)%
Net Asset Value	104.3	187.9	100.0%

2016 Realisation Shares

The estimated NAV per 2016 Realisation Share is £4.145. Based upon the Company's indirect investments, the estimated allocation of the 2016 Realisation Share NAV is:

2016 Realisation Shares	Total Value (£m)1	NAV/pence per 2016 Realisation Share	% of NAV
Investment Portfolio
Quoted investments
Zegona Communications	0.2	31.3	7.5%
Unquoted investments
Le Chameau2	2.4	350.5	84.5%
Total Value	2.6	381.8	92.1%
Cash	0.7	108.7	26.2%
Other assets / liabilities	(0.5)	(75.9)	(18.3)%
Net Asset Value	2.8	414.5	100.0%

2021 Realisation Shares

The estimated NAV per 2021 Realisation Share is £2.099. Based upon the Company's indirect investments, the estimated allocation of the 2021 Realisation Share NAV is:

2021 Realisation Shares	Total Value (£m)1	NAV/pence per 2021 Realisation Share	% of NAV
Investment Portfolio
Quoted investments
AdvancedAdvT	0.15	41.7	19.9%
Marwyn Acquisition Company II	0.14	37.6	17.9%
Marwyn Acquisition Company III	0.04	10.3	4.9%
Zegona Communications	0.08	21.4	10.2%
450	0.03	8.9	4.2%
Unquoted investments
Le Chameau2	0.18	49.6	23.6%
Total Value	0.61	169.6	80.8%
Cash3	0.21	57.1	27.2%
Other assets / liabilities	(0.06)	(16.9)	(8.0)%
Net Asset Value	0.76	209.9	100.0%

Notes

¹Portfolio 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.

²The 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.

³Includes cash to be received from the repurchase of securities in Marwyn Acquisition III Limited, as announced by the Company on 12 July 2024.

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 Value Investors Limited

Scott Danks

[e-mail]

Company Secretary - Aztec Financial Services (Jersey) Limited

[e-mail]

Aztec Group House

PO Box 730
IFC 6, The Esplanade
St. Helier
Jersey JE4 0QH

 

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