Statement regarding Silverdell plc

RNS Number : 2042V

Marwyn Value Investors Limited

10 December 2013

 



10 December 2013

MARWYN VALUE INVESTORS LIMITED
(THE "COMPANY")

STATEMENT REGARDING SILVERDELL PLC

The Company notes the announcement released earlier today by investee company, Silverdell plc ("Silverdell"), providing an up-date following the suspension of its shares from trading on AIM on 2 July 2013 pending clarification of the Silverdell Group's financial position. As stated in the announcement, a turnaround investor is conducting a review to further understand the cash requirements of the remaining Silverdell Group. Given that HSBC has not received the full face value of its debt, we anticipate that the outcome of that review may result in the loss of the entire equity value of Silverdell and accordingly the general partner of Marwyn Value Investors LP has written down the value of our investment in Silverdell to zero. As at 22 November 2013 (being the latest date in respect of which the Company has published a NAV for its ordinary shares), the impact on NAV is a reduction in value of £4.3m, equivalent to 6.47p per ordinary share in the Company.

Enquiries:

Robert Ware, Chairman	Marwyn Value Investors Limited	T:            44 (0) 20 7258 8670
Sue Inglis / Andrew Davey	Cantor Fitzgerald Europe	T:            [phone] /                [phone]

 

END

 

 

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