Marwyn Value Investors Share Discussion Threads

[gleach23] 21/6/2019 12:33

The expected Simon Thompson piece giving us a further boost today

[davebowler] 21/6/2019 10:30

Liberum;

Potential bid for BCA Marketplace

Mkt Cap £84m | Prem/(disc) -37.4% | Div yield n/a

Event

BCA Marketplace is in advanced discussions with TDR Capital LLP regarding a potential cash offer for the company at a price of 243p per share. The possible offer price values the business at £1.9bn and represents a 25% premium to the closing price on 19 June.

BCA Marketplace is the largest investment in Marwyn's portfolio. We estimate it accounts for c.47% of NAV.

Liberum view

BCA owns and operates Europe’s largest automotive exchange network, providing a range of vehicle management services to OEMs, leasing companies and dealerships. The company has been the subject of private equity interest over the past 18 months having rejected a bid from Apax Partners of 200p per share in May 2018. BCA has been gaining share in the volume of used vehicles processed through its infrastructure and is also expected to benefit from providing services to OEMs and leasing companies. Marwyn's shares rose by 8.4% yesterday and the currently trade on a -37.4% discount to our live NAV estimate.

[rimau1] 20/6/2019 12:44

Plenty if value on offer here, i agree with others on this board that this should be in the 140’s given the developments with BCA which will still be a big discount to NAV

[langland] 20/6/2019 11:56

My final comment I hope! NAV should now be around 2.05 so discount is currently about 40% which surely is too much when about 60% will be cash assuming T/O goes through. I would have thought this should justify price of at least 140.

[langland] 20/6/2019 11:33

On further checking the ratio of ord to realisation shares is about 10:1 so I calculate BCA value to MVI ords is 81mn v mkt. cap last night at 77mn.

[langland] 20/6/2019 11:22

At the end of June 2018 MVI had a total of 36.6mn BCA shares. I have checked the holdings announcements since then and there have been no changes so fairly safe (though not certain) that they still hold these. At the offer price of 243 the value is 89mn. Care is required because some the shares belong to the realisation shares. Still, fingers crossed we get a decent cash return.

[belgraviaboy] 20/6/2019 11:13

Just managed to pick a few up at 122 and get back in

[langland] 20/6/2019 11:06

If I use last night's mkt cap for MVI I reckon today's news for BCA means that about 75% of the mkt cap is BCA. No wonder price is going up.

[langland] 20/6/2019 11:00

Indeed. Let's hope we will see a tender offer at the end of all this.

[gleach23] 20/6/2019 10:44

Offer for BCA @ 243 :)

[ceaserxzy] 16/4/2019 19:25

The manager made a huge error of judgement to move completely out of eto and into a few unproven startups.

[ygor705] 01/4/2019 07:50

Very poor recent share price performance here accompanied by some rather odd movements in the stakes held by Marwyn itself. Invesco's position also a little odd. They hold 45% of the equity in a company that has a huge discount to NAV. Taking control would surely improve their investment performance stats. That said, Invesco's share price performance last year was even worse than Standard Life Aberdeen which possibly tells its own story! Can't help but think this to be an unstable situation going forward. Managers strategy over the past 12 months is not working as far as I can see.

[tiltonboy] 14/3/2019 14:39

Hopefully something brewing at Safe Harbour:

[gleach23] 12/2/2019 07:52

Oh yes - thanks tiltonboy.

I see now that MVI advised on 14 Jan that following the placing they will only hold 19%

[tiltonboy] 12/2/2019 07:09

gleach,

They have increased their holding. Their stake has been diluted by the fundraising.

[gleach23] 11/2/2019 23:12

Nice rerate going on here now.

MVI cuts its stake in ZEG today from roughly 26% to 19% which should help further reduce the discount to NAV.

[ceaserxzy] 04/2/2019 18:07

Invesco is also biggest shareholder of both bca and zeg, the majority assets of MVI. So it makes so much sense for them to own mvi to get bca and zeg at about 50% discount compared to buy bca and zeg on the market.

[ceaserxzy] 04/2/2019 18:04

Investo owns 45.5% of MVI. Why is it not forced to buy the whole company?

[gleach23] 21/1/2019 21:17

Well done skyship and thanks for info

[skyship] 21/1/2019 17:17

Received the cash for 100% of my tendered holding.

[skyship] 21/1/2019 09:38

Still unable to find any reference to a paydate!

Anyone know when we should be credited with the cash?

[tiltonboy] 17/1/2019 18:33

Armstrong Investors sold 1m shares.

[spectoacc] 16/1/2019 06:55

@tiltonbuy - the buyback may (finally) help now.

[tiltonboy] 15/1/2019 18:37

gleach,

It's a start, but it isn't active enough for me.

I put a price in higher than strike, so retain my holding in the forlorn hope that they will indeed pull a rabbit out of the hat.

This should add about 3p to NAV, and take away some of the selling pressure. Not sure what will push them higher from here though.