Marwyn Value Investors Share Discussion Threads

[return_of_the_apeman] 19/12/2023 05:24

3 of the 4 large trades today are explained in the rns at 17:53, but the other one at 76p again seems to indicate the tap is still present

I have no idea either where the tap is coming from or how many they might have left

[cwa1] 18/12/2023 16:34

Taken a little punt on MVI at 79p, missed the ones at 78p on Friday and wondered if the supply was tightening when the bid nibbled up to 77p late this afternoon. Cue a collapse tomorrow :-/

[cwa1] 15/12/2023 13:30

Where's the tap at 76p coming from?

[skyship] 15/12/2023 13:22

Armstrong Invs etc buys another 635,000 at 76p.

[skyship] 13/12/2023 12:59

Zegona now at 170p

Incidentally, what would we accept for our holdings?

I would take 120p cash.

That's a 50% uplift from where we are now; but still a 27.5% discount for the bidder.

[skyship] 12/12/2023 16:46

This is a pretty absurd case. 7m shares is a free float of just 12.6%!

At 80p the discount is c52% and the yield 11.3%.

Certainly worth holding onto; and just hoping that it gets bought-in at fair value by some entity in the Marwyn stable.

[tiltonboy] 12/12/2023 15:04

Rise in ZEG from placing adds just over a penny to NAV. Hopefully ADVT open up at a premium as well.

A bit of stock went through yesterday. Looks like Armstrong added, but who was the seller.

Free float of perhaps 7m shares unless one/more of the big holders sell.

Market Cap of just £45m at this price.

[hugepants] 12/12/2023 14:40

RathDhu/Armstrong increasing to over 22%+


I'll probably jinx it but ZEG doing well. Now at 166p, up from the recent placing at 150p. SAA also recovering (held via ADVT). NAV should be up a few pence.

[skyship] 18/11/2023 08:14

Well, that's a pretty exact figure. Thnx Tilts.

So, pretty insignificant - will add just 1.5p to the 167.33p NAV.

[skyship] 17/11/2023 16:58

Impossible to work out how many ZEG held by MVI before this week's announcement.

If really 10m as per the ZEG B/b Header, then quite a fillip for MVI's NAV. MVI's capital structure so obtuse it is really difficult to ascertain what is what; even from the Annual Report!

[makinbuks] 14/11/2023 12:40

Impressive record I agree and their timing may be perfect

[tiltonboy] 14/11/2023 12:30

Makinbucks,

These guys have done it twice before, hence the backing. It will be 5 years plus before they seek an exit

[makinbuks] 14/11/2023 10:53

As HP says £6.23m is modest but this does look like a better deal for Zegona than VOD, driven by the fact that VOD really needed it. My question, however, would be how will Zegona manage to exit, even if they are successful in improving performance from a modest valuation base? Wouldn't a trade sale invite scrutiny from the competition authorities given the consolidation that has already happened? And I would struggle to see an IPO on the basis that if VOD couldn't get it to work, why would it prosper independently

[hugepants] 13/11/2023 09:15

So we've invested a relatively modest £6.23M into ZEG at a ZEG price of 150p. (should add a couple of pence to the MVI NAV based on MVI's original holding in ZEG).

[hugepants] 31/10/2023 14:52

ZEG to acquire Vodafone Spain for E5 billion

[hugepants] 30/10/2023 14:29

Premier Miton Group increased to over 5% last week

[skyship] 04/10/2023 08:30

A pretty major commitment as James Corsellis, managing partner of Marwyn Investment Management LLP, buys 265k at c 84.75p. He already owns over 5m shares; still, good to see.

Personally I was wondering whether we might see bad trading news from Le Chameau / Barbor, as this 2023 heatwave continues here in France; but of course the weather in the UK has been somewhat different!

Anyway, topped up at 82p for the notional 51% discount and 11% yield.

[hugepants] 03/10/2023 10:55

For Pete's sake

[hugepants] 28/9/2023 14:35

I don't know.
At least they have confirmed the payout of 9.06p will be maintained next year.

Here's the portfolio breakdown at end of August.

32% of the 168p NAV is cash. But that excludes all the extra cash held in the shells.
I note they've written ZEG down to almost zero.

Le Chameau) 25.4%
AdvancedAdvT 14.2%
Marwyn II 10.5%
Marwyn III 10.5%
Palmer Street 6.9%
450 plc 5.5%
MAC Alpha 1.1%
Zegona 0.2%
Cash 32.2%
Other assets / liabilities (6.5)%
Net assets 100.0% = 168p

[tiltonboy] 28/9/2023 07:11

MAC ll p!$$ed £3.5m up the wall already.

When will these buffoons see the light!

[hugepants] 25/9/2023 16:12

They should have their own TV show this lot.

But still reckon too cheap down here.

[tiltonboy] 22/9/2023 11:55

These lot really are a bunch of clowns.

Just use cash to buy back shares, and then hand the rest back to the rightful owners.

Of course they won't do it!

[skyship] 22/9/2023 11:41

Hopefully they will not participate. Just return some of the cash to shareholders.

Now on offer at 84.8p - 49.5% discount and 10.7% yield. Though as Tilts reminds us - the quarterly dividend is really just being paid from capital.