Marwyn Value Investors Share Discussion Threads

[ygor705] 19/8/2018 16:51

Non- exec Director bought 50k of shares at 13 on Friday. Encouraging!

[ygor705] 15/8/2018 12:58

Yes have read it but it they have to sell something to pay our divi we are winning because it is a heavily discounted asset at this market level as far as we are concerned and we are winners anyway.

[spectoacc] 15/8/2018 09:03

@ygor705 - read the last RNS (yesterday). They're proposing to change the distribution policy - still the same yield (in theory) but giving themselves the option of returning it via buy-backs. NAV accretive, sure, but not a cash yield potentially.

[ygor705] 15/8/2018 08:49

The other advantage here is that we are working in a way where we can benefit from bringing a company to the stock market if it makes sufficient progress......something that very, very few private investors can do. Lots of money to be made using that model.

[ygor705] 15/8/2018 08:46

These people just create sufficient cash flow to pay the dividend. Have a look at the balance sheet, income and cash flow statements. Most straightforward documents I have come across. Zero gearing and sufficient cash flow created from the 6 investments to pay out on the dividend. They've had years to work out what is a comparatively simple business plan and if things go a bit pear shaped they can always sell something.

[spectoacc] 15/8/2018 08:21

Or no yield at all, depending ;)

[ygor705] 15/8/2018 08:11

We own nearly a quarter of the equity in British Car Auctions here which still looks to be attracting takeover interest and has very good earnings prospects going forward. Investing indirectly in BCA through Marwyn gives you a very much better yield on an attractive investment.

[noiseboy] 14/8/2018 11:57

Just dipped my toe in too for the SIPP. £1.35 to buy on AJ Bell

[gleach23] 14/8/2018 10:40

Some decent buying here today as BCA chugs back to 240p

[gleach23] 14/8/2018 09:45

Same - AJ Bell You Invest. Must have been the quantity differential then. Glad we cleared that up!

[skyship] 14/8/2018 09:35

YouInvest….and actually the bid was the same as yours - 131.96p.

Which provider gave you that excellent offer price? Though to be fair I was quoting on a 5000 share offer, rather than a minimum...

[gleach23] 14/8/2018 09:33

4000 now bought @ 1.343. Out of interest, from where were your quotes were obtained skyship? Mine were from AJ Bell.

[gleach23] 14/8/2018 09:12

Offer quote now moved to 1.343. Should have kept quiet :)

[gleach23] 14/8/2018 09:08

Yup 132.8 to buy, albeit for just 750 shares although it was the same for 1250 shares yesterday late on. I don't have more spare cash in the account to check for prices on higher quantity quotes. I am getting a quote of 1.3196 for selling 8000 whereas there was no quote for such quantity yesterday.

There appears to be a large supply available currently.

[skyship] 14/8/2018 09:02

Gleach - Hmm - 132.0-135.7 - sure you were looking at the offer price?

[gleach23] 14/8/2018 08:46

ygor705....that price seems a little rich...I'm getting online quotes of 1.328 to buy

FYI it seems that Simon Thompson's bullish note on Marwyn is readable to non-subscribers at present -

[ygor705] 14/8/2018 08:25

I've just opened a position at 135p. The underlying assets are of good quality, the discount is bigger than on any investment trust of which I am aware and the yield is excellent. What is there not to like here? As for the circular, I read it as being safe, creating wiggle room to pay dividends out of capital if necessary (increasingly common with investment trusts) and allowing buy backs out of investment gains. Doesn't exactly sound like something a Company would be worrying about if it was on its uppers! The chart RSI is also currently as low as any share l've ever seen.

[skyship] 14/8/2018 08:04

For sure another typical Robert Ware document which you have to read, re-read and re-read again....and still fail to fully comprehend the meaning. You just know you need to count your fingers at the end!

[skyship] 14/8/2018 07:58

Specto - I read it that we still get the attractive dividend:

"The Company's commitment to a progressive minimum annual distribution ("Minimum Annual Distribution") remains unchanged and so, in circumstances where a dividend payment cannot be funded by income received by the Company from MVI I, MVI I may make distributions from the capital attributable to Ordinary Share Interests to enable the Company to meet its obligations described above.!

[tiltonboy] 14/8/2018 07:57

Specto,

Indeed. Moving the goalposts again.

Was told recently that our friends on the board have got their fingers in more pies than I realised, in the pillage of MVI, and their holdings.

Wind it up now.

[spectoacc] 14/8/2018 07:34

Trying to understand this morning's RNS re possible change to MVI's distribution policy. Sounds like they want to use the money that was being paid in divi, to make buy backs? But also to use gains on investments to make buy backs too. Logic to it, when the discount to NAV is so large, but personally I like my cash divi.

[skyship] 13/8/2018 14:02

Hmm...with BCA still firm, MVI on offer so low looks a bargain, even though the NAV a tad lower at 206p. At 135p the discount = 34.5%!

[gleach23] 13/8/2018 13:57

Surprisingly weak of late. Can currently buy plenty @ 134.5 and not sell much at all, going from online dummy quotes. 50k sell @ 1.30 earlier too. Good top opportunity coming up?

[gleach23] 23/7/2018 09:52

TU from another MVI cash shell today, Wilmcote, has a familiar ring to it...



During the period to 30 June 2018 Wilmcote explored a number of opportunities in line with its investment strategy, in particular the potential acquisition of Arysta LifeScience from Platform Specialty Products Corporation ("Platform"). Discussions ceased on 18 June 2018, and Platform are now in exclusive negotiations with another party.

[spectoacc] 20/7/2018 15:13

I only remember that the MVIR holders get all their share back, ie no new investments, but correspondingly don't get any divis.

Would be interesting to see what MVI punted on next, assuming BCA did go.