Net Asset Value - Ordinary Shares
Source: RNS
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 Ordinary Share
The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value per ordinary share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is £1.67409 as at 31 October 2022. As at 31 October 2022, there were 55,490,360 ordinary shares and 30,970,984 exchange shares in issue.
As at 31 October 2022 the closing mid share price of an ordinary share in the Company was £1.01000 and represented a discount of 39.67% to the net asset value per ordinary share.
Historic Performance
|
|
Estimated NAV per share (£) |
Movement over Period (%) |
Movement over Month (%) |
Year to date Movement (%) |
NAV Inception to date (%) * |
Total Return Inception to date (%) ** |
|
2022:
|
|
|
|
|
|
|
|
October 31 |
1.67409 |
+0.1 |
-0.1 |
-8.9 |
+115.6 |
+164.4 |
|
October 21 |
1.67265 |
-0.3 |
-0.2 |
-8.9 |
+115.4 |
+164.1 |
|
October 14 |
1.67710 |
-0.0 |
+0.1 |
-8.7 |
+115.9 |
+164.8 |
|
October 7 |
1.67773 |
+0.1 |
+0.1 |
-8.7 |
+116.0 |
+164.9 |
|
September 30 |
1.67621 |
|
-0.6 |
-8.8 |
+115.8 |
+164.7 |
|
August 31 |
1.68662 |
|
-1.9 |
-8.2 |
+117.2 |
+166.3 |
|
July 29 |
1.71939 |
|
+0.6 |
-6.4 |
+121.4 |
+167.9 |
|
June 30 |
1.70950 |
|
-1.6 |
-6.9 |
+120.1 |
+166.4 |
|
May 31 |
1.73653 |
|
-0.8 |
-5.5 |
+123.6 |
+170.6 |
|
April 29 |
1.75133 |
|
-2.1 |
-4.7 |
+125.5 |
+169.3 |
|
March 31 |
1.78888 |
|
-0.2 |
-2.6 |
+130.3 |
+175.1 |
|
February 28 |
1.79289 |
|
-1.5 |
-2.4 |
+130.9 |
+175.7 |
|
January 31 |
1.81945 |
|
-1.0 |
-1.0 |
+134.3 |
+176.3 |
|
|
|
|
|
|
|
|
|
2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
1.83703 |
|
+3.3 |
+12.6 |
+136.5 |
+179.0 |
|
November 30 |
1.77782 |
|
-2.9 |
+9.0 |
+128.9 |
+170.0 |
|
October 29 |
1.83118 |
|
+0.4 |
+12.3 |
+135.8 |
+174.7 |
|
September 30 |
1.82313 |
|
+0.1 |
+11.8 |
+134.8 |
+173.5 |
|
August 31 |
1.82074 |
|
+0.4 |
+11.6 |
+134.4 |
+173.1 |
|
July 30 |
1.81298 |
|
-1.5 |
+11.2 |
+133.4 |
+168.5 |
|
June 30 |
1.84097 |
|
+1.1 |
+12.9 |
+137.0 |
+172.7 |
|
May 28 |
1.82030 |
|
+0.1 |
+11.6 |
+134.4 |
+169.6 |
|
April 30 |
1.81843 |
|
+1.4 |
+11.5 |
+134.1 |
+166.0 |
|
March 31 |
1.79347 |
|
+13.1 |
+10.0 |
+130.9 |
+162.4 |
|
February 26 |
1.58536 |
|
-1.8 |
-2.8 |
+104.1 |
+131.9 |
|
January 29 |
1.61440 |
|
-1.0 |
-1.0 |
+107.9 |
+132.8 |
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 £0.915 million of the amount attributable to the ordinary shares. This amount was recognised in the ordinary share estimated net asset value as at 29 July 2022. A further £0.250 million attributable to ordinary 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 86.3% will be attributable to the Company's ordinary 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.
Prepared on the following basis:
* The 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.
** The 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.
Enquiries to:
Aztec Financial Services (Jersey) Limited
Aztec Group House
11-15 Seaton Place
St Helier
Jersey
JE4 0QH
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