Marwyn Value Investors Share Discussion Threads

[kombimatec] 16/9/2015 12:13

The Board expects to return the total amount of GBP15.3 million, equivalent to approximately 24.6 pence per Ordinary share, to Shareholders during November 2015, effected by way of a partial cash redemption of the Company's Ordinary shares.

What do you think it means by partial cash redemption?

[davebowler] 16/9/2015 11:55

''Had eOne been valued at the disposal price of GBP2.69 per share as at 11 September 2015, the estimated (MVI ) net asset value per Ordinary share as at that date would have been GBP 2.74 .''
So its about at a 20% discount to NAV even now.

[mad foetus] 16/9/2015 08:41

So, eOne sold and 24.6p coming back to investors in November. Focus now will swing to Gloo, which I suspect is going to start making acquisitions.

[davebowler] 14/9/2015 15:11

FUND MANAGER'S COMMENTARY 28 Aug
Zegona Communica�ons plc (“ZEG”) announced that it had completed the acquisi�on of Telecable de Asturias S.A., with the enlarged Zegona group re­admi�ed to trading on
AIM. Telecable de Asturias S.A., is the leading “quad­play” telecommunica�;ons operator in Asturias, North­West Spain. Telecable has more than 164,000 customers, offering
television, broadband internet, mobile and fixed­line telecommunica�;ons services to residen�al and business customers. The business operates a network of over 2,400 km of
fibre op�c cable and 2,600 km of coaxial cable, reaching more than 450,000 homes across Asturias. ZEG considers Telecable to be a compelling investment opportunity, driven
by its market leading posi�on and strong cash genera�on, coupled with a�rac�ve dynamics in the Spanish telecommunica�;ons market and Spanish economy more broadly.
ZEG announced that it intends to move from AIM to the London Stock Exchange’s main market on the 25 September 2015, subject to approvals.
Gloo Networks Plc (“Gloo”) announced that it had successfully listed on AIM, raising £30m through a placing of 25m ordinary shares. Gloo’s fund raising was supported by a
number of blue chip ins�tu�;onal investors, including Ruffer, Standard Life and Invesco. Following admission MVI holds a 34.9% stake in Gloo. The Company's ordinary shares
will trade under the �cker GLOO.
BCA Marketplace plc (“BCA”) released a trading update detailing its Q1 results (April­June 2015) and period highlights. The company reported strong results for the quarter with
volumes up 7.7% and revenue up 17.8% on the equivalent period in the prior year. Management reported that both revenue and EBITDA are trading in line with expecta�ons
for the full year.
Other BCA highlights for the quarter included the:
­ Arrangement of a £275m term loan and a £100m revolving facility
­ The acquisi�on of SMA (subject to review by the CMA)
­ The acquisi�on of the UK automo�ve logis�cs business from Eddie Stobart (completed on 25 August). Management believe that the logis�cs acquisi�on gives BCA both the
addi�onal capacity and opera�onal exper�se to significantly enhance the exis�ng logis�cs services within the Group
BCA also announced the appointment of three new independent Non­Execu�;ve Directors with immediate effect.
Stephen Gu�eridge: currently a non­execu�;ve director of Fulcrum U�lity Services Limited, Stephen was previously Chairman at Nighthawk Energy plc (2011­2014), Chairman at
President Energy plc (2007­2011) and Chairman at Star Energy Group plc.
Jon Kamaluddin: previously Interna�onal Director of ASOS plc (2009­2013) where he had also held the role of Finance Director and Company Secretary (2004­2009). Jon will
chair the audit commi�ee.
Piet Coelewij: currently Vice President of Global Opera�ons for Sonos having previously been Managing Director (Europe). Piet has held senior posi�ons at Amazon.com in the
UK (2007­2011) and at Philips Consumer Electronics in China (2004­2006).

[mad foetus] 27/8/2015 09:43

Decent set of numbers from BCA today:


All looking good for MVI and good discount atm.

[mad foetus] 27/8/2015 07:50

ZEG announced yesterday that it is looking for a main market move next month. Should be a positive.

[jaws6] 11/8/2015 14:50

NAV 300 RNS ?

[mad foetus] 11/8/2015 09:14

Gloo launched today, off to a modest premium:

[davebowler] 07/8/2015 13:43

GLOO NETWORKS PLC
("Gloo" or "the Company")

INTENTION TO SEEK ADMISSION TO TRADING ON AIM AND
PROPOSED PLACING TO RAISE UP TO £30 MILLION

(London: 28 July 2015) - Gloo Networks plc, a technology company established to acquire and operate companies in the media sector, announces its intention to seek admission of its shares to trading on AIM ("Admission").

The Company, which is led by digital transformation experts Rebecca Miskin (Chief Executive Officer) and Juan Lopez-Valcarcel (Chief Product and Operations Officer), intends to acquire and operate trusted consumer brands in the media sector, with an enterprise value in the range of £250 million to £1 billion.

Gloo is seeking to benefit from the changing relationship between consumer brands, media owners and the advertising industry; this relationship continues to experience structural change, driven by the evolving prevalence of internet usage and the increasing adoption of data analytics, allowing businesses to better understand and serve consumers. The convergence of the internet and media sectors has created multiple investment opportunities with numerous companies or businesses identified within Gloo's target universe.

Gloo intends to acquire businesses that appeal to attractive socio-economic groups, and through the use of data and technology, transform these businesses to fully realise their digital potential, thereby unlocking value and increasing profitability.

Gloo's initial capital raise of up to £30 million is anticipated to receive strong backing from major institutional investors, with significant additional capital expected to be raised at the time of the target acquisition. The principal focus for a platform acquisition is the UK, the US and (to a lesser extent) Europe.

Rebecca joined Gloo from Hearst Magazines UK, where she worked as Digital Strategy Director and Change Agent. Hearst Magazines UK is the publisher of leading titles such as Cosmopolitan, Elle and Men's Health, and is part of Hearst Corporation, one of the world's largest diversified media and information companies spanning print, television and digital.

Juan was previously Chief Digital Officer for Pearson International. Pearson is the world's largest education company by revenues, the parent company of the Financial Times and the owner of stakes in Penguin Random House and The Economist Group.

Rebecca and Juan will work with Marwyn, the asset management and corporate finance group, which was founded in 2002 by James Corsellis and Mark Brangstrup Watts. It is anticipated that Marwyn Value Investors LP ("MVI LP") will make a sizeable investment in the company.

MVI LP's current investments include Entertainment One, the FTSE-250 listed TV and film content production and distribution business, BCA Marketplace plc, Europe's largest used vehicle auction operator acquired by Haversham Holdings via a £1.3 billion reverse takeover in April 2015, and Zegona Communications plc, which recently announced an agreement to acquire the Telecable Group for an enterprise value of €640 million.

Rebecca Miskin, Gloo Chief Executive Officer said: "Content consumption is at an all-time high, whilst technology is disrupting media and enabling a deeper understanding of an audience than ever before. We have an exciting opportunity at Gloo to create a new blueprint to enrich the user experience, and unlock the full potential of brands. Gloo intends to acquire businesses with leading brands and, through data and technology, release and transform their real potential. We look forward to working with outstanding talent and the world's most advanced technologies to unlock value for shareholders. London is fast becoming the global capital for fintech and fashion-tech; media-tech should be there too."

(www.gloonetworks.com)

Enquiries:
Liberum Capital Limited (Nominated Adviser, Joint Broker and Joint Bookrunner)
Tel: [phone]
Neil Elliot
Chris Clarke
Jonathan Wilkes-Green

Numis Securities Limited (Joint Broker and Joint Bookrunner)
Tel: [phone]
Lorna Tilbian
Nick Westlake
James Serjeant

Temple Bar Advisory (PR advisor to Gloo)
Tel: [phone]
Ed Orlebar
Tom Allison
Alycia MacAskill

Additional Information

Track Record of the Directors:

Rebecca Miskin

Rebecca is a global business leader and digital transformation expert. Rebecca began her career with multinational publishing house Reed Elsevier before moving to IPC Media (now Time Inc. UK). Here she set up IPC Media's content and licensing division, and took responsibility for the publisher's entire digital revenue before serving as the managing director of Excite.

In 2007 Rebecca joined NBC Universal's international headquarters in London and was subsequently headhunted to New York to spearhead the turnaround of iVillage Networks. From there, Rebecca was recruited by Arnaud DePuyfontaine and returned to the UK to take up a position with Hearst Magazines UK, acting as Digital Strategy Director and Change Agent between 2010 and 2014. Here Rebecca led the post-acquisition integration of Hachette Filipacchi UK, increasing revenues, operating profits and operating margins during the first two years following acquisition. In particular, during her time at Hearst, Rebecca helped make digital revenues a significant overall EBIT contributor whilst catapulting Hearst into the largest UK magazine company online, more than doubling the company's digital traffic (44 million unique visitors per month).

Rebecca has held the position of non-executive director on the board of Centaur Media plc since 2011 where she is chair of the remuneration committee and a member of both the audit and nomination committees.

Juan Lopez-Valcarcel

Juan is a global digital product and operations expert. Juan was the co-founder of the first local internet portal in Spain in 1996. He later joined Booz Allen (now Strategy&), the US management consultancy, firm where he worked on over 20 product and technology transformation projects for media and technology companies in the US and Europe.

In 2007, Juan joined NBC Universal in New York as VP and General Manager, leading audience strategy and product transformation for their health and wellness lead generation website. Juan was then recruited by Pearson plc in London, where he worked from 2010 to 2014 first as Director of Digital Product and Consumer Technology and then as Chief Digital Officer of International Operations. In this role, he lead all digital product strategy, engineering and digital partnerships outside North America. While at Pearson, Juan also held executive responsibilities over data, experience and efficacy. During the course of his tenure, Pearson grew digital and services revenue from 44 per cent. to 62 per cent. of the group's product mix (to reach £3 billion) and doubled emerging markets revenues to £1.3 billion.

Juan was shortlisted for his work at Pearson for the "Excellence in Digital Transformation" European Digital Masters Award by the Up Group. He is also a member of the International Academy of Digital Arts & Sciences and was appointed in 2015 as an Association Member of the supervisory board at BUPA.

James Corsellis

James Corsellis founded Marwyn, the asset management and corporate finance group, in 2002 with Mark Brangstrup Watts. James is joint Managing Partner of Marwyn Capital, which provides corporate finance advice, and Marwyn Investment Management, which provides asset management solutions and investment advisory services, (both of which are regulated by the Financial Conduct Authority). James is a director of Marwyn Asset Management, a regulated fund manager, and also a trustee of the Marwyn Trust, a charity focused on initiatives supporting education and entrepreneurship for young people in disadvantaged communities. Marwyn¹ has launched 13 companies² across a variety of sectors with James providing support to these companies, using his experience of working with a number of companies in various roles (including as Chairman of Entertainment One Limited and director of Breedon Aggregates Limited, Concateno plc and Catalina Holdings Limited) as well as his operating experience as the CEO and founder of technology business, iCollector plc and CM Interactive.

Mark Brangstrup Watts

Mark Brangstrup Watts founded Marwyn, the asset management and corporate finance group, in 2002 with James Corsellis. Mark is joint Managing Partner of Marwyn Capital, which provides corporate finance advice, and Marwyn Investment Management, which provides asset management solutions and investment advisory services, (both of which are regulated by the Financial Conduct Authority). Mark is a director of Marwyn Asset Management, a regulated fund manager, and also a trustee of the Marwyn Trust, a charity focused on initiatives supporting education and entrepreneurship for young people in disadvantaged communities. Marwyn¹ has launched 13 companies² across a variety of sectors with Mark providing support to these companies, using his experience of working on the boards of several Official List and AIM quoted companies, including Entertainment One Limited, Advanced Computer Software plc, Inspicio plc and Talarius plc. Mark has also provided strategic consultancy services to some of the world's leading companies including Ford, Toyota, Shell and Barclays.

1 Marwyn Investment Management LLP and entities owned or controlled by it, or under common ownership or control with it
2 Excluding Marwyn Value Investors LP Class B1 redeemed in November 2014

[mad foetus] 31/7/2015 12:44

That was my 20,000 earlier, fully loaded now.

[mad foetus] 28/7/2015 17:26

ZEG up 5% today, MVI's investment up £3m already!

[mad foetus] 27/7/2015 08:32

And a big investment in ZEG, which appears to be doing very well. these guys seem to be able to identify good investments.

[mad foetus] 24/7/2015 08:53

BCA going very well, I wonder if MVI have deployed some of their ETO cash there?

[jaws6] 23/7/2015 14:06

some trades going at 235

[jaws6] 15/7/2015 13:38

skyship
I forgot that bit. CIC .Make sense now.

[jaws6] 15/7/2015 13:37

full details

[skyship] 15/7/2015 13:25

Appalling - but then one has to remember that the boss here is the Conygar (CIC) boss - Robert Ware. Not a man to lightly part with cash back to shareholders when he would like to keep his own mitts on it!!!

[jaws6] 15/7/2015 12:26

it will rturn 5.3 million £ to P I.
lot less then most said or they buying something else ?

[mad foetus] 15/7/2015 11:32

and to add to the madness, no announcement from MVI!

[hpcg] 15/7/2015 10:52

mf, what makes even less sense in that regard is that the remainder of the ETO holding is now worth less since the share price there has been knocked back to the placing price.

[badtime] 15/7/2015 09:53

Out for now

[mad foetus] 15/7/2015 08:56

what a silly valuation though, when selling a major asset at a 10% discount to its quoted value causes a sharp appreciation in the share price - it just highlights how fundamentally undervalued many companies in this sector are.

[tiltonboy] 15/7/2015 08:31

SKYSHIP,

You missed my EDIT first thing. I had also forgotten the Master Fund, so I think we are looking at closer to 20p.

I had managed to get to 3x my unit size on MVI, so sold a few this morning at 247 (to leave me at 2.8x times...lol...).

[skyship] 15/7/2015 08:20

Tilts. Placing price 330p.

So 57.5p x 26.5m = £15.24m/62.3m = 24.5p

MVI now 250p & looking high enough - a sell into the late arrivals buys.