Marwyn Value Investors Limited Net Asset Value and Realisation Share Redemption (2519U)

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RNS Number : 2519U

Marwyn Value Investors Limited

20 October 2017

20 October 2017

Marwyn Value Investors Limited

Net Asset Value per Realisation Share

The board of directors of Marwyn Value Investors Limited (the "Company") today announces that the estimated net asset value per Realisation Share of the Company based on the estimated value of its interests in Marwyn Value Investors L.P. is GBP2.40061 as at 6 October 2017. As at 6 October 2017 there were 8,520,206 Realisation Shares in issue.

As at 6 October the closing mid share price of a Realisation Share in the Company was GBP1.7000 and represented a discount of 29.18% to the net asset value per Realisation Share.

Historic Performance

 
               Estimated   Movement   Movement     Year      NAV Inception 
                  NAV        over       over      to date       to date 
                  per       Period      Month     Movement       (%) * 
                 share        (%)        (%)        (%) 
                 (GBP) 
  2017: 
 
  October 
   6            2.40061      +0.3       +0.3       +13.0         +11.3 
  September 
   29           2.39380                 +1.0       +12.7         +11.0 
  August 
   31           2.36926                 +3.1       +11.5         +9.9 
  July 31       2.29884                 -0.6       +8.2          +6.6 
  June 30       2.31222                 -2.8       +8.8          +7.2 
  May 31        2.37761                 +5.2       +11.9         +10.2 
  April 28      2.26040                 +3.0       +6.4          +4.8 
  March 31      2.19391                 +5.1       +3.3          +1.7 
  February 
   28           2.08682                 -1.1       -1.8          -3.2 
  January 
   31           2.10976                 -0.7       -0.7          -2.2 
 
  2016: 
 
  December 
   30           2.12439                 -1.5       -1.5          -1.5 
  November 
   30           2.15676 
 

*Inception to date is calculated from the creation of the Realisation Shares on 30 November 2016

Realisation Share redemption

Further to the Company's announcement on 9 October 2017 that it will return 44.755 pence per Realisation Share by way of a partial cash redemption, the Company can now confirm that 18.643 per cent. of the Company's issued Realisation Shares will be redeemed on the redemption date (being 30 October 2017). Fractions of Realisation Shares will not be redeemed and so the number of Realisation Shares to be redeemed for each shareholder will be rounded down to the nearest whole number of Realisation Shares.

By way of illustration and based on the estimated net asset value per Realisation Share as at 6 October 2017 ("NAV"), a holder at the record date of 1,000 Realisation Shares with an aggregate NAV of GBP2,400.61 will:

- be entitled to an aggregate return of GBP447.55 (before rounding down the number of Realisation Shares to be redeemed to the nearest whole share);

   -          have 186 of their Realisation Shares, with an aggregate NAV of GBP446.51, redeemed; and 
   -          will continue to hold Realisation Shares with an aggregate NAV of GBP1,954.10. 

The existing ISIN KYG5897M2086 of the Realisation Shares (the "Old ISIN") will expire on the redemption date (30 October 2017). The new ISIN KYG5897M1823 of the Company's Realisation Shares post the redemption (the "New ISIN") will be enabled from 8.00 a.m. on 31 October 2017. Up to the redemption date (but not including 31 October 2017), Realisation Shares will be traded under the Old ISIN. Purchases of Realisation Shares that are unsettled as at the close of business on the record date for the redemption (30 October 2017), including trades arranged after the record date but before the redemption date, will be transformed automatically by CREST and will settle under the New ISIN with an accompanying delivery of cash through CREST in respect of the pro rata redemption proceeds. The payment of the redemption monies to eligible holders of Realisation Shares is expected to be effected through CREST (in the case of holders of depository interests relating to the Realisation Shares) or by cheque (in the case of Realisation Shares held in certificated form) by 17 November 2017.

The timetable for the redemption, which has been updated since the Expected Timetable was announced on 9 October 2017, is set out below.

Timetable:

 
 Record date for redemption   5.00 p.m. on 30 October 
                               2017 
 Redemption date              30 October 2017 
 Admission of Realisation     8.00 a.m. on 31 October 
  Shares under new ISIN        2017 
 Ex-date                      31 October 2017 
 Payment of the redemption    17 November 2017 
  proceeds 
 

Enquiries to:

Axio Capital Solutions Limited

One Waverley Place

Union Street

St Helier

Jersey

JE1 1AX

This information is provided by RNS

The company news service from the London Stock Exchange

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October 20, 2017 11:41 ET (15:41 GMT)