Marwyn Value Investors Share Discussion Threads

[hugepants] 01/5/2020 09:31

Results were released yesterday


"...We enter this time with an enviable position, having one significant investment that continues to perform well and more than 60% of the Company's underlying net asset value in cash."

Currently valued at 50% of NAV.

[skyship] 24/4/2020 16:24

I see their website calendar states:

"30th April - Deadline to release audited annual report and financial statements for the year ended 31 December 2019"

So should be out next week.

[skyship] 24/4/2020 16:20

HP - well spotted. Prelims to 31st December were announced 11th April in 2018; 1st April in 2019. It is now the 24th, very late surely.

[hugepants] 24/4/2020 15:42

ZEG announced quarterly results yesterday. Shares rose 5%



Final results due. They are generally released 1st half of April

[hugepants] 21/4/2020 09:39

Yep maybe Armstrong bought them. They went over 11% in March.

[skyship] 21/4/2020 09:16

Disappointing - today's buyback of just 25k @ 75p suggests the company did not buyback that 1.7m.

[skyship] 20/4/2020 09:20

HP - well spotted. We must surely get a buyback RNS today as no way a MM would take all that stock onto their books. Would add 2.5p to the NAV as well as removing a tap.

[hugepants] 19/4/2020 12:42

An interesting late trade reported on Friday,
1,784,000 @ 58p. 2.99% of the ordinary shares.

[hugepants] 17/4/2020 12:33

Ah yes Euskaltel is a telecoms outfit not electricity.
Well spotted, just testing.

[eezymunny] 17/4/2020 12:18

Hugepants you said "the only real equity exposure is ZEG which has a single investment in a Spanish electricity utility".

Incorrect. ZEG has an investment in a Spanish telco.

[tiltonboy] 17/4/2020 10:36

They really are.

[spectoacc] 17/4/2020 09:55

Invesco really are monumentally useless.

[hugepants] 17/4/2020 09:53

major shareholders;

[davidosh] 17/4/2020 00:54

Who are the major shareholders? They should be the ones to seek change if it is always trading at such a huge discount as it suggests nobody trusts management to make the right decisions.

[hugepants] 16/4/2020 17:06

He's the boss only until the shareholders want him out.

[skyship] 16/4/2020 16:58

HP - wrong - he's the boss...

[hugepants] 16/4/2020 16:24

Robert Ware is only the non-executive chairman. He's basically an employee, definitely not a major shareholder. He has 500,000 shares.

[spectoacc] 16/4/2020 14:53

"..Every stock has its price" - couldn't agree more, but I reckon 50% discount is what I'd want on MVI pre-Covid :))

DJAN a great result - is it definitely going through?

[skyship] 16/4/2020 14:23

Specto - agree with you part way. Robert Ware is a total disaster zone, with absolutely no known recognition of minority shareholder rights. Still, every stock has its price.

I was lucky enough to have boosted my SIPP by 5% on one such back in February (DJAN). I don't expect such a result here as I don't think Ware has one honourable bone in his body; but at this valuation they have to be worth a small allocation punt.

Problem is I thought that 25% higher up!

[spectoacc] 16/4/2020 09:10

But will you ever see that cash? And will it get spent wisely, or on yet more "platform" co's, of which only one seems to have worked so far?

Just seems like a directors' payment machine to me. And a tricky sell when some "genuine" PE co's are now on big discounts.

MVI price vs MVIR price says a fair bit IMO.

[hugepants] 16/4/2020 08:58

The ordinary share are mvi.
This looks obviously mis-priced given the discount is now 50% (spread not withstanding) whereas historical discount is more like 30%. Especially so given cash is 60%+ of the market cap and the only real equity exposure is ZEG which has a single investment in a Spanish electricity utility.

[the ghost who walks] 06/4/2020 21:31

The 20% in zegona worth about 35mln based on current price. Do I need to add both mvi and mvir together to get the value?

[the ghost who walks] 06/4/2020 21:13

Where do u see the split of the NAV.

[spectoacc] 22/3/2020 09:32

And still aren't a long! :)

We'd never get to see that cash.

[skyship] 21/3/2020 17:47

I think I'm right to say that they are now trading at a discount to cash in the B/s.