Marwyn Value Investors Limited Successful fund raise into MVI II LP (2335F)
May 16 2017 - 2:27AM
UK Regulatory
TIDMMVI
RNS Number : 2335F
Marwyn Value Investors Limited
16 May 2017
16 May 2017
Marwyn Value Investors Limited ("Marwyn", the "Company")
Successful fund raise into Marwyn Value Investors II LP ("MVI II
LP")
Marwyn is pleased to announce that MVI II LP held its first
third-party fund close on Thursday 11 May 2017, securing
commitments of GBP41 million(1) from limited partners who have
acquired interests in the portfolio at NAV and are expected to
invest alongside the Company in future investment opportunities.
Marwyn anticipates that further third-party closes at NAV may be
held by MVI II LP within the following 12 month period.
MVI II LP is a private equity fund structure seeded by Marwyn
Value Investors LP ("the Master Fund"). The Company has invested
all of its available capital in the Master Fund. MVI II LP holds
investments in Zegona Communications plc ("Zegona"), BCA
Marketplace plc, Gloo Networks plc, Safe Harbour Holdings plc and
Wilmcote Holdings plc (the "assets"). The Master Fund has sold
interests in MVI II LP to the new third party investors at the
market value of the assets at the close of business on Monday 15
May (the "Equalisation Process"). At the date of this announcement,
the Equalisation Process has not yet occurred in relation to
Zegona. The Company welcomes the news that Zegona has this morning
announced the successful sale of its Spanish Cable business,
Telecable, to Euskaltel and as a result the Equalisation Process
for Zegona will take place shortly. Full details in relation to the
impact on the Ordinary Shares will be announced once the
Equalisation Process has completed.
As a result of the Equalisation Process to date, the Ordinary
Shares' portfolio of assets on a look-through basis has reduced by
GBP11m in aggregate, and the cash balance attributable to the
Ordinary Shares has increased by the same amount. There is no net
effect on NAV following the Equalisation Process. Please see Note 3
for estimated NAV before and immediately after the Equalisation
Process.
The sale of the Master Fund interests in MVI II LP will
crystallise a profit of GBP1.8m. The Company has returned GBP10
million in dividends since the sale of Entertainment One in
September 2015 and in line with the Ordinary Share Distribution
Policy is not required to pay a special dividend following this
Profitable Realisation event.
Robert Ware, Chairman of the Company said, "We are pleased that
MVI II LP has raised third party funds at NAV, demonstrating the
inherent value of the portfolio and augmenting the Company's
capital to invest in upcoming opportunities. As we stated in
October last year, we believe that Ordinary shareholders will
benefit from the increased diversification of the portfolio to six
management platforms and the ability of the Master Fund to deploy
capital in follow-on investments into these holdings, as well as
consider new opportunities."
As described in the Company's Circular published on 19 October
2016, Realisation shareholders will not be exposed to any
investments directly or indirectly held by MVI II LP, as their
assets are held within a separate realisation pool by the Master
Fund.
This announcement contains inside information
Notes
1. Commitments received in both British pounds sterling and
United States dollars
2. MVI II LP is a new fund comprising Jersey limited
partnerships registered pursuant to the Limited Partnership
(Jersey) Law 1994, being MVI II LP itself and MVI II Co-invest LP,
a stapled co-investment vehicle. Further details on MVI II LP and
the Master Fund's investment in MVI II LP may be found in the
Prospectus, published in October 2016, and located on the Company's
website http://www.marwynvalue.com .
The Master Fund, Marwyn Value Investors LP, is a Cayman exempt
limited partnership into which the Company has invested all of its
available capital. The Master Fund contributed investments to MVI
II LP prior to the third-party fund close. All further investments
attributable to the Ordinary Shares shall be made through MVI II
LP, alongside new committed capital from third-party investors.
3. Allocation of the Company's NAV by portfolio company before
and immediately after the Equalisation Process
Based upon the Company's investments in the Master Fund
(directly) and MVI II LP (indirectly), the Company's total
estimated NAV attributable to the Ordinary Shares is broken down
across the following as at Monday 15 May 2017:
Equity Investments
----------------------- --------- -------- -------
Company Ticker GBPm % of
NAV
----------------------- --------- -------- -------
Zegona Communications
plc ZEG LN 63.4 40.2%
----------------------- --------- -------- -------
BCA Marketplace plc BCA LN 37.0 23.5%
----------------------- --------- -------- -------
Gloo Networks plc GLOO LN 8.8 5.6%
----------------------- --------- -------- -------
Le Chameau Group
plc 9.8 6.2%
---------------------------------- -------- -------
Safe Harbour Holdings
plc 8.8 5.6%
---------------------------------- -------- -------
Wilmcote Holdings
plc 9.8 6.2%
---------------------------------- -------- -------
Cash 34.3 21.7%
---------------------------------- -------- -------
Le Chameau Group
debt instrument 9.6 6.1%
---------------------------------- -------- -------
Other assets of the
Master Fund 0.1 0.1%
---------------------------------- -------- -------
Liabilities of the
Master Fund (23.9) -15.1%
---------------------------------- -------- -------
Net assets 157.7 100.0%
---------------------------------- -------- -------
The Company's total estimated NAV is broken down across the
following immediately after the Equalisation Process for all seed
assets except Zegona:
Equity Investments
----------------------- --------- -------- -------
Company Ticker GBPm % of
NAV
----------------------- --------- -------- -------
Zegona Communications
plc ZEG LN 63.4 40.2%
----------------------- --------- -------- -------
BCA Marketplace plc BCA LN 30.5 19.3%
----------------------- --------- -------- -------
Gloo Networks plc GLOO LN 7.2 4.6%
----------------------- --------- -------- -------
Le Chameau Group
plc 9.8 6.2%
---------------------------------- -------- -------
Safe Harbour Holdings
plc 7.2 4.6%
---------------------------------- -------- -------
Wilmcote Holdings
plc 8.1 5.1%
---------------------------------- -------- -------
Cash 45.7 29.0%
---------------------------------- -------- -------
Le Chameau Group
debt instrument 9.6 6.1%
---------------------------------- -------- -------
Other assets of the
Master Fund 0.1 0.1%
---------------------------------- -------- -------
Liabilities of the
Master Fund (23.9) -15.1%
---------------------------------- -------- -------
Net assets 157.7 100.0%
---------------------------------- -------- -------
Robert Ware, Chairman, Marwyn Value Investors Limited
PO Box 309, Ugland House, Grand Cayman, KY1 - 1104, Cayman
Islands
Company enquiries:
Louisa Bonney / Scott Danks
Axio Capital Solutions Limited
Telephone: 01534 761240
PR enquiries:
Ed Orlebar
Temple Bar Advisory Limited
Telephone: 020 7002 1080
This information is provided by RNS
The company news service from the London Stock Exchange
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