Net Asset Value - 2021 Realisation Shares

Marwyn Value Investors Limited

12 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

12 July 2024

Marwyn Value Investors Limited

Net Asset Value per 2021 Realisation Share

The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value ("NAV") per 2021 realisation share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £2.08713 as at 30 June 2024. As at 30 June 2024 there were 360,482 2021 realisation shares in issue.

As at 30 June 2024 the closing mid share price of a 2021 realisation share in the Company was £1.00000 and represented a discount of 52.09% to the NAV per 2021 realisation share.

Historic NAV Performance

	Estimated NAV per share (£)	Movement over Month (%)	Year to date Movement (%)	Inception to date shareholder total return (%)1	Shareholder total return from creation of class (%)2
2024:
June 30	2.08713	-0.8	+8.1	+217.0	+17.4
May 31	2.10477	+3.0	+9.1	+219.7	+18.4
April 30	2.04436	+0.6	+5.9	+210.5	+15.0
March 31	2.03206	+1.7	+5.3	+208.6	+14.3
February 29	1.99787	+2.4	+3.5	+203.4	+12.4
January 31	1.95044	+1.1	+1.1	+196.2	+9.7
2023:
December 31	1.93000	+5.1	+4.2	+193.1	+8.6
November 30	1.83619	+0.9	-0.9	+178.9	+3.3
October 31	1.82070	-0.1	-1.7	+176.5	+2.4
September 30	1.82201	-0.1	-1.7	+176.7	+2.5
August 31	1.82456	+1.6	-1.5	+177.1	+2.6
July 31	1.79628	-0.2	-3.0	+172.8	+1.0
June 30	1.80051	-0.2	-2.8	+173.5	+1.3
May 31	1.80342	+1.2	-2.7	+173.9	+1.4
April 30	1.78236	-0.4	-3.8	+170.7	+0.3
March 31	1.78897	-3.9	-3.4	+171.7	+0.6
February 28	1.86226	+0.5	+0.5	+182.8	+4.7
January 31	1.85347	+0.0	+0.0	+181.5	+4.3

NAV Allocation

Based upon the Company's indirect investments, the estimated allocation of the 2021 realisation share NAV is:

Ordinary Shares	Total Value (£m)3	NAV/pence per Ordinary Share	% of NAV
Investment Portfolio
Quoted investments
AdvancedAdvT	23.1	41.6	22.3%
MAC Alpha	1.0	1.8	0.9%
Marwyn Acquisition Company II	9.8	17.6	9.4%
Marwyn Acquisition Company III	9.8	17.6	9.4%
Zegona Communications	12.5	22.5	12.0%
450	5.1	9.2	4.9%
Unquoted investments
Le Chameau4	28.4	51.2	27.5%
Palmer Street	6.4	11.5	6.2%
Total Value	96.0	173.0	92.6%
Cash	17.1	30.8	16.5%
Other assets / liabilities	(9.4)	(17.0)	(9.1)%
Net Asset Value	103.6	186.8	100.0%

The Board notes the announcement by Marwyn Acquisition Company III Limited ("MAC III") that MAC III has repurchased 5 million A shares and matching warrants to subscribe for ordinary shares of MAC III for an aggregate consideration of £5 million (the "Consideration") from Marwyn Value Investors LP and MVI II Holdings I LP, each being a fund managed by the Manager. Of the Consideration, approximately £25 thousand is attributable to the Company's 2021 realisation shares.

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.

Notes

¹Inception to date shareholder total return is calculated based on the ordinary share performance up to the date the ordinary shares were converted to 2021 realisation shares on 30 November 2021, then movement in total shareholder value, including all distributions made to 2021 realisation shareholders from that date.

²Shareholder total return from creation of class is calculated as the movement in total shareholder value, including all distributions made to 2021 realisation shareholders since the creation of the 2021 realisation shares on 30 November 2021.

³Portfolio 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.

⁴The 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.

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:

Aztec Financial Services (Jersey) Limited

Aztec Group House

IFC6

The Esplanade

St Helier

Jersey

JE4 0QH

 

END