Marwyn Value Investors Share Discussion Threads

[soundbuy] 02/12/2014 07:59

Holding, seems Woodford picked up the rump of BREE................

[skyship] 01/12/2014 13:15

Today's IMS states they've cashed in their BREE stake and subscribed to the Haversham ("HAV") IPO - a new vehicle for Avril Palmer-Baunack, chmn of Quartix, Redde & Molins.

Seems as though everyone has gone rather quiet here as ETO trades below 300p. That reduces the NAV to c280p perhaps.

Still, I've bought back in for a few - hoping that the 2013/14 uptrend will hold:


free stock charts from uk.advfn.com

[tiltonboy] 23/10/2014 13:57

Marwyn making an in specie distribution to all B holders. Be nice if they would do that for the Ords as well.

[drsmessguide] 06/9/2014 07:52

Well the suggestion is that ALL shareholders can redeem their shares at NAV minus expenses, they would have to sell shares. Obviously that would drive down the price of the holdings unless they sell a large tranche to someone

[owenga] 05/9/2014 19:14

Drsmessguide- 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.This states that on 30 November 2016 you could re-designate your ord shares as realisation shares. However, you only get NAV as and when investments are sold. This could potentially be years away. Or is it realistic to think that MVI would sell just enough shares in ETO or Breedon so that it could pay off everyone that had exchanged its shares to realisation shares. Is there any further information about how the mechanics would actually work?Thanks

[drsmessguide] 04/9/2014 15:15

Greasy apologies answered before digesting fully.

[greasynut] 04/9/2014 14:21

Hi Drsmessguide,

The discount is expressed in the share price, not the NAV.

Thanks for the reply.

ps: MVI - share price =64065256*1.98 =£126,849,207 = MC end June.

[drsmessguide] 04/9/2014 06:56

The discount the market has placed on MVI. Expect that to close in the next 12 months when you can redeem at NAV

[drsmessguide] 04/9/2014 06:56

The discount the market has placed on MVI.

[greasynut] 04/9/2014 02:33

I have looked at this before, but cannot get the numbers to stack.

If 96% of MVI equates to 27% of ETO, with other assets & liabilities cancelling out, then why doesn't 96% of MVIs NAV equate to 27% of ETOs Market Cap?

Here's my workings (ballpark figures from around end of June)

MVI - NAV =64065256*2.556*0.96 £157,200,763
ETO - MC =0.27*290800718*3.2 £251,251,820

What am I missing?

[davebowler] 03/9/2014 13:40

Both ETO and BREE are close to all time highs now yet this is 6% below its peak.

[tiltonboy] 26/8/2014 14:53

and ever closer to realising at NAV.

[davebowler] 26/8/2014 13:34

ETO is about 5% off its all time high whereas ours is c.10% off.Still in bargain territory.

[davebowler] 22/8/2014 14:35

Monthly commentary

FUND MANAGER'S JULY COMMENTARY
Entertainment One Limited ("eOne") announced it has agreed to acquire Paperny Entertainment, a leading independent television producer opera􀀞ng across Canada
and the US. Paperny generated C$17.6m of revenue and C$5.1m of PBT in the year to Dec 13. The considera􀀞on for the acquisi􀀞on was C$29.2m, comprised of C
$14.5m of cash, with the remainder sa􀀞sfied through the issue of eOne common stock to the vendors.
eOne released its interim management statement for the three month period to 30 June 2014. Group revenues were up 4% on a pro forma and constant currency
basis. Film revenues were 4% lower than the same period in the prior year on a pro forma basis reflec􀀞ng the 􀀞ming of releases and phasing of produc􀀞on
deliveries. Television revenues were up 67% on a constant currency basis over the compara􀀞ve period, driven by increased content delivery and strong licensing
revenues. Full year earnings remain in line with management expecta􀀞ons.
Peel Hunt issued a summary research note with target price unchanged at 350p and Buy recommenda􀀞on maintained. N+1 also issued a summary note with the Buy
recommenda􀀞on and target price of 358p currently under review.
Breedon Aggregates Limited ("Breedon") released its half year results for the six months to June 2014. Trading was in line with market expecta􀀞ons and strongly
ahead of the same period last year from a revenue (£125.2m, +25%), EBITDA (£10.4m, +37%) and EPS (0.73p, +33%) perspec􀀞ve. Excluding the impact of
acquisi􀀞ons, revenue was 14% ahead of the same period in the prior year and EBITDA 16% ahead. The full year 2014 forecast results remain in line with market
expecta􀀞ons.
The macro environment has been posi􀀞ve with the Mineral Products Associa􀀞on repor􀀞ng increases in Q1 2014 volumes for aggregates (+15%), asphalt (+5%) and
concrete (+15%). Breedon's volumes for H1 surpassed these market numbers with aggregates up 31%, asphalt up 16% and concrete up 15%, although part of this
can be a􀁅ributed to recent acquisi􀀞ons.
Other period highlights were the agreement reached with the Compe􀀞h8606;on Commission, enabling the integra􀀞on of the Aggregate Industries business in Scotland
and also the successful bolton
acquisi􀀞on of Huntsmans. Meanwhile in July 2014, the Group entered into a new four year £100m, mul􀀞currency revolving bank
facility to refinance all its exis􀀞ng bank borrowings. Based on the Company's current leverage ra􀀞o, the ini􀀞al interest rate applicable to this facility is LIBOR + 1.7%.
Peel Hunt published an update note. Forecasts remain unchanged, however they highlighted that the rebanking
gives scope for further boltons
over the next few
years. They state that although the current valua􀀞on "does not look cheap, the scope for large scale transforma􀀞onal deals remains high. As such the valua􀀞on could
look massively different on a 2/3
year 􀀞me frame." Peel Hunt maintains their target price of 45p.
Marwyn Management Partners ("MMP") began trading on AiM on 14􀁉𙦡0; July 2014 having previously been listed on the Main Market of the LSE. This follows the
recently announced placing of £5.0m from MVI LP and £12m debtforequity
swap bringing MVI LP's shareholding to 89.4%.

[gleach23] 05/8/2014 18:31

just need ETO to break to new highs and we're off again...with the usual catching up to do

[davebowler] 05/8/2014 09:38

ETO is jumping again and this, as ever, is going to be slower to react.Strange.

[gleach23] 31/7/2014 12:47

Nice to see the buying continue, albeit small quantities, despite recent increases

[davebowler] 31/7/2014 11:52

Yes, true but my thread extract mentioned the 2010 portfolio.

[zorija] 31/7/2014 11:37

SID although only 1.74% is in administration...
ZZZ

[davebowler] 31/7/2014 10:56

I'm glad that I've only sold ETO over the 3 years since 2010 and kept and added to my MVI.
Remarkably its still at the same discount to NAV that it was when I bought.
.........................................................................
davebowler
21 Oct'10 - 13:39 - post 7 of 574

I own quite a few ETO but I bought today MVI Marwyn Value Investors ords
The reason is that at 82p per share they are at a 30 odd discount to NAV of 120p and half its NAV is in ETO shares, so I reason that I've bought 60p worth of ETO and and another 60p worth of other shares thrown in for 22p. Here's the June 2010 portfolio ,which has changed little in the 4 months since;

Company Ticker Sector % NAV


Advanced Computer Software ASW LN Healthcare Software 13.97%

Entertainment One ETO LN Entertainment Rights 56.57%

Marwyn Materials MMAT LN Construction Materials 6.32%

Praesepe PRA LN Gaming 12.88%

Silverdell SID LN Asbestos Services 1.74%

Zetar ZTR LN Specialty Confectionary 1.35%

[tiltonboy] 24/7/2014 01:18

gleach,

As we get closer to September 2016, the discount issues should become less of an issue, but recognise that in the short term it could be. That is why I mentioned that short-termers might not benefit from a switch.

The opportunity to get out at close to NAV in 26 months time is enough to re-iterate my stance.

[gleach23] 23/7/2014 21:47

the point I've made before on the ETO thread is the constant delayed MVI reaction to movements in ETO which frequently offers a holding in ETO at a 10% discount

looking very promising here again....as you say, each to their own

[tiltonboy] 23/7/2014 21:01

Oh well, up to them.

[davebowler] 23/7/2014 14:14

Good bit of timing, Tiltonboy, for your most recent purchases.
Like you I was surprised at the blowback on the ETO thread.I think its because I dared to suggest a sale of ETO -even though it was in favour of an MVI purchase!