Marwyn Value Investors Share Discussion Threads

[spectoacc] 03/1/2019 07:24

They may have listened to you @Tilts; interesting RNS this morning.

[tiltonboy] 02/1/2019 09:15

The narrowing of the discount is happening...for the wrong reason...

Le Chameau has been written down by £10m!

You've "milked" this for far too long boys...time to go.

[gleach23] 21/12/2018 12:29

Through 40% discount to NAV per today's RNS

[skyship] 13/12/2018 12:40

So those trades on 29th November are belatedly revealed as Armstrong Investments (IoM-based asset managers) increasing their holding by c600,000 shares @ 122.5p & 122.75p

[gleach23] 29/11/2018 19:58

Quite some volume today - fingers crossed it's a seller clearing out and the precursor to a move up. Ever the optimist here!

[skyship] 29/11/2018 13:59

BCA dipped as low as 211p, but now back up to 225p. ZEG now at 126p.

Discount here likely now to be at 39%!!!!!!!!

[skyship] 29/11/2018 08:39

BCA a bit all over the place today after that excellent set of numbers. 229p, then 219p, now unchanged at 220p. In the meantime ZEG again up a couple of pence.

[gleach23] 29/11/2018 07:56

BCA Interims on track.

That is a familiar tale ygor705 and seems to be broker dependent - I'd be very surprised if I couldn't trade any (AJ Bell).

[ygor705] 28/11/2018 17:41

Just heard from Hargreaves Lansdown that, although I can continue to hold and sell Marwyn, as a private investor I cannot buy any more. This sounds absolutely crazy to me. Why restrict the register to professional investors only?

[skyship] 28/11/2018 15:52

ZEG a better market today, now at 120p-125p

[tiltonboy] 28/11/2018 07:13

It's a sad indictment of the failure of management, that shareholders are willing to take a near 40% discount to get out.

I will say it again...stop the absurd gravy train, and liquidate the portfolio.

[gleach23] 27/11/2018 23:42

NAV discount @ 09/11 was 38.5% since when BCA up 6%, ZEG up 4%, MVI up less than 1%.

With ZEG beginning to turn up, if BCA Interims are well received on Thurs the NAV discount may soon go through 40%.

[skyship] 23/11/2018 13:43

No, not under the standard buyback formula agreed; however any company can make a special buyback if they choose to do so in shareholders' best interests.

I'll have to put the thinking cap on...but I was a shareholder in one case...so should recall eventually!

[tiltonboy] 23/11/2018 11:15

Daily average volume will not allow them to do that.

[skyship] 23/11/2018 09:45

Today's buyback will likely take us through the 1,000,000 mark as the 35k reported today takes the total so far to 968k. Didn't calculate the average purchase price; but likely to be c124p.

The Company will know where the tap is. Likely to be just the one institutional seller. It would surely make sense to offer them a price for the rest of the holding - just take them out in one go rather than persist with tiny slices...

[skyship] 23/11/2018 08:30

With BCA at 223p the MVI NAV rises yet again - up another 3.5p to 204.4p by my calculation...

[gleach23] 22/11/2018 13:50

BCA Interims a week today

[spectoacc] 22/11/2018 12:35

BCA back on a tear.

[gleach23] 14/11/2018 15:56

NAV discount reported today as a whopping 38% as at 31 Oct

BCA up 7% today as a read across from MMH and up over 5% since 31 Oct

MVI currently up around 3% since 31 Oct so discount widening further

[skyship] 08/11/2018 09:39

With BCA worth 39% of the portfolio, so c75p/share; the 22p increase (to 214p) since 19th October raises the NAV by 8.5p from 192.4p to 200.9p. All other holdings remaining n/c of course.

[skyship] 07/11/2018 07:14

Having to pay slightly more to get the buyback stock:
===================================================

The Company announces that Liberum Capital Limited as broker, on behalf of Marwyn Value Investors L.P. (the "Master Fund"), has purchased 36,000 of the Company's ordinary shares ("Ordinary Shares") (the "Purchased Shares").

Date of transaction: 6 November 2018
Average price paid per Ordinary 124.0000 pence
Share:
Lowest price paid per Ordinary 124.0000 pence
Share:
Highest price paid per Ordinary 124.0000 pence
Share:

[gleach23] 02/11/2018 18:08

Yes that is at least something!

Today the NAV discount is reported as 36.07% based on valuations @ 19th Oct.

Since then, BCA is up over 10%, ZEG up over 1% and MVI is down over 1% so the discount as reported by MVI will continue to widen at least for the next couple of weeks.

In addition, aside from the approaching BCA Interims on 29th Nov, there was a nice 20k buy in ZEG today which will hopefully initiate a curve up on a the chart. Also worth noting that ZEG is seeking to double its stake in Euskaltel.

Seems to me as if the buyback has facilitated the exit of some holdings but meanwhile the share price has been left to an exaggerated drift which with any luck should shortly correct itself, aided by some of these factors above.

[skyship] 01/11/2018 17:14

Well, at least we are agreed that at this level they should be bought...so agreement at last 😊