Marwyn Value Investors Share Discussion Threads

[robsy2] 09/12/2017 12:06

Thanks dave. Gilston, the important bits are doing well but some of the other stsrt ups are not starting up....
R2

[gilston] 09/12/2017 10:59

BCA results have not done much for Marwyn`s share price The market does not seem to rate the balance of the portfolio.

[davebowler] 28/11/2017 09:40

Liberum;
Marwyn Value Investors (Mkt Cap £122m)
Positive update from BCA Marketplace

Event
BCA Marketplace (Marwyn's largest portfolio holding) has released interim results for the six months to 1 October 2017 which highlight a 17% year-on-year increase in diluted adjusted EPS. The dividend uplift over the half-year was 18%.

Group revenue was £1.2bn which is 29% ahead of the prior year due to increases in the vehicle buying division's volume and the full impact of the Paragon acquisition. UK and International remarketing volumes rose 6.9% and 4.2% over the period. Management report strong performance in the second half of the year.

BCA Marketplace is the largest investment in Marwyn's portfolio following the Zegona tender and we estimate it accounts for c.30% of NAV. Marwyn currently trade on a c.29% discount to NAV.

[skyship] 23/10/2017 14:46

MF - well-timed sale - MVI again heading South as it mirrors the fall in BCA...

[mad foetus] 11/9/2017 15:22

Actually, because the NAVs are so slow to produce, BCA is down 10% and then up 10% since the last NAV. So as you were!

[mad foetus] 11/9/2017 15:07

BCA is up over 10% since the date of MVIs last NAV.

[spectoacc] 07/9/2017 08:02

BCA report taken well this morning.

[x54v] 04/9/2017 12:40

Just been tipped by Simon Thompson

[spectoacc] 30/8/2017 14:46

If they could repeat it with Wilmcote that'd be great. I'd be concerned if they bought more BCA tho, or created another GLOO.

[davebowler] 30/8/2017 14:23

Liberum;
Tender offer at £2 per Zegona share

Event
Zegona Communications (Zegona) confirmed the details of a tender offer following the sale of Zegona's Spanish cable business, Telecable, to Euskaltel, S.A. Zegona proposes to return up to £140m of cash to shareholders by way of a tender offer at a minimum price of £2 per Zegona share. This represents 42% of Zegona's market capitalisation of £330m, as at 29 August 2017.

Marwyn Asset Management (MAML), has entered into an irrevocable undertaking accepting the tender offer in full, on behalf of Marwyn Value Investors LP and Marwyn Value Investors II LP (the Funds), which together own 25.8% of the issued share capital of Zegona. Marwyn Value Investors (MVI) indirectly holds approximately 21.3% of the issued share capital of Zegona through its investment in the Funds.

Following completion of Zegona's tender offer, the Funds are expected to receive aggregate proceeds of approximately £36.1m. Payment is expected by 16 October 2017. Approximately £26.0m of the expected proceeds will be attributable to Ordinary Shareholders. MAML expects to deploy the proceeds in continuing to support the growth plans of new and existing portfolio companies within the Funds. Approximately £3.8m of the gross proceeds will be attributable to the MVI's Realisation Shareholders. The company will make an announcement once proceeds have been received to inform Realisation Shareholders of the process by which capital shall be returned to them.

Liberum view
The tender offer price announced by Zegona of £2 is at a premium of 18.6% to the closing price of £1.685 at 29 August 2017. If we consider an average cost of £1.41 per share for Marwyn's investment in Zegona, the tender offer price would represent a 41.8% gain on the cost per share. MVI deployed £5.1m in the placing of Wilmcote beginning of August. Wilmcote intends to acquire businesses with an enterprise value in the region of £500m to £2bn in order to create significant shareholder value through a well executed buy-and-build strategy. We expect MVI to deploy the proceeds from Zegona's tender offer to support the growth of its existing portfolio and similar new opportunities.

MVI is trading at a 30% discount to its 11 August 2017 NAV per share.

[spectoacc] 29/8/2017 13:05

Good luck; agree re divi, it's a good draw.

[robsy2] 29/8/2017 11:40

Bought a few more this morning. The discount is still high, prospects look reasonable and it pays a divi.
R2

[spectoacc] 24/8/2017 08:29

Cut some more here. Hate to sell at a big discount but just not overly comfortable with the long-term nature of BCA. Is hardly all the co's about, and plenty of potential elsewhere, but they've just been a little too keen on BCA for my liking.

[spectoacc] 07/8/2017 15:03

An explanation for today's trades:

"Marwyn Value Investors Limited (the "Company")
Share dealings by Person Discharging Managerial Responsibility ("PDMR")
Marwyn Value Investors Limited, LSE: MVI, today announces that it was notified by Mr Robert Ware, Non-Executive Chairman of the Company, that he had sold and repurchased 20,875 Ordinary Shares in the Company in order to transfer the shares from one of his accounts to another. These shares were traded in the open market, sold at a price of 163.5 pence per share and repurchased at 163.7 pence per share. A further 82,176 Ordinary Shares were transferred from one of his accounts to another at a price of 163.5 pence per share. "

[dekle] 07/8/2017 09:06

Update. Although I have received notice of the payment of 71p by ZEG it appears not yet actually been paid. I wait in hope.

[dekle] 04/8/2017 16:09

The funds received from ZEG I have invested in MVI

[dekle] 04/8/2017 15:36

Just received notice of 71p paid 02/08/17 on my ZEG shares and no movement on the share price. Why is this share being ignored or am I missing something? That's almost 50% rebate of the share price?

[spectoacc] 04/8/2017 14:10

Wilmcote looks & sounds really good, strong management, potential to be the next ZEG for MVI.

Unfortunately, could as easily be the next GLOO.

[davebowler] 04/8/2017 09:42

Liberum;
Listing of Wilmcote Holdings

Event
Wilmcote Holdings has announced its intention to float on AIM and has raised £15m from institutional investors. Marwyn Value Investors II LP has contributed £5.1m to the raise in addition to the £10m invested in the company in March 2017. Marwyn Value Investors' (the listed company) exposure will be £11.5m following the raise (c.7% of NAV). The proceeds of the raise will be used to carry out due diligence on acquisition targets.

Wilmcote Holdings is focused on the acquisition and development of target businesses in the downstream and specialty chemicals sector. The CEO of Wilmcote is Adrian Whitfield, who previously implemented a turnaround and growth strategy at Synthomer plc, a FTSE 250 listed specialty polymer operator. He more than doubled operating profit during a nine year tenure at Synthomer.

Wilmcote will seek to acquire and operate businesses with an enterprise value ranging from £500m to £2bn.

Liberum view
Wilmcote is a step closer to making a platform acquisition which should result in the deployment of a significant portion of capital for Marwyn once completed. The fund is likely to receive a large capital return from Zegona due to the company's £140m tender offer (we estimate the look-through receipts for the ordinary share class will be c.£26m). The share currently trade on a c.27% discount to our live NAV estimate.

[mad foetus] 03/8/2017 15:51

That makes sense, thanks

[tiltonboy] 03/8/2017 15:43

Marwyn LLP v MVI

[spectoacc] 03/8/2017 15:35

@mf - am guessing it's 11.5m to the ords, the balance to the Realisation shares, MVIR? They'd potentially have a slice of the 10m but none of the extra 5.1m.