Marwyn Value Investors Share Discussion Threads

[skyship] 03/10/2018 07:32

Commissions now down to zero in some places I gather!

[spectoacc] 03/10/2018 07:30

Can only hope their dealing commissions are low with those t'uppeny ha'penny purchases.

[skyship] 03/10/2018 07:28

Another 5473 purchased @ 131p. Surprising they couldn't get a few more after the 25000 sold @ 129p earlier in the afternoon... Interesting to see how this develops & whether they seek just to hold the stock @ 130p.

[noiseboy] 02/10/2018 08:00

Wonder if that was just to test the water? Not exactly a huge amount is it!

[skyship] 02/10/2018 07:18

The first Buyback declared - 6267 shares @ 131p

[spectoacc] 28/9/2018 08:26

@tilts - agree, the single punt on ETO all those years ago seems to be used to justify it all continuing.

OCI much better IMO.

[tiltonboy] 28/9/2018 08:24

Major shareholders need to put pressure on the board to stop the rape and pillage that is being carried out at numerous levels. They also need to stop supporting them by handing over further funds.

There is only so long you can quote performance since inception. Let's see them try and justify 1,3, and 5 year numbers.

Time to stop investing, and hand the cash back to shareholders.

[robsy2] 28/9/2018 08:09

Yep.really not sure what to do with this one....

[gleach23] 26/9/2018 10:32

It seems the only catalysts for improving the share price are corporate activity on one of the holdings or a Simon Thompson tip, with the latter providing just a temporary bounce.

A big attraction for me here had been the >6% yield. Hopefully the buyback will begin next week to begin reducing this NAV discount.

[spectoacc] 26/9/2018 08:21

@Robsy2 - and don't forget the dividend "issue", ie moving away from cash-while-u-wait.

The discount keeps me in a small holding, and to be fair, ZEG was a big success & BCA has really surprised me in having been a good buy. But agree re other platforms - there's only one Melrose and it's called Melrose.

[robsy2] 26/9/2018 07:44

Not much new in the interims . BCA and ZEG are doing ok, the rest is a shambles.
The strategy of setting up a shell , and building a business around an industry superstar isn't working because they can't find the deals . The cash burn on these businesses is too high . The latest, Wilmore or whatever it's called , has p----d away 3.5m GBP in a year.
The posh welly business has absorbed a lot of inestment and is not really making massive progress , sales up 4.5% in a year , the sooner someone in the luxury goods market buys that the better.

A Hold at best for me.
R2

[ygor705] 14/9/2018 17:57

The daily trading volume in Marwyn is relatively modest and my guess is that a share buyback scheme might move the price rather more than if it were a large FTSE 100 Company. Time will tell!

[belgraviaboy] 14/9/2018 10:44

Trouble is, if the share purchases do not shift the share price - MVI will be under even more pressure. People have been happy to sit here with not much going on with the divi rolling in, but if it drifts or even dips...

Given the current lack of liquidity there could be some 'trapped' larger holders who will use the re-purchases to exit. Could be the same ones who voted it through.

[robsy2] 14/9/2018 07:07

Re share cancellation ,Fair enough i say.
R

[horndean eagle] 05/9/2018 13:59

WCH is going to be on the end of a huge writedown at some point. Not going to make pretty reading when it does.

[robsy2] 05/9/2018 13:27

Patience is the word, the divi helps as well. Who knows maybe they’ll get these shells up and away and change the dynamic here.

[gleach23] 05/9/2018 12:32

Hi Robsy...looks like we've had a seller, pretty much ever since the Apax withdrawal from the BCA bid. Happy to be patient here.

[robsy2] 04/9/2018 13:32

Hi Gleach et al
Following on from your post, I can only agree and have just followed Ronald Hobb's example and bought some more ; 12,175 at 134.75p.
OTS on valuation,ZEG looks cheap. I calculate that Zeg's 15% stake in Euskatel is worth 177m GBP at today's quote, yet ZEG has a market cap of 145m GBP.
So, we have discount piled on discount.And Euskatel looks like a decent enough business at a low ebb valuation wise , so nothiing outlandish there either.
In general it seems that private equity funds are under the weather at the moment, but in reality this is a private equity trust with very little private equity , another argument to suggest that the discount is too deep.
Best
R2

[gleach23] 31/8/2018 23:45

So per today's RNS the discount to NAV has now almost reached 34%. To extrapolate Simon Thompson's figures from the June IC article and assuming nothing major has changed (apart from Apax's withdrawal from the BCA bid) -

Shares in issue 70.77m
Spot NAV per today's RNS £144.4m
MCap £95.5m (ie 34% discount)

The cash balance is £42.4m and value of BCA holding is £60.6m. This comes to more than the mcap before ZEG and the 3 cash shells are even taken into account.

[gleach23] 23/8/2018 22:38

Today's NAV Report indicates discount was 32% as at 10th Aug when share price was £1.40 so will be higher with mid price now down to £1.35 and major holdings unchanged since.

Couple of chunky trades reported this afternoon so will wait to see if any response in share price over coming days.

[skyship] 19/8/2018 17:21

Thnx for pointing that out - encouraging indeed...

"Marwyn Value Investors Limited, LSE: MVI, announces that it was notified by Mr Ronald Hobbs, Non-Executive Director of the Company, that he has purchased 50,000 Ordinary Shares in the Company at an average price of 136.5 pence per share on 15 August 2018.

Ronald Hobbs's holding of Ordinary Shares in the Company totals 200,000 shares, representing approximately 0.28% of the Company's ordinary issued share capital."