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
