Marwyn Value Investors Limited

Net Asset Value • Jan 14, 2019

National Storage Mechanism | Additional information

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RNS Number : 0637N

Marwyn Value Investors Limited

14 January 2019

LEI: 213800L5751QTTVEA774

14 January 2019

Marwyn Value Investors Limited (the "Company" or "MVIL")

Additional investment in Zegona Communications plc ("Zegona")

The Company announces that the underlying funds in which it is invested both directly and indirectly (the "Funds") have subscribed for £10 million of new ordinary shares in Zegona as part of Zegona's placing to fund the acquisition of additional shares in Euskaltel, S.A. through market purchases at a price it considers attractive for its shareholders based on the market conditions (the "Placing"), £7.3 million of which is attributable to the Company's Ordinary shares and £1.1 million of which is attributable to the Company's Realisation shares.

Zegona has today announced the Placing, issuing 95.7 million new ordinary shares at a price per share of 105 pence, raising equity proceeds of £100.5 million (before expenses). The shares issued (including the new ordinary shares to be owned by the Funds) are expected to be admitted to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. on 11 February 2019. 

The Funds' participation in the Placing will increase the carrying value of the Funds' total investment to £44.2 million valued at the Placing price of 105 pence. The total investment attributable to the Company's Ordinary shares will be £31.9 million, representing 23.6% of the Ordinary share net asset value ("NAV") and the total investment attributable to the Realisation shares will be £4.7 million, representing 34.1% of the Realisation share NAV (NAV measured at 14 December 2018, being the latest available NAV published by the Company).

Following the Placing, the Funds will hold 19.0% of the issued share capital of Zegona, remaining the largest shareholder in Zegona.

Company enquiries:

Louisa Bonney / Scott Danks

Axio Capital Solutions Limited

Telephone: 01534 761240

Gillian Martin / Steve Pearce

Liberum Capital Limited

Telephone: 020 3100 2200

PR enquiries:

Alex Child-Villiers / Will Barker

Temple Bar Advisory Limited

Telephone: 020 7002 1080

Notes to editors:

Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include BCA Marketplace plc, Zegona Communications plc, Le Chameau Group plc, Safe Harbour Holdings plc and Wilmcote Holdings plc.

For further information see www.marwynvalue.com

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