Update on Settlement of VAT Reclaim

RNS Number : 4518F

Marwyn Value Investors Limited

07 November 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

7 November 2022

Marwyn Value Investors Limited

Update on Settlement of VAT Reclaim

Further to the Company's announcement on 10 August 2022, the Company is pleased to announce that a further Praesepe VAT reclaim in which the Master Fund has an interest has now been agreed by HMRC.

Whilst the total amount attributable to the Master Fund and deductions including fees, tax and other expenses are yet to be finalised, it is expected that cash in excess of £3 million will be received by the Master Fund in the coming weeks, of which, approximately 86.3% will be attributable to the Company's ordinary shareholders, approximately 10.6% will be attributable to the Company's 2016 realisation shareholders and approximately 0.6% will be attributable to the Company's 2021 realisation shareholders. This will be recognised in the Company's estimated net asset value from the date on which the amount is finalised.

A further announcement will be made confirming the final cash amounts in due course.

Potential Future Claims

Including the above claim and the amounts already received by the Master Fund, net of fees, tax and other expenses (being £1.06 million received in August 2022 and £0.29 million received in September 2022), approximately 50% of the total gross claims in which the Master Fund has an interest have now been agreed by HMRC.

Whilst it is expected that the remaining claims will be settled in an equivalent manner, there remains significant uncertainty over both the amount that may be repaid by HMRC and the timing of receipt of any cash, net of fees, taxes and other expenses by the Master Fund. Accordingly, no amount relating to the remaining claims will be reflected in the Company's estimated NAV calculations which are reported via RNS until there is sufficient certainty over the amount and timing of the receivable, at which point a further RNS announcement will be made.

Company enquiries:

Aztec Financial Services (Jersey) Limited

Chris Copperwaite / Magdala Mullegadoo

Telephone: [phone]

Investor Relations

Kam Bansil

Telephone: [phone]

Corporate Broker - Liberum Capital Limited

Chris Clarke / Owen Matthews

Telephone: [phone]

Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Marwyn's previous 11 comparable listed acquisition companies which have completed a platform acquisition have delivered in excess of £4.2 billion in equity profits and an aggregate return on capital to shareholders of 119 per cent (as at 31 October 2022).

For further information see http://www.marwynvalue.com .  Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "expects", "believes", "estimates", "envisages", "plans", "anticipates", "targets", "aims", "continues", "expects", "intends", "hopes", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this announcement based on past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Subject to any requirement under the Listing Rules, Prospectus Rules, the Disclosure Guidance and Transparency Rules or other applicable legislation or regulation, the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

 

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