Net Asset Value - 2016 Realisation Shares

RNS Number : 1531G

Marwyn Value Investors Limited

11 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

11 November 2022

Marwyn Value Investors Limited

Net Asset Value per 2016 Realisation Share

The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value per 2016 realisation share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £2.93593 as at 31 October 2022. As at 31 October 2022 there were 933,070 2016 realisation shares in issue.

As at 31 October 2022 the closing mid share price of a 2016 realisation share in the Company was £2.02500 and represented a discount of 31.03% to the net asset value per 2016 realisation share.

Historic Performance

	Estimated NAV per share (£)	Movement over Period (%)	Movement over Month (%)	Year to date Movement (%)	Total shareholder return inception to date (%) *
2022:
October 31	2.93593	-0.0	-0.2	+2.7	-0.5
October 21	2.93725	-0.1	-0.2	+2.7	-0.5
October 14	2.93894	-0.0	-0.1	+2.8	-0.5
October 7	2.93993	-0.1	-0.1	+2.8	-0.4
September 30	2.94203		+0.7	+2.9	-0.4
August 31	2.92190		-0.2	+2.2	-0.5
July 29	2.92746		+3.4	+2.4	-0.5
June 30	2.83013		-0.2	-1.0	-1.0
May 31	2.83643		-0.1	-0.8	-1.0
April 29	2.83992		-0.1	-0.7	-1.0
March 31	2.84166		-0.2	-0.6	-0.9
February 28	2.84806		-0.2	-0.4	-0.9
January 31	2.85389		-0.2	-0.2	-0.9
2021:
December 31	2.86004		+25.2	+61.9	-0.9
November 30	2.28510		-0.9	+29.4	-3.8
October 29	2.30585		+0.5	+30.5	-3.8
September 30	2.29429		-0.2	+29.9	-4.0
August 31	2.29918		+2.3	+30.2	-3.9
July 30	2.24748		-0.4	+27.2	-4.9
June 30	2.25552		+1.2	+27.7	-4.8
May 28	2.22915		+4.7	+26.2	-5.3
April 30	2.12899		-0.2	+20.5	-7.3
March 31	2.13284		+26.9	+20.7	-7.2
February 26	1.68115		-3.0	-4.8	-16.3
January 29	1.73284		-1.9	-1.9	-15.3

Potential settlement of VAT reclaim

As announced by the Company on 10 August 2022, the first of the Praesepe VAT reclaims in which the Master Fund has an interest has been received, with £0.112 million of the amount attributable to the 2016 realisation shares. This amount was recognised in the 2016 realisation shares estimated net asset value as at 29 July 2022. A further £0.031 million attributable to 2016 realisation shares was received in September 2022 and was recognised in the estimated net asset value as at 16 September 2022.

On 7 November 2022, the Company announced that a further claim has been approved 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, of which, approximately 10.6% will be attributable to the Company's 2016 realisation shareholders. This will be recognised in the Company's estimated net asset value from the date on which the amount is finalised. 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, the estimated net asset value per ordinary share as at 31 October 2022 does not include any amounts relating to the settlement of the remaining VAT reclaims.

Following the partial redemption of 2016 realisation shares in November 2021 (distributing the proceeds of Zegona Communications Plc's tender offer), the number of 2016 realisation shares in issue was reduced from 3,684,055 to 933,070 with a corresponding decrease in total NAV. As a consequence, any amounts received relating to the VAT settlement will have a proportionally higher impact on the current NAV of the 2016 realisation shares as compared to the period prior to the November partial redemption.

* Total shareholder return inception to date is calculated as the movement in total shareholder value, including all distributions made to 2016 realisation shareholders since the creation of the 2016 realisation shares on 30 November 2016.

Enquiries to:

Aztec Financial Services (Jersey) Limited

Aztec Group House

11-15 Seaton Place

St Helier

Jersey

JE4 0QH

 

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