Marwyn Value Investors Limited Update on B Share Redemption (7310V)
October 30 2014 - 8:20AM
UK Regulatory
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RNS Number : 7310V
Marwyn Value Investors Limited
30 October 2014
30 October 2014
MARWYN VALUE INVESTORS
IN SPECIE REDEMPTION TO B SHAREHOLDERS
Further to the Company's announcement on 23 October of its
intention to redeem 5,008,870 B Ordinary shares (the "B Shares") in
the Company (being all of the B Shares in issue) on 21 November
2014, the Company can now confirm the actual number of Depositary
Interests ("DIs") of Fulcrum Utility Services Limited and Paragon
Entertainment Limited (together, the "Investments"), together with
the amount of the cash balance, that will be returned to holders of
B Shares through the in specie distribution.
It is confirmed (based on the number of B Shares in issue as at
the date of this announcement) that a holder of B Shares on the
record date will receive DIs representing 3.4563 Fulcrum Utility
Services Limited shares, DIs representing 3.9929 Paragon
Entertainment Limited shares and 0.1906 pence in respect of each B
Share held by them pursuant to the in specie redemption. Fractions
of DIs will not be distributed and so the number of DIs to be
distributed to each holder of B Shares will be rounded down to the
nearest whole number of DIs in the relevant Investment. DIs
representing fractional entitlements will be aggregated and sold in
due course and the net sale proceeds will be donated by the Company
to charity.
The table below gives a pro-forma example of the DIs and cash a
holder of 10,000 B Shares on the record date, will receive:
NAV per B Share on 24 October GBP 0.37190
Fulcrum Utility Services Limited share price on 24 October GBP 0.08250
Paragon Entertainment Limited share price on 24 October GBP 0.02125
------------------------------------------------------------------------------------------- -------- ---------
DIs that shareholders will receive for each B share
Fulcrum Utility Services Limited ordinary shares number 3.4563
Paragon Entertainment Limited ordinary shares number 3.9929
Cash GBP 0.001906
------------------------------------------------------------------------------------------- -------- ---------
DIs that a shareholder who holds 10,000 B shares will receive in aggregate
Fulcrum Utility Services Limited ordinary shares number 34,563
Paragon Entertainment Limited ordinary shares number 39,929
Cash GBP 19.06
------------------------------------------------------------------------------------------- -------- ---------
NAV per 10,000 B Ordinary Shares held on 24 October GBP 3,719.03
Aggregate market value of DIs and cash that a shareholder who holds 10,000 B shares would
receive in aggregate (based on share prices on 24 October) GBP 3,719.00
------------------------------------------------------------------------------------------- -------- ---------
It is expected that the redemption proceeds will be transferred
into the CREST accounts in which B Shareholders currently hold
their DIs issued in respect of the B Shares on 21 November
2014.
Further details of the in specie distribution of B Shares
(including information regarding the record date and the expected
payment date) are set out in the Company's announcement released on
23 October 2014.
Enquiries:
Robert Ware, Chairman Marwyn Value Investors T: +44 (0) 20 7258
Limited 8670
Sue Inglis Cantor Fitzgerald Europe T: +44 (0) 20 7894
8016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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