Marwyn Value Investors Share Discussion Threads

[skyship] 22/5/2020 07:20

Looks like another typically obtuse Robert Ware deal. Though a buyback at 80p (a 47% discount) is hardly a deal!

They presumably have a couple of institutional sellers lined up; as if not, surely not many will be accepting his offer!

[spectoacc] 22/5/2020 07:19

Read it through and still not sure what it's saying, other than that "...80p, a 47% discount to NAV.." seems to sum it up!

[tiltonboy] 22/5/2020 07:18

An out and out disgrace.

If they are that cheap, buy them back for cancellation.

[spectoacc] 07/5/2020 16:01

I find the directors frustrating and irrational ;)

Agree re buybacks.

[hugepants] 07/5/2020 15:58

125K trade at 78p. I hope its a buyback. The company should be buying as many as they can just now.

NAV should be about 154p now given the 10% rise in ZEG since the last NAV update. That would make NAV drop of about 4% since start of the year (not bad considering!) which compares with a 25% drop in share price over same period. No wonder even the directors "find the current discount to net asset value frustrating and irrational"

[spectoacc] 01/5/2020 16:57

I just remember what happened to the last one, and how much cash it burnt through!

But good point re valued at cash.

[hugepants] 01/5/2020 15:34

"The acquisition companies, Safe Harbour and Wilmcote, will be unaffected financially in the short term, and may, as a consequence of the economic disruption and financial market dislocation, see increased opportunity to execute an attractive platform acquisition."

I checked how they are valuing the 2 shells, Wimcote(WCH) and Safe Harbour(SHH).
It turns out they are valuing these at the value of cash on their respective balance sheets and not at their current share prices which are well above that level. So they are being prudent. Wilmcote valued at approx 8p per share, Safe Harbour at approx 13p. There never seem to be any trades in these 2 stocks so their current share prices are inflated and pretty meaningless.

[spectoacc] 01/5/2020 11:46

Am sure they'd argue that's why they created the MVIR share class - but entirely agree with you both.

[skyship] 01/5/2020 11:44

Can't disagree with that. If they treated outside shareholders better these would trade 20%+ higher.

[langland] 01/5/2020 11:39

Would ordinarily be an excellent value play. Then you look at the history and you look at the management and you look at a completely ineffective large shareholder and where does that leave you?

[skyship] 01/5/2020 11:27

HP - htnx for that; I'd missed it.

Also, valued at a 10% discount to CASH, with everything else thrown in for free.

[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;