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

Notification of Major Interest in Shares

JP Morgan 8,26%

http://www.moneyam.com/action/news/showArticle?id=4670100

Price target of 185p in this weeks IC.

:-))

Investment in Haversham Holdings plc

RNS


RNS Number : 2968V

Marwyn Value Investors Limited

27 October 2014








Marwyn Value Investors Limited (the "Company")



Investment in Haversham Holdings plc



The Company announces that the underlying fund in which it has invested, Marwyn Value Investors L.P. (the "Master Fund"), has entered into a placing letter to subscribe for £8.96 million of new ordinary shares in Haversham Holdings plc ("Haversham"), which has today announced its intention to float on AIM, a London Stock Exchange market. This investment represents approximately 4.8% of the NAV of the Company's ordinary shares (measured as at 17 October 2014).



Haversham is a group formed by Avril Palmer-Baunack and Marwyn with the support of leading institutional investors, including Invesco, Artemis, Aviva and Schroders. Haversham has been established, under the management of Avril Palmer-Baunack, (Executive Chairman), James Corsellis and Mark Brangstrup Watts, in order to acquire and develop businesses in the UK & European automotive, support services, leasing, engineering or manufacturing sectors, targeting acquisitions with an enterprise value of between £250 million and £1 billion.



Haversham is placing a total of £30million new ordinary shares to provide due diligence and operating capital prior to a subsequent acquisition. Haversham's ordinary shares (including the new ordinary shares to be owned by the Master Fund) are expected to be admitted to trading on AIM for the first time at 8.00am on 10 November 2014.



Marwyn Value Investors Limited (LSE ticker: MVI) has been a top 5 performing UK-listed investment fund across all categories over the period since its inception in 2006. In this time, as reported in the most recent NAV RNS announcement released by the Company, the NAV per ordinary share has grown by 271.7%, equivalent to an annualised return of 31.8%. James Corsellis and Mark Brangstrup Watts are on the board of the Company's manager.

Interim Management Statement

http://www.moneyam.com/action/news/showArticle?id=4933104

Disposal of interest in Breedon Aggregates Limited

RNS


RNS Number : 4015Y

Marwyn Value Investors Limited

01 December 2014









1 December 2014



Disposal of interest in Breedon Aggregates Limited



· Final Breedon disposal generates 3.7x aggregate cash return

· IRR of 29.73% in respect of the Company's indirect investment in Breedon

· Breedon is the seventh public realisation for the Fund



The Directors of Marwyn Value Investors Limited (the "Company") are pleased to announce that Marwyn Value Investors LP (the "Fund") has successfully sold its investment in Breedon Aggregates Limited ("Breedon"), the largest independent aggregates business in the UK. Following a partial disposal in July 2014, this final disposal has generated net aggregate proceeds of £51.3 million (of which £43.5 million is attributable to the Company), delivering 3.7x cash return in aggregate for the Company over the life of the investment. This results in a net IRR of 29.73% in respect of the Company's indirect investment in Breedon.



Breedon was founded in 2008 as Marwyn Materials, to acquire operating companies and assets in the building materials sector. Following the initial reverse acquisition of Ennstone Ltd, Breedon has since completed a number of bolt-on acquisitions, including assets from Marshalls plc and Aggregate Industries.



Breedon is the seventh realisation for the Fund since 2006. Over this period Marwyn, the asset management group, has founded a number of successful public businesses which have subsequently been acquired by third parties, including Talarius Plc, Inspicio Plc, Concateno Plc, Melorio Plc and Zetar Plc.



Announcing the sale, Mark Watts, a Managing Partner of Marwyn, said:



"We have enjoyed working with Peter Tom, Simon Vivian and the team at Breedon and thank them for their enormous commitment and success in building Breedon into the largest independent aggregates business in the UK and we are delighted to see the continued progress of the business and wish them the best for the future.



Following on from the Fund's new investment in Haversham Holdings plc (ticker: HAV) earlier this month we continue to evaluate new investment opportunities with a view to the Fund making further new investments in high quality management teams and delivering significant capital value through the Fund's proven buy and build strategy".

ST of IC today - The bottom line is that Marwyn's share price discount to NAV is out of kilter with the progress it has been making this year. Moreover, with Entertainment One likely to release upbeat results in a few weeks' time, buying shares in Marwyn offers a low-risk entry point on a bid-offer spread of 215p to 220p, and my initial target price is 260p. Buy.

ST of IC today - A far more likely scenario is that investors will recognise the valuation anomaly well before then and prompt an overdue re-rating of Marwyn’s equity. In fact, with Marywn’s shares trading just below their September high of 230p, it wouldn’t take too much buying to spark a break-out and send them into blue sky territory and beyond the March 2014 all-time high of 237p. The chances of the above scenario playing out look highly probable to me.

On a bid-offer spread of 225p to 228p, and offering 14 per cent share price upside to my initial target price of 260p, get ready for action in Marwyn’s shares. Buy

ST of IC today - On a bid-offer spread of 242p to 248p, and offering 13 per cent share price upside to the top-end of my upgraded target price range of 275p to 280p, and one that reflects the uplifts in portfolio valuations since I initiated coverage, I continue to rate Marwyn's shares a value buy.

ST of IC today - So trading on a bid-offer spread of 236p-238p and offering 17 per cent share price upside to the top end of my target price range of 275p-280p, I continue to rate Marwyn's shares a decent value buy on a 20 per cent discount to book value.

Cornerstone Investment in Gloo Networks plc
RNS
RNS Number : 2639U
Marwyn Value Investors Limited
28 July 2015



28 July 2015



Marwyn Value Investors Limited (the "Company")



Cornerstone Investment in Gloo Networks plc



The Company announces that the underlying fund in which it has invested, Marwyn Value Investors L.P. (the "Master Fund"), intends to subscribe as a cornerstone investor for new ordinary shares in Gloo Networks plc ("Gloo Networks" or "Gloo"), which has announced today its intention to float on the AIM Market of the London Stock Exchange plc.



Gloo Networks is a technology company that aims to connect some of the world's most-loved content with its most-valued consumers. It intends to acquire trusted consumer brands in the media sector that appeal to attractive socio-economic groups and to use data and technology to change their business models to ultimately unlock value and increase profitability.



Gloo intends to acquire and operate businesses initially with an enterprise value in the range of £250 million to £1 billion and will be led by digital transformation experts Rebecca Miskin (Chief Executive Officer) and Juan Lopez-Valcarcel (Chief Product and Operations Officer).



Gloo is carrying out an initial capital raise of up to £30 million to provide due diligence and operating capital prior to a subsequent acquisition. Gloo's ordinary shares (including the new ordinary shares to be owned by the Master Fund) are expected to be admitted to trading on AIM for the first time in mid-August 2015.



James Corsellis and Mark Brangstrup Watts, the founders of the Marwyn Group1, are both directors of Gloo Networks.



Further information regarding Gloo and its initial capital raise can be found in the intention to float announcement released by RNS this morning at 7 a.m.



Robert Ware, chairman of Marwyn Value Investors Limited, commented:



"We are delighted to be backing Rebecca and Juan as a leading management team in executing digital transformations. Their expertise in the use of technology and data analytics with reference to media brands represents a significant opportunity for value creation.



The investment in Gloo Networks is consistent with the Company's strategy of supporting high quality management teams in launching acquisition vehicles targeting significant growth in shareholder value. This cornerstone investment follows on from Marwyn's support in launching Haversham Holdings plc which subsequently acquired the BCA Group of companies in April 2015 for £1.3 billion, and Zegona Communications plc which recently announced an agreement to acquire the Telecable Group for an enterprise value of €640 million."

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.