Marwyn Value Investors Share Discussion Threads

[drsmessguide] 10/3/2014 16:14

Just when you think it cannot get better BREE joins the party and breaks out

[owenga] 07/3/2014 15:26

That last paragraph suggests you only actually get paid out as and when assets are realised.

[drsmessguide] 07/3/2014 05:01

Owango
Here's the detail

a progressive capital return, payable in January each Year (the capital return in January each Year will be maintained or grown on a pence per Ordinary Share basis) - this policy will commence immediately with a return of 8p per Ordinary Share (representing 3.2 per cent. of the NAV and 4.2 per cent. of the closing price per Ordinary Share as at 18 October 2013), which will be paid in January 2014;

- in addition, where the Master Fund disposes of an asset for a Net Capital Gain (which, in the case of existing investments, will be calculated based on the value of the relevant investment at 27 August 2013, being the date on which the original Proposals were announced) and has not already returned an aggregate amount in excess of 50 per cent. of that gain and any previous such gains pursuant to the distribution policy, it will make an additional capital return of the difference to Ordinary Shareholders by way of tender offers, share repurchases or other returns of capital and distributions; and

- keeping under review the opportunity to augment the distribution policy by returning cash in excess of the amounts referred to above to Ordinary Shareholders through periodic tender offers, share repurchases or other returns of capital and distributions;

-- introducing regular opportunities, commencing on 30 November 2016 and every five years thereafter, for any Ordinary Shareholder to elect to re-designate their Ordinary Shares as Realisation Shares and to receive capital distributions at NAV less costs when investments then held by the Master Fund are realised (unlike the existing investment policy, the Master Fund will not be permitted to use sales proceeds attributable to Realisation Shares for follow-on investments); and

[tiltonboy] 06/3/2014 22:57

owenga,

They won't be trading at a discount at that point!

[owenga] 06/3/2014 22:30

If you could sell out at full nav, what's stopping you re-investing straight back in at a discount. It makes no sense.

[owenga] 06/3/2014 21:40

Great - September 2016.Not sure I understand how that actually works in practice though.

[owenga] 06/3/2014 21:35

Thanks. Also as we get closer to the potential exit, the discount will drop as more people will start to arbitrage the discount, plus less risk of nav movements

[pyemckay] 06/3/2014 21:32

yes, read for yourself. 27 aug 2013

[owenga] 06/3/2014 21:30

Drsmessguide - 04 Mar 2014 - 16:59 - 524 of 535 - 0Is it not time the board did something about closing the gap between share price and NAV, I know we can redeem at NAV in 2 years time but the best investment a company can make is to buyback at 30%+ discount to NAVDRS - where did you hear about redeeming at NAV in 2 years time? Is there an investment document that spells this out. I have not heard about this but would consider increasing my holding if true, for a guaranteed extra 40% based on current nAVs. Happy to wait further 2 years.Thanks

[davebowler] 05/3/2014 14:45

According to Trustnet the NAV yesterday is 330p,based on this;
Estimated net asset value per ordinary share of the Company is GBP3.08981 as at 14 February 2014.
So ,current discount to NAV is still about 29% today.

[drsmessguide] 05/3/2014 10:00

Thanks guys very helpful. Delighted with the performance here and more so that of ETO and BREE which will eventually be recognised by return of funds at NAV.

[tiltonboy] 05/3/2014 09:58

badtime,

lol...but I'm only an uneducated Brummie!

[badtime] 05/3/2014 09:55

so much better at explaining things than me .....sigh

[tiltonboy] 05/3/2014 09:51

Dr,

Shareholders will be given the opportunity to exit at close to NAV in 2016, in the meantime, they will receive NAV for a modest amount of shares(equivalent to 8p dividend) each January.

I ended up losing just over 3% of my holding at NAV this January.

I would very much like to see a trade sale of ETO, and release value in MVI, however I would also have said that a year ago, and would have missed out on this rise!

[badtime] 05/3/2014 09:28

Drs....Tiltonboy is probably more up with events than me over the current policy of returning a portion of capital each year...as regards to there selling part/whole of ETO..then i guess that would mean a change of the current policy...we shall see...in the meantime the share price is moving in the right direction

[drsmessguide] 05/3/2014 09:11

Hi Bad

rather confusing rns' about allowing shareholders to return some shares at NAV in 2016 was not very clear on plans prior to that and couldnt see any discussion over recent months. There was some discussion of some return of capital in january this year but it was singularly opaque. I suspect ETO will be sold before then as the owners have expressed a wish to sell it in the past. Would expect a significant return of cash at that point via buybacks or divis.

[badtime] 04/3/2014 18:42

drsmessguide...scroll up and you will see comments re how they are addressing it currently

..and yes stamp duty

[soundbuy] 04/3/2014 17:12

Any stamp duty here?

TIA

[davidosh] 04/3/2014 17:00

I picked up a big lump about 30 minutes before the close.

[drsmessguide] 04/3/2014 16:59

Is it not time the board did something about closing the gap between share price and NAV, I know we can redeem at NAV in 2 years time but the best investment a company can make is to buyback at 30%+ discount to NAV

[badtime] 04/3/2014 16:55

Spoke too soon...gd job I topped up too :)

[tiltonboy] 04/3/2014 15:47

badtime,

There's quite a bit of stock around. I picked up another 15k, and got them 1.8p inside the offer.

[badtime] 04/3/2014 15:41

Surprised this hasn't moved yet...ETO..up nicelyBREE results looked ok

[badtime] 26/2/2014 12:24

Plus ETO continues to make progress