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Marwyn Value Investors Share Discussion Threads
Showing 951 to 975 of 975 messages
|"Still - everything has a price" - exactly how I see it...for me it's LMS & OCL.|
|One thing that does appeal with OCL - very tightly held, so doesn't take much buying of the small free float to push the price up. Still waiting to see a Holdings RNS of who sold/bought c.6.5% of the co last week.
But the divi wins out for me on MVI - admittedly that's all the return you're going to get medium term (their point about not envisaging selling out of anything in at least the next 5 years) but I don't mind being paid to wait.
But fair point about pre-emptive dilutory placings on both MVI & OCL. Like DNE & LMS, they seem to be Trusts run at least in part for management enrichment.
Still - everything has a price.|
|Surely Invesco must be beginning to regret this association with Robert Ware...
Solution for PIs - sell MVI on a 32.8% discount and buy into OCL on a 39.1% discount. They suffer from perceived rather than real management failings; though both made non pre-emptive right placings!|
|Hoping this preposterous new scheme makes divi safer for those remaining, but perhaps that's what's behind it - save the divi on as many shares as possible (not, surely, that anyone will take them up on conversion to redemption shares).|
|Wouldn't surprise me if they cancel the dividend next. Can't wait to exit this investment! About time they started quoting the 3 year numbers as well, but that would embarrass them. The board and their brokers should hang their heads in shame.
Corporate governance seriously lacking here!|
|I appreciated your 949 tiltonboy and as a holder I fear Numis' analysis correct so will not be buying more.|
|Smallish director buy. If some mugs can be persuaded into this daft scheme they've come up with, I reckon the shares belonging to the rest of us will probably benefit.
"Marwyn Value Investors Limited, LSE: MVI, announces that it was notified on 20 October 2016 by Mr Ronald Hobbs, Non-Executive Director of the Company, that he had purchased 20,813 Ordinary Shares in the Company at a price of 143 pence per share on 20 October 2016"|
|Thanks for that - all fair comment.
What I want to know is - why on earth are they bothering?|
|● Numis Views: The Ordinary shares (£112m market cap) are trading at a discount to NAV of 33%, and on the face of it the opportunity to convert into a Realisation share class sounds appealing given that the portfolio had significant net cash of 24.2% of net assets as at 29 September. However, the Realisation shares appear to have been designed to appear as unattractive as possible. Holders of the realisation shares are likely to be left with an illiquid investment, with no dividend and the likelihood that no significant realisation proceeds will be received for at least five years. There is also the threat of potential dilution in the investments in future. In particular, we find it hard to understand why the Realisation shares will not benefit from the same quarterly dividend as the Ordinary shares. Although there is a significant pull to redemption due to the size of the discount, shareholders face management fees of 2.0% pa on the underlying assets, as well as listed company costs (and potential incentive fees on gains).
● In our view, investors in the Ordinary shares seeking an exit are now caught between a rock and a hard place. We believe that Marywn Value has an interesting mandate, and it has an impressive long term record, largely due to its previous investment in Entertainment One. However, we have been wary of the fund due to the concentrated nature of the portfolio and concerns over corporate governance. In December 2015 the fund raised £50m at 220p which represented a 15% discount to the prevailing NAV on a non-pre-emptive basis, resulting in dilution of c.5% for shareholders that were unwilling/unable to participate. The company has strong backing from a number of institutional shareholders, notably Invesco AM, which holds a stake of 41.3%, according to Bloomberg. However, we do not believe that Boards should justify corporate action that may be unfavourable for many smaller investors just because they can gain support from a handful of large investors. We therefore continue to believe that Marwyn Value is a stock to avoid. Over the past three years, the fund’s NAV is down 10.7%, while its share price has fallen 21.2% (both on a total return basis). Over the same period, the Numis Smaller Cos Index (ex ICs) is up 21.5%.|
|What are Numis saying? I stand by my comment above - is the daftest announcement I've ever seen from an IT.|
|Numis pretty scathing about MVI this morning!|
Marwyn Value Investors
Realisaton share offer
Marwyn Value Investors yesterday published details of a realisation share offer where shareholders can elect to re-designate their ordinary shares as realisation shares.
The investment policy of the company and the Master Fund in respect of the realisation pool will be managed with a view to maximising investment returns, realising investments and making distributions as realisations are made. Upon a disposal, the assets will be divested on a pro-rata basis between the ordinary shares and realisation shares. The portfolio will not be realised on an accelerated basis compared to the assets attributable to the ordinary shares.
Realisation shareholders will not receive any quarterly dividends as the ordinary share distribution policy will not apply to the realisation shares. The realisation shares will remain invested in the current five investments with 85% of the current portfolio held in three investments. Realisation shareholders will only be entitled to returns relating to investments attributable to the realisation pool.
Cash attributable to realisation shares may be utilised in follow-on investments into current holdings for a period of three years, after which the balance will be distributed to realisation shareholders.
The company has also announced that the Master Fund has seeded Marwyn Value Investors II LP (MVI II LP), a private equity fund structure through which it is expected that future Master Fund investments will be made alongside other third party LP investors. Realisation shareholders will not be exposed to any investments held by MVI II LP as their assets will be held within a separate realisation pool by the Master Fund.|
|Wondering how much this "offer to redesignate" might be costing.|
|Again, there has been a seller around, but hopefully this has sorted at least part of the overhang. I got back on board at 150p, but if I see somewhere north of 160p, I might wave goodbye.|
|Been a string of block trades on this one now too - a couple of crosses but the lot at 143p.|
|Perhaps there's an argument some people want capital returns not income, so it's sort of a way to "pass up" the divi. I say "sort of" because they also wouldn't partake in any further investments.|
|It's their way of putting people off going for it.|
|Possibly the weirdest announcement I've seen from an IT - what on earth are they on about? At first glance, "Realisation Shares" sounds a sensible proposition - but when reading deeper, there seems to be little advantage to them. There's no accelerated realisation/return, they're not entitled to the divi, and:
"The Company's manager, Marwyn Asset Management Limited, has advised the Directors that it does not currently expect to make any substantial disposals over the next 5 years.".
Someone tell me what the point is of them? Yes, you'd eventually get your money back when everything was sold many years down the line - is it just an excuse for MVI never to return a cent to ordinary shareholders?|
|Numis have upgraded their EPS forecast for BCA today by 13%. Target price of 220p.|
|c.2p XD today.|
|ZEG now up 15% from the early Sept low|
|Yes a nice bounce off £1 for ZEG and hopefully BCA will continue to move off support at £1.80...all serves to underpin the bottom here hopefully|
|ZEG showing signs of life too.|
|A nice 25k buy this morning. Hopefully we'll get a slow and steady rise back to the 180/200 mark.|
|Results didn't read well but chart showing tentative signs of basing/consolidation due to increased discount & technical levels - nav will have to climb for a decent turn
free stock charts from uk.advfn.com|