LEI: 213800L5751QTTVEA774
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO
27 September 2024
MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")
Unaudited Interim Results 2024
Marwyn Value Investors Limited announces the publication of its interim results for the six months ended 30 June 2024.
The Interim Results are available on the 'Annual Reports and Interim Results' section of the Company's website, http://www.marwynvalue.com/company-information/financial-reports.
HIGHLIGHTS
| · | Ordinary share NAV Total Return of +8.7% with £2.5m (4.53p per share) paid in dividends |
| · | AdvancedAdvT: acquired Celaton, a company highly complementary to the existing business; reported adjusted EBITDA ahead of management expectations |
| · | Zegona: €5bn acquisition of Vodafone Spain complete; proposed joint FibreCo transactions with MasOrange and Telefonica announced |
| · | MAC II: Acquisition of InvestAcc, a leading pension administrator, announced pending regulatory approval, supported by further investment from the Marwyn funds |
Robert Ware, Chairman of Marwyn Value Investors Limited, commented:
"As we move through the second half of 2024 and beyond, the outlook for our portfolio remains very promising. Each of our operating investments are poised for growth, and we believe that the groundwork laid over the past few years is beginning to manifest in NAV growth. We are optimistic about the opportunities ahead and confident that the Company is well-positioned to deliver substantial value to our shareholders in the coming years."
CIO Investment Commentary
Our investment approach remains focused on partnering with exceptional management teams, whose leadership and vision are critical to the success of our portfolio companies. Below are updates on the key developments within our portfolio:
AdvancedAdvT
Led by Vin Murria, AdvancedAdvT has successfully acquired Celaton, a business that complements its existing software portfolio, which was acquired from Capita last year. Operational improvements have been identified and are already in progress across the acquired businesses. This proactive approach to value creation is beginning to positively impact the share price, further solidifying our confidence in the company's strategy and its future potential.
Zegona
Zegona completed the acquisition of Vodafone Spain, a transformative deal that positions the company for significant growth in the Spanish telecommunications market. With the successful refinancing of the transaction, Zegona now has a strong long-term capital structure, enabling its management team to focus on exploring clear paths to additional growth for Vodafone Spain in the short and medium term. One such growth avenue is already underway, with two proposed joint FibreCo transactions announced with MasOrange and Telefonica. These transactions are expected to create significant value for Zegona shareholders. The market has responded positively, with the share price beginning to reflect the value potential of this acquisition.
MAC II
In June, we were delighted to announce MAC II's platform acquisition in the pension administration sector. The company MAC II is acquiring, InvestAcc, is a market leader in the complex pension services space and provides a strong platform for further consolidation. This acquisition was supported by additional investment of £16.7 million from Marwyn (£11.6 million attributable to the Company's ordinary shareholders). The transaction will complete soon after receiving FCA approval. We believe the company will be well-positioned to capitalise on both its strong organic growth and a robust pipeline of additional acquisition targets.
Le Chameau
Le Chameau continues to execute strategic initiatives to enhance its brand value and expand market reach. This includes leveraging its history of successful collaborations with luxury brands to further elevate its brand positioning. We eagerly anticipate the upcoming autumn and winter seasons to assess the impact of these initiatives.
Palmer
Palmer has secured regulatory clearances in Jersey and the UK, with other applications progressing well. Its tech-based administration platform is also advancing, enabling the company to target and on-board clients. This will allow Palmer to showcase the potential of its team and the strength of its differentiated service offering, built on cloud technology with state-of-the-art capabilities to solve clients' data, reporting and analytics needs and empowering clients to make better data driven investment decisions.
PERFORMANCE
Ordinary Shares
|
| NAV Total Return1 | FTSE SmallCap (ex-IC) | FTSE AIM All-Share |
| Six months to 30 June 2024 | +8.7% | +8.2% | +1.1% |
| 3 Years to 30 June 2024 | +18.5% | +0.8% | -35.8% |
| Since inception2 (23 February 2006 to 30 June 2024) | +223.2% | +183.5% | -18.0% |
2016 Realisation Shares
|
| Shareholder Total Return3 | FTSE SmallCap (ex-IC) | FTSE AIM All-Share |
| Six months to 30 June 2024 | +1.2% | +8.2% | +1.1% |
| Since inception4 (23 February 2006 to 30 June 2024) | +204.9% | +183.5% | -18.0% |
| Since creation of class5 (30 November 2016 to 30 June 2024) | +4.9% | +64.0% | +3.5% |
2021 Realisation Shares
|
| Shareholder Total Return3 | FTSE SmallCap (ex-IC) | FTSE AIM All-Share |
| Six months to 30 June 2024 | +8.1% | +8.2% | +1.1% |
| Since inception4 (23 February 2006 to 30 June 2024) | +217.0% | +183.5% | -18.0% |
| Since creation of class5 (30 November 2021 to 30 June 2024) | +17.4% | +4.5% | -32.7% |
1 NAV Total return assumes the reinvestment of dividends paid to shareholders into the Company at NAV and is calculated on a cum-income basis.
2 For the Ordinary shares, inception to date movement is based on the combined weighted average NAV of Marwyn Value Investors I, II and B shares prior to their amalgamation, using the conversion ratio published on 17 April 2008.
3 For the Realisation share classes, shareholder total return is calculated as the movement in total shareholder value, including all distributions made to Realisation shareholders over the relevant period.
4 Realisation class inception to date is calculated based on the Ordinary share performance up to the date the Ordinary shares were converted to the relevant Realisation class, then shareholder total return of the relevant Realisation class from that date.
5 Realisation class shareholder total return from creation of class represents total shareholder return for the relevant class from the date that Ordinary shares were converted to Realisation shares for each class.
Capitalised terms used in this announcement and not otherwise defined have the same meaning as detailed in the Company's Unaudited Interim Results for the six months ended 30 June 2024.
Company enquiries:
Marwyn Value Investors Limited
Scott Danks
scottdanks@marwyn.com
Company Secretary - Aztec Financial Services (Jersey) Limited
Magdala Mullegadoo / Chris Copperwaite
01534 833000
Investor Relations - Kam Bansil
020 7039 1901
Corporate Broker - Panmure Liberum Limited
Chris Clarke
0203 100 2200
The Company is a closed-ended investment company, trading on the London Stock Exchange's Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include AdvancedAdvT Limited, the operating business of Le Chameau, 450 plc, Marwyn Acquisition Company II Limited, Palmer Street Limited, Zegona Communications plc, Marwyn Acquisition Company III Limited and MAC Alpha Limited.
Shares in the Company are not designed or intended for retail investors. Marwyn Investment Management LLP, the Manager, does not promote shares in the Company to retail investors and they should not be offered to retail investors.
Cautionary Statement
This announcement contains forward-looking statements which are made in good faith based on the information available at the time of its approval. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance.
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