6 Oct 2015 08:00
6 October 2015
Marwyn Value Investors Limited
Net Asset Value per Ordinary Share and Further re Partial Cash Redemption
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 £2.68126 as at 30 September 2015. As at 30 September 2015, there were 62,282,730 Ordinary Shares and 16,050,000 exchange shares in issue.
As at 30 September the closing mid share price of an Ordinary Share in the Company was £2.2050 and represented a discount of 17.76% to the net asset value per Ordinary Share.
Historic Performance
| Estimated NAV per share (£) * | Movement over Period (%) | Movement over Month (%) | Year to date Movement (%) | Inception to date (%) ** |
2015: | |||||
September 30 | 2.68126 | -2.1 | -7.7 | -9.6 | +245.2 |
September 18 | 2.73926 | -0.4 | -5.7 | -7.7 | +252.7 |
September 11 | 2.75144 | -5.2 | -5.2 | -7.3 | +254.3 |
August 31 | 2.90377 | -3.4 | -2.1 | +273.9 | |
July 31 | 3.00536 | -4.0 | +1.3 | +287.0 | |
June 30 | 3.13012 | +7.6 | +5.5 | +303.0 | |
May 29 | 2.90871 | +1.5 | -2.0 | +274.5 | |
April 30 | 2.86502 | +0.9 | -3.4 | +268.9 | |
March 31 | 2.83914 | +1.8 | -4.3 | +265.6 | |
February 27 | 2.78988 | +6.5 | -6.0 | +259.2 | |
January 30 | 2.61926 | -11.7 | -11.7 | +237.3 | |
2014: | |||||
December 31 | 2.96690 | +3.3 | +14.5 | +282.0 | |
November 28 | 2.87262 | -3.4 | +10.9 | +269.9 | |
October 31 | 2.97461 | -0.3 | +14.8 | +283.0 | |
September 30 | 2.98449 | -9.9 | +15.2 | +284.3 | |
August 29 | 3.31217 | +5.2 | +27.8 | +326.5 | |
July 31 | 3.14908 | +8.1 | +21.5 | +305.5 | |
June 30 | 2.91370 | +2.1 | +12.5 | +275.2 | |
May 30 | 2.85404 | -3.3 | +10.2 | +267.5 | |
April 30 | 2.95095 | -6.4 | +13.9 | +280.0 | |
March 31 | 3.15383 | -0.7 | +21.7 | +306.1 | |
February 28 | 3.17620 | +7.5 | +22.6 | +309.0 | |
January 31 | 2.95385 | +14.0 | +14.0 | +280.3 |
Prepared on the following basis:
* Ordinary Shares in the Company acquired by Marwyn Value Investors L.P. are no longer in issue.
** 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.
Number of Ordinary Shares to be Redeemed Pursuant to the Partial Cash Redemption of Ordinary Shares
Further to the Company's announcement on 22 September 2015 that it will return capital equal to 24.6 pence per Ordinary Share in October 2015 by way of a partial cash redemption, the Company can now confirm that 9.1807 per cent. of the Company's issued Ordinary Shares will be redeemed on the redemption date (being 8 October 2015). Fractions of Ordinary Shares will not be redeemed and so the number of Ordinary Shares to be redeemed for each shareholder will be rounded down to the nearest whole number of Ordinary Shares.
By way of illustration and based on the estimated net asset value per Ordinary Share as at 30 September 2015 ("NAV"), a holder at the record date of 1,000 Ordinary Shares with an aggregate NAV of £2,681.26 will:
· be entitled to an aggregate capital return of £246.16 (before rounding down the number of Ordinary Shares to be redeemed to the nearest whole share);
· have 91 of their Ordinary Shares, with an aggregate NAV of £243.99, redeemed; and
· will continue to hold Ordinary Shares with an aggregate NAV of £2,437.27.
The existing ISIN number KYG5897M1666 of the Ordinary Shares (the "Old ISIN") will expire on the redemption date (7 October 2015). The new ISIN number KYG5897M1740 of the Company's Ordinary Shares post the redemption (the "New ISIN") will be enabled from and including 8 October 2015. Up to the redemption date (but not including 8 October 2015), Ordinary Shares will be traded under the Old ISIN. Purchases of Ordinary Shares that were unsettled as at the close of business on the record date for the redemption (7 October 2015), including trades arranged after the record date but before the redemption date, will be transformed automatically by CREST and will settle under the New ISIN with an accompanying delivery of cash through CREST in respect of the pro rata redemption proceeds.
Further details of the partial cash redemption of Ordinary Shares (including information regarding the record date for the partial cash redemption and the expected payment date) are set out in the Company's announcement released on 22 September 2015.
Enquiries:
Robert Ware, Chairman |
Marwyn Value Investors Limited |
T: +44 (0) 20 7258 8670 |
Sue Inglis |
Cantor Fitzgerald Europe |
T: +44 (0) 20 7894 8016 |
Louisa Bonney | Axio Capital Solutions Limited | T: +44 (0) 1534 761240 |