Marwyn Value Investors Limited Completion of Equalisation Process for Zegona (6116F)
May 19 2017 - 1:00AM
UK Regulatory
TIDMMVI
RNS Number : 6116F
Marwyn Value Investors Limited
19 May 2017
19 May 2017
Marwyn Value Investors Limited ("Marwyn", the "Company")
Completion of Equalisation Process for Zegona Communications Plc
("Zegona")
The Company is pleased to confirm that following the
announcement on 16 May 2017 that MVI II LP held its first
third-party close, securing commitments of GBP41 million(1) from
limited partners who have acquired interests in the portfolio at
NAV and are expected to invest alongside the Company in future
investment opportunities, the Equalisation Process as described
below has successfully completed for the investment in Zegona.
MVI II LP is a private equity fund structure seeded by Marwyn
Value Investors LP (the "Master Fund"). The Company has invested
all of its available capital in the Master Fund. MVI II LP holds
investments in Zegona, BCA Marketplace plc, Gloo Networks plc, Safe
Harbour Holdings plc and Wilmcote Holdings plc (the "assets"). The
Master Fund sold interests in MVI II LP to the new third party
investors at the market value of the assets, with the exception of
Zegona, at the close of business on Monday 15 May and at the market
value of Zegona at the close of business on Thursday 18 May (the
"Equalisation Process").
As a result of the Equalisation Process, the Ordinary Shares'
interest in Zegona on a look-through basis has reduced by GBP12
million in aggregate, and the cash balance attributable to the
Ordinary Shares has increased by the same amount. There is no net
effect on NAV or NAV per Ordinary Share following the Equalisation
Process. Please see note 3 for estimated NAV before and immediately
after the Equalisation Process.
The sale of the Master Fund interests in MVI II LP will
crystallise a profit of GBP1.2 million. The Company has returned
GBP10 million in dividends since the sale of Entertainment One in
September 2015 and in line with the Ordinary Share Distribution
Policy is not required to pay a special dividend following this
Profitable Realisation event.
As described in the Company's Circular published on 19 October
2016, Realisation shareholders will not be exposed to any
investments directly or indirectly held by MVI II LP, as their
assets are held within a separate realisation pool by the Master
Fund.
Notes
1. Commitments received in both British pounds sterling and
United States dollars
2. MVI II LP is a new fund comprising Jersey limited
partnerships registered pursuant to the Limited Partnership
(Jersey) Law 1994, being MVI II LP itself and MVI II Co-invest LP,
a stapled co-investment vehicle. Further details on MVI II LP and
the Master Fund's investment in MVI II LP may be found in the
Prospectus, published in October 2016, and located on the Company's
website http://www.marwynvalue.com .
The Master Fund, Marwyn Value Investors LP, is a Cayman exempt
limited partnership into which the Company has invested all of its
available capital. The Master Fund contributed investments to MVI
II LP prior to the third-party fund close. All further investments
attributable to the Ordinary Shares shall be made through MVI II
LP, alongside new committed capital from third-party investors.
3. Allocation of the Company's NAV by portfolio company before
and immediately after the Zegona Equalisation Process
Based upon the Company's investments in the Master Fund
(directly) and MVI II LP (indirectly), the Company's total
estimated NAV attributable to the Ordinary Shares is broken down
across the following as at Thursday 18 May 2017:
Equity Investments
------------------------ --------- -------- --------
Company Ticker GBPm % of
NAV
------------------------ --------- -------- --------
Zegona Communications
plc(*) ZEG LN 69.6 42.6%
------------------------ --------- -------- --------
BCA Marketplace plc(*) BCA LN 30.9 18.9%
------------------------ --------- -------- --------
Gloo Networks plc GLOO LN 7.2 4.4%
------------------------ --------- -------- --------
Le Chameau Group
plc 9.8 6.0%
----------------------------------- -------- --------
Safe Harbour Holdings
plc 7.2 4.4%
----------------------------------- -------- --------
Wilmcote Holdings
plc 8.1 4.9%
----------------------------------- -------- --------
Cash 45.7 28.0%
----------------------------------- -------- --------
Le Chameau Group
debt instrument 9.6 5.9%
----------------------------------- -------- --------
Other assets of the
Master Fund 0.1 0.1%
----------------------------------- -------- --------
Liabilities of the
Master Fund (24.9) (15.2)%
----------------------------------- -------- --------
Net assets 163.3 100.0%
----------------------------------- -------- --------
NAV per Ordinary GBP2.31
Share (GBP)
----------------------------------- -------- --------
The Company's total estimated NAV is broken down across the
following immediately after the Zegona Equalisation Process:
Equity Investments
------------------------ --------- -------- --------
Company Ticker GBPm % of
NAV
------------------------ --------- -------- --------
Zegona Communications
plc(*) ZEG LN 57.3 35.0%
------------------------ --------- -------- --------
BCA Marketplace plc(*) BCA LN 30.9 18.9%
------------------------ --------- -------- --------
Gloo Networks plc GLOO LN 7.2 4.4%
------------------------ --------- -------- --------
Le Chameau Group
plc 9.8 6.0%
----------------------------------- -------- --------
Safe Harbour Holdings
plc 7.2 4.4%
----------------------------------- -------- --------
Wilmcote Holdings
plc 8.1 4.9%
----------------------------------- -------- --------
Cash 58.0 35.6%
----------------------------------- -------- --------
Le Chameau Group
debt instrument 9.6 5.9%
----------------------------------- -------- --------
Other assets of the
Master Fund 0.1 0.1%
----------------------------------- -------- --------
Liabilities of the
Master Fund (24.9) (15.2)%
----------------------------------- -------- --------
Net assets 163.3 100.0%
----------------------------------- -------- --------
NAV per Ordinary GBP2.31
Share (GBP)
----------------------------------- -------- --------
(*) The closing share prices of Zegona Communications plc and
BCA Marketplace Plc have moved from 143p and 202p respectively on
Monday 15 May to 157p and 205p respectively on Thursday 18 May,
resulting in a GBP5.6m increase in total estimated NAV attributable
to the Ordinary Shares over that period.
Company enquiries:
Louisa Bonney / Scott Danks
Axio Capital Solutions Limited
Telephone: 01534 761240
PR enquiries:
Alex Child-Villiers / Ed Orlebar
Temple Bar Advisory Limited
Telephone: 020 7002 1080
This information is provided by RNS
The company news service from the London Stock Exchange
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