TIDMMVI
RNS Number : 8820N
Marwyn Value Investors Limited
28 September 2023
LEI: 213800L5751QTTVEA774
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
28 September 2023
MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")
Unaudited Interim Results 2023
Marwyn Value Investors Limited announces the publication of its
interim results for the six months ended 30 June 2023.
The Interim Results are available on the 'Annual Reports and
Interim Results' section of the Company's website,
http://www.marwynvalue.com/company-information/financial-reports
.
SUMMARY PERFORMANCE
Ordinary Shares
NAV Total FTSE All-Share
Return(1)
Six months to 30 June 2023 (2.7)% 2.6%
=========== ===============
Since inception(3) (1 March 2006 to
30 June 2023) 175.3% 156.4%
=========== ===============
Net assets of GBP93.0 million, a decrease of GBP5.1 million
since 31 December 2022, with GBP2.5 million paid out in
dividends
-- NAV per share of 167.5p as at 30 June 2023.
-- Total NAV return of (2.7)% since 31 December 2022.
-- Share price down 4.5p since 31 December 2022 to 90.5p as at
30 June 2023. The share price discount to NAV decreased to 46.0% as
at 30 June 2023, compared to 46.3% as at 31 December 2022.
Continued significant distributions
-- Quarterly dividends of 2.265p per share paid in February, May
and August 2023 with a further quarterly dividend of 2.265p
expected to be paid in November 2023 and each quarter of 2024.
Total annual dividend of 9.06p per share represents a yield of over
10% (based on share price of 90.5p as at 30 June 2023).
Strong cash position
-- Look-through cash balance of GBP32.0m at 30 June 2023 held
within the fund structure, supplemented by significant capital
available for investment within the portfolio entities.
2016 Realisation Shares
Shareholder FTSE All-Share
Total Return(2)
Six months to 30 June 2023 (9.3)% 2.6%
================= ===============
Since inception(3) (1 March 2006 to
30 June 2023) 196.4% 156.4%
================= ===============
Since creation of class(4) (30 November
2016 to 30 June 2023)(3) 1.9% 40.8%
================= ===============
Net assets of GBP3.2 million, a decrease of GBP0.3 million since
31 December 2022
-- NAV per share of 341.0p as at 30 June 2023.
-- Total shareholder return of (9.3)% since 31 December 2022.
-- Over GBP1 million to be distributed in October 2023
2021 Realisation Shares
Shareholder FTSE All-Share
Total Return(2)
Six months to 30 June 2023 (2.8)% 2.6%
================= ===============
Since inception(3) (1 March 2006 to
30 June 2023) 173.5% 156.4%
================= ===============
Since inception(4) (30 November 2021
to 30 June 2023)(3) 1.3% 7.8%
================= ===============
Net assets of GBP649 thousand, a decrease of GBP19 thousand
since 31 December 2022
-- NAV per share of 180.1p as at 30 June 2023.
-- Total shareholder return of (2.8)% since 31 December 2022.
Manager's Review
We have maintained a cautious stance towards the markets and
company valuations in recent years, a strategy that seems
increasingly justified given the prevalent speculation and a
somewhat unrealistic expectation regarding a return to ultra-low
interest rates. We perceive the burgeoning sovereign debt issue and
a contracting money supply as significant forces that will
necessitate a recalibration of market expectations and valuations.
We are beginning to observe early signs of these necessary
adjustments taking place.
AdvancedAdvT has remained focused on its disciplined acquisition
strategy since its GBP130 million capital raise in March 2021 under
the highly capable leadership of Vin Murria. During the period,
AdvancedAdvT successfully acquired a group of five software
businesses from Capita at what we believe is a highly attractive
valuation. With a substantial war chest still remaining following
these acquisitions, AdvancedAdvT is now poised to explore
synergistic acquisition opportunities and we see significant scope
for value creation.
In May 2023, we initiated a promising venture with Palmer Street
Limited, investing GBP8 million. Leveraging the expertise of its
senior management team, formerly of Sanne plc - a distinguished
FTSE 250 company acquired by Apex group in 2022 - Palmer Street is
poised to carve out a unique business proposition in the private
capital servicing sector. Partnering with Marwyn demonstrates the
attractiveness of our team and strategy, paving the way for
potential rapid growth and a significant enhancement in our
investment and NAV appreciation starting from early 2024.
Le Chameau, with the strategic addition of Waheed Alli to the
management and a further investment of GBP5 million from the Marwyn
Funds, is gearing up for major milestones leading up to its
centenary in 2027. The combination of the additional investment,
providing the company with both increased working capital and
growth capital to support the next phase of its development
including expansion of digital and marketing functions alongside
investment in brand and tech capabilities and the joint expertise
brought by Waheed and the CEO, Corry Cavell-Taylor, forms a robust
foundation for brand expansion in the coming years.
Marwyn Acquisition Company II (MAC II) has significantly
benefited from the new CEO, Will Self, partnering with Chairman
Mark Hodges. This collaboration has accelerated MAC II's strategic
focus on financial services and intergenerational wealth.
We are also actively exploring opportunities in the media and
entertainment space through 450 plc and are engaging with potential
partners to enhance the prospects of Marwyn Acquisition Company III
and MAC Alpha.
As we navigate through these volatile market conditions, our
unwavering commitment to our investment strategy, as detailed in
the Company's annual report and accounts, holds us in good stead.
We firmly believe that our approach is attuned to the current
market dynamics and economic environment. We extend our heartfelt
gratitude for your sustained support and look forward to seizing
promising opportunities that lie ahead.
James Corsellis, Chief Investment Officer, Marwyn Investment
Management LLP
Robert Ware, Chairman of Marwyn Value Investors Limited,
commented:
" Despite a challenging global market landscape, we are
optimistic about the prospects that lie ahead. Our portfolio is
exceptionally poised to capitalise on forthcoming opportunities,
and we eagerly anticipate witnessing the growth and evolution of
our portfolio companies. We are immensely grateful for your
continued trust and investment in Marwyn Value Investors Limited.
"
(1) NAV Total Return assumes the reinvestment of dividends paid
to shareholders into the Company at NAV.
(2) Shareholder Total Return is calculated as the movement in
total shareholder value, including all distributions made to
realisation shareholders over the relevant period.
(3) For the ordinary shares, Inception to date NAV Performance
is based on the combined weighted average NAV of Marwyn Value
Investors I, II and B shares prior to their amalgamation, using the
conversion ratio published on 17 April 2008. Realisation class
inception to date is calculated based on the ordinary share
performance up to the date the ordinary shares were converted to
the relevant realisation class, then shareholder total return of
the relevant realisation class from that date.
(4) Realisation class shareholder total return from creation of
class represents total shareholder return for the relevant class
from the date that ordinary shares were converted to realisation
shares for each class.
Capitalised terms used in the announcement and not otherwise
defined have the same meaning as detailed in the Company's Annual
Report and Audited Financial Statements for the year ended 31
December 2022.
Company enquiries:
Aztec Financial Services (Jersey) Limited
Chris Copperwaite / Magdala Mullegadoo
Telephone: 01534 833000
Investor Relations
Kam Bansil
Telephone: 020 7039 1901
PR Adviser - FGS Global
Rollo Head 07768 994987
Chris Sibbald 07855 95553
Corporate Broker - Liberum Capital Limited
Chris Clarke / Owen Matthews
Telephone: 0203 100 2200
Marwyn Value Investors Limited is a closed-ended investment
company, trading on the London Stock Exchange Specialist Fund
Segment - a fully regulated market for professional, institutional
and sophisticated investors. Current investments through its
underlying funds include AdvancedAdvT Limited, the operating
business of Le Chameau, 450 plc, Marwyn Acquisition Company II
Limited, Palmer Street Limited, Marwyn Acquisition Company III
Limited, MAC Alpha Limited and Zegona Communications plc.
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.
Cautionary Statement
This announcement contains forward-looking statements which are
made in good faith based on the information available at the time
of its approval. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the
Company's control that could cause the actual results,
performance.
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END
IR LRMATMTATBMJ
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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