Marwyn Value Investors Share Discussion Threads

[mad foetus] 16/5/2017 08:34

Although you can still buy ZEG shares at sub 160, so the market clearly isn't thinking of valuing them at NAV either.

[robsy2] 16/5/2017 08:29

I calculate that MVI's holding in ZEG has increased in value from 63.4m to 100m GBP , This gives an uplift of NAV of MVI from 222p to 273p. Even at a 30% discount that should give us a share price of 191p.
R2

[tiltonboy] 16/5/2017 08:26

SKYSHIP,

...and both have had NAV dilutive issues.

Liberum suggest the see-through price from Zegona could put 16% on the share price!

As for why not buy the shares in the market...I don't think there are 25m on offer at the price. Even so, I'm surprised they didn't have another dilutive issue!

[mad foetus] 16/5/2017 08:17

Specto,I'm a little baffled but I can only assume it is tax driven. If you invest in an LP then you are usually taxed on a "look through" basis and there can be reasons why this is advantageous. Also, you make an investment with an obligation to make further commitments and this can be helpful to an institutional manager who might know that they will be getting further monies to invest in say 12 months time.But however you look at it, it is a vote of confidence in MVI. My guess is that over the next 5 years we are going to see significant outperformance from MVI: ZEG shows the natural life of many of its investments is 3-5 years. They buy and build, fix and sell on. GLOO is the disappointment, it has done nothing for a couple of years now.

[spectoacc] 16/5/2017 08:16

Both with a small number of punts in listed co's too - "semi-p/e". MVI's starting to look & feel more p/e than it was, but was previously more like an IT - basically 2 or 3 listed co's.

Well done with purchase @Sky - was no size by the time I went for a quote. The ZEG rise alone should be pulling MVI higher, let alone the 2nd RNS re stake at NAV.

[skyship] 16/5/2017 08:12

MF - thnx for that interesting observation. I'm a holder of both as they are of course the two outsiders in the PE sphere - both trading at c32% NAV discounts.

[skyship] 16/5/2017 08:10

Made a top-up at 152.7p as we are more than likely to see a Simon Thompson update in one of his IC Online articles.

[mad foetus] 16/5/2017 08:09

Interesting that at the end of the ZEG RNS it says that Oakley Capital also advised ZEG. It may be worth looking out for any links between OCL and MVI: Mark Watts and Peter Dubbens both look to me out of the same stable: similar age, too much dark hair, don't really wear ties much etc.

[spectoacc] 16/5/2017 08:09

Not sure I fully understand the 2nd RNS - why would people buy into MVI's portfolio at NAV, when they could buy the shares at a big discount?

And does the "equalisation process" adjust for the rise in ZEG's NAV, or have the purchasers just got lucky?

Either way - it all seems very positive for us long-suffering MVI shareholders (even if @hiddendepths has suffered less than 24hrs ;) )

[hiddendepths] 16/5/2017 07:46

Bought these yesterday immediately after seeing MIGO presentation on its strategy and some of its holdings.

With today's bits of news I'm glad I did!

[spectoacc] 16/5/2017 07:32

Lol more RNS:

"RNS Number : 2335F
Marwyn Value Investors Limited
16 May 2017
16 May 2017
Marwyn Value Investors Limited ("Marwyn", the "Company")
Successful fund raise into Marwyn Value Investors II LP ("MVI II LP")
Marwyn is pleased to announce that MVI II LP held its first third-party fund close on Thursday 11 May 2017, securing commitments of GBP41 million(1) from limited partners who have acquired interests in the portfolio at NAV and are expected to invest alongside the Company in future investment opportunities. Marwyn anticipates that further third-party closes at NAV may be held by MVI II LP within the following 12 month period.
MVI II LP is a private equity fund structure seeded by Marwyn Value Investors LP ("the Master Fund"). The Company has invested all of its available capital in the Master Fund. MVI II LP holds investments in Zegona Communications plc ("Zegona"), BCA Marketplace plc, Gloo Networks plc, Safe Harbour Holdings plc and Wilmcote Holdings plc (the "assets"). The Master Fund has sold interests in MVI II LP to the new third party investors at the market value of the assets at the close of business on Monday 15 May (the "Equalisation Process"). At the date of this announcement, the Equalisation Process has not yet occurred in relation to Zegona. The Company welcomes the news that Zegona has this morning announced the successful sale of its Spanish Cable business, Telecable, to Euskaltel and as a result the Equalisation Process for Zegona will take place shortly. Full details in relation to the impact on the Ordinary Shares will be announced once the Equalisation Process has completed.
As a result of the Equalisation Process to date, the Ordinary Shares' portfolio of assets on a look-through basis has reduced by GBP11m in aggregate, and the cash balance attributable to the Ordinary Shares has increased by the same amount. There is no net effect on NAV following the Equalisation Process. Please see Note 3 for estimated NAV before and immediately after the Equalisation Process. "

[robsy2] 16/5/2017 07:22

Good news! This can't do any harm. What next i wonder.

[spectoacc] 16/5/2017 07:02

Lovely from ZEG:

ZEGONA COMMUNICATIONS PLC
Zegona sells Telecable for total value of Up to EUR701m(1,2)
London, England, 16(th) May 2017 - Zegona Communications PLC announces the sale of Telecable,
its Spanish Cable business, to Euskaltel
Attractive valuation for Telecable:
-- Euskaltel is acquiring Telecable for a total value of up to EUR701m(1,2) , comprising an Enterprise Value of EUR686m and up to EUR15m deferred payment
-- The Enterprise Value consideration includes EUR186.5m cash(3) and 26.8m shares in Euskaltel (15% ownership)
-- Transaction values Telecable at 10.8x EBITDA and 17.7x Cash Flow(4)
Substantial value creation for Zegona shareholders:
-- Transaction values Telecable at an implied Zegona share price of GBP1.99(5)
-- 64% premium to Zegona's undisturbed share price(6) and 41% premium to Zegona's current share price(7)

[spectoacc] 03/5/2017 07:41

Also confirming BCA move to Official List.

[gleach23] 03/5/2017 07:07

Decent trading statement from BCA this morning - "upper end of market expectations".

It closed at £1.98 last night so will it be good enough to see it over £2?

[gleach23] 28/4/2017 15:33

Nice to see Woodford increasing their holding in BCA as it lines up another crack at £2

[spectoacc] 27/4/2017 14:49

Maybe it was Invesco ;)

[skyship] 27/4/2017 14:20

350k bought at 153p...

[spectoacc] 27/4/2017 13:30

Ah sorry, missed that!

[mad foetus] 27/4/2017 13:19

They forgot to update six months ago when the share classes were split. Let's complain to the FCA!

[tiltonboy] 27/4/2017 13:17

No change in holding at all...

[spectoacc] 27/4/2017 12:37

Invesco RNS but see below..


"6. Date on which issuer 27 April 2017
notified:
--------------------------------------------------------- --------------------------------
7. Threshold(s) that is/are 39%, 40%, 41%, 42%, 43% &
crossed or 44%
reached: (vi, vii)
---------------------------------------------------------

[gleach23] 25/4/2017 14:27

Steady now SpectoAcc :)

Online Bid now over 1.52. I could buy a few K online earlier but now back to just 150 shares available @ 153.5 so still looks like there is some mileage left today.

Sorry if anyone is annoyed by the running commentary but it seems so long since we had a decent move up here!

[spectoacc] 25/4/2017 12:55

....by close? ;)