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
2 August 2024
Marwyn Value Investors
Limited
Net Asset Value per Ordinary
Share
The board of directors of Marwyn
Value Investors Limited (the "Company") today announces that the
estimated net asset value ("NAV") per ordinary
share of the Company based on the estimated value of its interests
in Marwyn Value Investors L.P. is £1.92388 as at 31 July 2024. As
at 31 July 2024, there were 55,490,360 ordinary shares
and 30,970,984 exchange shares in issue.
As at 31 July
2024 the closing mid share price of an ordinary share in the
Company was £0.96000 and represented a discount of 50.10% to the
NAV per ordinary share.
Historic NAV Performance
|
|
Estimated
NAV per
share (£)
|
Movement
over
Month
(%)
|
Year to
date
Movement
(%)
|
Total
Return Year to date (%)2
|
NAV
Inception to date (%)1
|
Total
Return Inception to date (%)2
|
|
|
|
|
|
|
|
|
|
2024:
|
|
|
|
|
|
|
|
July 31
|
1.92388
|
+3.0
|
+9.2
|
+12.0
|
+147.7
|
+233.0
|
|
June 30
|
1.86774
|
-1.0
|
+6.0
|
+8.7
|
+140.5
|
+223.2
|
|
May 31
|
1.88731
|
+2.1
|
+7.1
|
+9.8
|
+143.0
|
+226.6
|
|
April 30
|
1.84939
|
+0.5
|
+5.0
|
+6.3
|
+138.1
|
+216.2
|
|
March 31
|
1.83928
|
+1.9
|
+4.4
|
+5.7
|
+136.8
|
+214.5
|
|
February 29
|
1.80566
|
+1.4
|
+2.5
|
+3.8
|
+132.5
|
+208.7
|
|
January 31
|
1.78088
|
+1.1
|
+1.1
|
+1.1
|
+129.3
|
+200.6
|
|
|
|
|
|
|
|
|
|
2023:
|
|
|
|
|
|
|
|
December 31
|
1.76146
|
+5.7
|
-0.4
|
+5.1
|
+126.8
|
+197.4
|
|
November 30
|
1.66601
|
-0.4
|
-5.8
|
-0.6
|
+114.5
|
+181.3
|
|
October 31
|
1.67333
|
-0.1
|
-5.4
|
-1.6
|
+115.5
|
+178.7
|
|
September 30
|
1.67527
|
-0.1
|
-5.2
|
-1.4
|
+115.7
|
+179.0
|
|
August 31
|
1.67756
|
+0.3
|
-5.1
|
-1.3
|
+116.0
|
+179.4
|
|
July 31
|
1.67284
|
-0.2
|
-5.4
|
-2.9
|
+115.4
|
+174.9
|
|
June 30
|
1.67546
|
-0.2
|
-5.2
|
-2.7
|
+115.7
|
+175.3
|
|
May 31
|
1.67815
|
-0.1
|
-5.1
|
-2.6
|
+116.1
|
+175.7
|
|
April 30
|
1.67949
|
-0.4
|
-5.0
|
-3.8
|
+116.3
|
+172.3
|
|
March 31
|
1.68615
|
-4.1
|
-4.6
|
-3.4
|
+117.1
|
+173.4
|
|
February 28
|
1.75866
|
-0.7
|
-0.5
|
+0.7
|
+126.4
|
+185.1
|
|
January 31
|
1.77070
|
+0.1
|
+0.1
|
+0.1
|
+128.0
|
+183.5
|
NAV
Allocation
Based upon the Company's indirect
investments, the estimated allocation of the ordinary share NAV
is:
|
Ordinary Shares
|
Total Value
(£m)3
|
NAV/pence per Ordinary
Share
|
% of NAV
|
|
Investment Portfolio
|
|
|
|
|
Quoted
investments
|
|
|
|
|
AdvancedAdvT
|
23.1
|
41.7
|
21.7%
|
|
MAC Alpha
|
1.0
|
1.8
|
0.9%
|
|
Marwyn Acquisition Company
II
|
21.5
|
38.8
|
20.2%
|
|
Marwyn Acquisition Company
III
|
5.9
|
10.6
|
5.5%
|
|
Zegona Communications
|
16.4
|
29.6
|
15.4%
|
|
450
|
5.1
|
9.2
|
4.8%
|
|
Unquoted
investments
|
|
|
|
|
Le Chameau4
|
28.4
|
51.2
|
26.5%
|
|
Palmer Street
|
6.4
|
11.5
|
6.0%
|
|
Total Value
|
107.8
|
194.4
|
101.0%
|
|
Cash5
|
9.2
|
16.5
|
8.6%
|
|
Other assets /
liabilities
|
(10.2)
|
(18.5)
|
(9.6)%
|
|
Net
Asset Value
|
106.8
|
192.4
|
100.0%
|
Notes
1The inception to date movement 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.
2The total return inception to date movement is based on the
reinvestment of dividends paid to shareholders into the Company and
is calculated on a cum-income basis.
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.
5Includes cash to be received from the repurchase of securities
in Marwyn Acquisition III Limited, as announced by the Company on
12 July 2024.
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:
marwyn@aztecgroup.co.uk
Aztec Financial Services (Jersey)
Limited
Aztec Group House
PO Box 730
IFC6, The Esplanade
St Helier
Jersey JE4 0QH
