Distribution to Realisation Shareholders

RNS Number : 2942B

Marwyn Value Investors Limited

07 October 2020

 

LEI: 213800L5751QTTVEA774

7 October 2020

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

DISTRIBUTION TO REALISATION SHAREHOLDERS

As announced by Safe Harbour Holdings plc ("Safe Harbour") on 7 July 2020, following discussions with its major shareholders, the Safe Harbour board concluded that it was in the best interests of its shareholders as a whole to seek a cancellation of Safe Harbour's shares from trading on AIM and to return its remaining capital by means of a summary winding up.

The Company announces that Marwyn Value Investors LP (the "Master Fund") has now received an initial distribution of 74p per Safe Harbour share, resulting in proceeds of £650,646 attributable to holders of the Company's realisation shares (the "Realisation Shareholders") (the "Safe Harbour Realisation Share Proceeds").

The Safe Harbour Realisation Share Proceeds, along with cash held by the Master Fund attributable to Realisation Shareholders of £350,000 which is not required to be held for reasonable working capital purposes, will be distributed to the Realisation Shareholders in accordance with the terms of the Company's realisation class. Of this total of £1,000,646, it is expected that approximately:

-  £836,757 will be returned to the Realisation Shareholders (the "Distribution"); and

-  £163,889 will be distributed by Marwyn Value Investors LP as accrued incentive allocation.

The Distribution will be effected by way of a compulsory redemption undertaken pro rata to holdings of realisation shares on the register as at the close of business on the record date for the redemption, being 22 October 2020.  The number of realisation shares to be redeemed will be determined by reference to the estimated net asset value per realisation share ("NAV") as at 30 September 2020.

The NAV as at 30 September 2020, the number of realisation shares that will be redeemed and the amount of the Distribution will be announced by the Company on or before 14 October 2020.  As fractions of realisation shares will not be redeemed, the number of realisation shares held by each Realisation Shareholder to be redeemed will be rounded down to the nearest whole number of realisation shares.

As at the date of this announcement, the Company has 4,187,226 realisation shares in issue. All of the realisation shares redeemed on the redemption date will be cancelled. A further announcement will be released following the record date to confirm the new number of realisation shares in issue.

Further details on the changes to the ISIN of the realisation shares caused by the redemption will be announced on or before 22 October 2020. The payment of the redemption monies to eligible holders of realisation shares is expected to be effected through CREST (in the case of holders of depository interests relating to the realisation shares) or by cheque (in the case of realisation shares held in certificated form) on 9 November 2020.

Expected Timetable:

NAV as at 30 September 2020 and estimate of Realisation shares to be redeemed announced	On or before 14 October 2020
Record date for redemption	6.00 p.m. on 22 October 2020
Redemption date	22 October 2020
Admission of realisation shares under new ISIN	8.00 a.m. on 23 October 2020
Ex-date	23 October 2020
Payment of the redemption proceeds	9 November 2020

Company enquiries:

Louisa Bonney / Scott Danks

Axio Capital Solutions Limited

Telephone: [phone]

Gillian Martin 

Liberum Capital Limited

Telephone: [phone]

PR enquiries:

Alex Child-Villiers / Will Barker

Temple Bar Advisory Limited

Telephone: [phone]

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