Marwyn Value Investors Limited (MVI) was created on 18th April 2008 by the amalgamation of Marwyn Value Investors Limited with Marwyn Value Investors II Limited. It was admitted to trading as a closed-end investment company on the Specialist Fund Market of the London Stock Exchange on 8th December 2008, a fully regulated market for professional, institutional and sophisticated investors.



The investment objective is to maximise total returns, primarily through the capital appreciation of its investment in Marwyn Value Investors LP.

Marwyn Value Investors LP was launched in March 2006 with backing from more than 60 leading institutions and alternative funds. It is an open-ended fund domiciled in the Cayman Islands.



Marwyn Value Investors LP specialises in the acquisition and development of growth businesses for the benefit of investors, often taking a significant stake in its quoted portfolio companies. Since inception, the Fund has invested in 13 portfolio companies which together have completed approximately 68 transactions with an aggregate transaction value (including initial public offerings) in excess of £1 billion. The current classes of partnership interests in the Marwyn Value Investors LP, which are invested in 8 portfolio companies, are now closed to new investors.



Marwyn Value Investors utilises an innovative fund structure, the Exchange Procedure, to minimise the potential discount between the share price of the MVI listed closed-ended fund entity and its underlying Net Asset Value, which can occur in times of market illiquidity. Investors can switch between holding public shares in the closed-ended feeder fund and interest in the open-ended Master Fund at the prevailing Net Asset Value (not share price) during an exchange window every month. This unique structure was implemented following the completion of the fund migration on 8th July 2009

http://www.marwynvalue.com/index.stm

Disposal of remaining interest in eOne
RNS
RNS Number : 1962Z
Marwyn Value Investors Limited
16 September 2015



Marwyn Value Investors Limited



("MVIL" or the "Company")



Disposal of remaining interest in Entertainment One Ltd

("Entertainment One" or "eOne")



- The Company announces an agreement with Canada Pension Plan Investment Board for the disposal of all the remaining shares in Entertainment One held by Marwyn Value Investors LP (the "Master Fund") which will, on completion of the disposal, generate gross proceeds of approximately £142.4 million for the Master Fund of which approximately £103.4 million will be attributable to the Company. The disposal is conditional upon the Canada Pension Plan Investment Board having received notice from the Australian Foreign Investment Review Board that there are no objections concerning its proposed acquisition of shares in Entertainment One. Such notification, and the completion, is expected within 30 days.



- Approximately £10.0 million will, following completion, be returned to shareholders under the Company's distribution policy for net capital gains in addition to the £5.3 million still to be returned arising from the July 2015 initial disposal. Further details are outlined below.





Entertainment One Disposal



The Directors of Marwyn Value Investors Limited are pleased to announce that the underlying fund in which it has invested, Marwyn Value Investors LP, has reached an agreement with Canada Pension Plan Investment Board to sell 52.9 million depositary interests representing common shares in Entertainment One (ETO LN) at a price of £2.69 per share (equivalent to the closing market price1 on 15 September 2015), which will, on completion, raise gross proceeds of approximately £142.4 million, of which approximately £103.4 million will be attributable to the Company. The disposal is conditional upon the Canada Pension Plan Investment Board having received notice from the Australian Foreign Investment Review Board that there are no objections concerning its proposed acquisition of shares in Entertainment One. Such notification, and the completion, is expected within 30 days.



Together with the initial disposal in July 2015, this final disposal will, following completion, bring gross proceeds to the Master Fund of £229.8 million from its investment in Entertainment One representing a 4.3x cash multiple since its initial investment in 2007.



James Corsellis, Managing Partner of Marwyn Investment Management LLP, said: "Entertainment One has been a strongly performing investment for Marwyn, representing a 4.3x cash multiple since our original investment in 2007. This 10th exit from Marwyn Value Investors LP further demonstrates the success of our strategy of backing strong management talent in growth businesses to generate shareholder value".



"We are excited that Entertainment One is gaining a new, long term investor in the Canada Pension Plan Investment Board for the next phase of the company's development and we are grateful to the management and employees of eOne for their dedication and hard work. We wish them both the very best for the future."





Capital Return under Distribution Policy



The transaction will, on completion, generate gross proceeds of approximately £142.4 million, of which approximately £103.4 million will be attributable to the Company. Under the Company's distribution policy regarding net realised capital gains, approximately £10.0 million of the proceeds will be returned to Shareholders in addition to the £5.3 million still to be returned arising from the July 2015 initial disposal.



The Board expects to return the total amount of £15.3 million, equivalent to approximately 24.6 pence per Ordinary share, to Shareholders during November 2015, effected by way of a partial cash redemption of the Company's Ordinary shares.





Current Portfolio and Use of Proceeds



The Master Fund continues to hold investments in BCA Marketplace plc, Zegona Communications plc, Gloo Networks plc and Le Chameau Holdings (through Marwyn Management Partners plc) and intends to use the proceeds (net of the cash to be distributed pursuant to the distribution policy) to support follow on investments in those companies and to support the launch of new management teams and acquisition companies.





Unaudited Net Asset Value



The estimated net asset value per Ordinary share based on the estimated value of its interests in Marwyn Value Investors L.P. as at 11 September 2015 was £2.752. Had eOne been valued at the disposal price of £2.69 per share as at 11 September 2015, the estimated net asset value per Ordinary share as at that date would have been £2.742.