Update on Settlement of VAT Reclaim

Marwyn Value Investors Limited

30 August 2023

 

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

30 August 2023

Marwyn Value Investors Limited (the "Company")

Update on Settlement of VAT Reclaim

Further to the Company's previous announcements in relation to the historic VAT reclaims relating to Praesepe, the Board is pleased to announce that the final amounts due to Marwyn Value Investors LP (the "Master Fund"), totalling £4.94 million after deductions for fees, taxes and other expenses, have now been received.

Including amounts received in 2022, the total received by the Master Fund from the historic VAT reclaims is £9.92 million, of which £9.66 million* is attributable to the Company's share classes as follows:

Share class	2023 receipt	Total receipt
Ordinary Shares	£4.26 million	£8.55 million
2016 Realisation Shares	£0.52 million	£1.05 million
2021 Realisation Shares	£0.03 million	£0.06 million

*£0.26 million of the total receipts are attributable to other investors in the Master Fund

These amounts represent the final amounts to be received from all outstanding claims relating to Praesepe.

Returns to the Company's shareholders

Ordinary shares

Under its ordinary share distribution policy, the Company is committed to return to shareholders 50% of net capital gains, to the extent that this has not already been returned to shareholders as part of the Company's regular quarterly distributions. To date, the Company has distributed over £31.9 million to ordinary shareholders in excess of the amount that would be required under the distribution of 50% net capital gains. As such, no distribution will be paid to ordinary shareholders on receipt of the funds into the Master Fund.

2016 realisation shares

The £1.05 million attributable to the Company's 2016 realisation shares will be paid to 2016 realisation shareholders (net of any crystallised incentive allocation (estimated to be c.£0.17 million)). A further announcement will be made by the Company to inform 2016 realisation shareholders of the process by which such capital shall be returned to them in due course.

2021 realisation shares

The £0.06 million attributable to the Company's 2021 realisation shares will, ultimately, be paid to 2021 realisation shareholders (net of any crystallised incentive allocation (estimated to be Nil)). Due to the legal and registrar costs associated with a capital return, the Company does not believe it is in the 2021 realisation shareholders' best interests to return this capital at this time and accordingly, this will be held by the Company to be paid together with future distributions.

Company enquiries:

Aztec Financial Services (Jersey) Limited

Chris Copperwaite / Magdala Mullegadoo

Telephone: [phone]

Investor Relations

Kam Bansil

Telephone: [phone]

PR Adviser - FGS Global

Rollo Head 07768 994987

Chris Sibbald 07855 95553

Corporate Broker - Liberum Capital Limited

Chris Clarke / Owen Matthews

Telephone: [phone]

Marwyn Value Investors Limited is a closed-ended investment company listed on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Marwyn's previous 12 comparable listed acquisition companies which have completed a platform acquisition have delivered in excess of £4.5 billion in equity profits and an aggregate return on capital to shareholders of 123 per cent (as at 31 July 2023).

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.

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.

 

END