Marwyn Value Investors Share Discussion Threads

[cwa1] 04/11/2021 08:15

XD today, pay day 26/11

[cousinit] 29/10/2021 18:44

Toffee, I'm not sure it is necessarily straightforward. As Tilton has said, the last realisation share class has been very illiquid (although I have picked up shares this year so will hopefully get most of the NAV back shortly.)

The realisation shares give you a route to an exit at NAV but with no certainty of the timing nor liquidity in the meantime (although the more that opt for it should help ongoing liquidity.)

The ordinary shares currently pay a dividend (but have not done so consistently over time) which the prospectus says that the realisation shares won't.

Obviously if Marwyn hit their straps then the ords should re-rate but it does feel like a gravy train of fees and self indulgence at the moment with lacklustre value add for shareholders (and actually seemingly worse than it was at the last realisation option 5 years ago.)

To what extent are the large holders that have taken on the Invesco stake prepared to watch from the sidelines? They don't seem to have broken cover yet.

I notice that Nick Greenwood is doing an investor call for MIGO next week so could be worth a question!

The hive mind here can probably add a lot more in each column.

[toffeeman] 29/10/2021 16:43

Could someone explain the pros and cons of me switching my ords to realisation please.

I don't consider myself to be thick but I don't understand how I should make my decision.

TiA

[tiltonboy] 28/10/2021 17:39

The Realisation class was definitely the one to go for last time. It will be interesting to see how many elect this time.

It will also be interesting to see how patient the new shareholders are!

[cousinit] 28/10/2021 12:14

Well the "original" realisation shares were only circa 5% of the outstanding shares and were mainly a couple of IIs like Fidelity. If a more diverse set of holders (and higher proportion) switch to realisation this time then the liquidity should be much better. I don't necessarily need liquidity in my SIPP as retirement is still some way off...

[tiltonboy] 28/10/2021 08:39

Let's pray there are many more to come.

No liquidity in the Realisation class makes it impossible to go for.

[cwa1] 28/10/2021 07:30

28 October 2021

Marwyn Value Investors Limited

(the "Company")

INTERIM DIVIDEND TO ORDINARY SHAREHOLDERS

The Company is pleased to announce that an interim dividend of 2.265p per Ordinary Share will be paid on 26 November 2021, pursuant to the Company's ordinary share distribution policy.

The payment of the interim dividend to eligible holders of Ordinary Shares will be effected through CREST (in the case of holders of depository interests relating to the Ordinary Shares) or by BACS/cheque (in the case of Ordinary Shares held in certificated form).

Timetable for November Interim Dividend


Ex-date 4 November 2021
Record date 5 November 2021
Payment of the Interim Dividend 26 November 2021

[cousinit] 27/10/2021 16:01

Suspect it reduces the chances of them doing a sweetheart deal to convince more not to switch across to realisation if the Master Fund structure is so rigid

[tiltonboy] 27/10/2021 15:48

I think the way the Master Fund is structured puts paid to any chance of that.

[cousinit] 27/10/2021 14:32

I wonder whether the articles can be changed if there's an overwhelming vote for realisation from the non Marwyn patsies? Armstrong and others the key here post Invesco so not clear if there's been an agreement behind the scenes or if this is going through the motions until the actual vote.

[tiltonboy] 27/10/2021 14:15

Give the money back boys, you know you really should do it!

[cousinit] 20/10/2021 10:40

Can the prospectus make the realisation share option sound any less appealing? History indicates otherwise...

[gleach23] 05/10/2021 17:04

I agree about the volume accompanied by a potential renewed upturn in the chart Skyship. Happy to continue holding for the moment.

[ceaserxzy] 05/10/2021 16:56

Agree the current dividend yield is attractive, the worry is that it has a history of starting and stopping dividends at will. Would have much preferred that the capital being returned to shareholders from the recent sales of zeg. Good luck to all holders .

[skyship] 05/10/2021 16:47

Hmm...personally interested by the jump in volume today; and liking the 7.4% yield whilst I wait for some sort of action on the SPACs front.

[ceaserxzy] 05/10/2021 16:36

given up on this one and exit my last lot of 3188 shares at 121p. There are much better alternatives on similar valuation like psh, cgi and nas which consistently performed much better and with much better management integrity and reputation. This ranks one of the worst (the other is tfg) of my value picks of investment trusts.

[badtime] 21/9/2021 16:05

Bit of a dip today

[tiltonboy] 09/9/2021 09:47

I'm afraid one of my weaknesses is discounts, and not realising their illusionary nature at times. The argument that it's supported by cash only holds true, if it's returned to it's owners, and not pi$$ed up the wall.

[donald pond] 09/9/2021 08:34

Jeffries have put out a positive note on TFG today but it's not one I'd touch with a barge pole

[skyship] 09/9/2021 08:32

Yeah - thankfully gave up on those long ago...criminal that one.

[tiltonboy] 09/9/2021 08:14

SKY that's not a stat, it's my own rough marker. TFG is on a 60%+ discount, and I might even cut those!

[skyship] 09/9/2021 07:54

Well, I,m encouraged by that 30% stat for another holding - CIP. 38% discount to a portfolio of listed equities and cash; with the added possibilty of corporate action from another fund taking a 29% stake.

2 x rubbish Italian managers extracting far too high a fee; however the discount excessive...

[tiltonboy] 09/9/2021 07:44

CWA,

Unfortunately I do. Discounts can be a mirage, with the share price being a more accurate assessment.

As I said previously, my own fault for buying back in.

[cwa1] 08/9/2021 22:56

Yikes, a 30 percent discount to allow for poor management? That is disconcerting. I do have great respect for you tilts and it gives me serious pause for thought, you really think they are that awful?