Marwyn Value Investors Limited B Share Redemption & Trading Suspension (1403V)
October 23 2014 - 8:48AM
UK Regulatory
TIDMMVI TIDMMVIB
RNS Number : 1403V
Marwyn Value Investors Limited
23 October 2014
23 October 2014
MARWYN VALUE INVESTORS
CANCELLATION OF THE LISTING OF THE B SHARES ON THE SFM AND IN
SPECIE REDEMPTION TO B SHAREHOLDERS
The Company announces 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 assets attributable to the B Shares are Class B1 interests
("Class B1 Interests") in Marwyn Value Investors L.P. (the "Master
Fund"). The Class B1 Interests were issued in 2009 with a fixed
investment period and a mandatory liquidation period, the latter of
which expires on 30 November 2014.
The Master Fund will liquidate the Class B1 Interests by means
of an in specie distribution of its investments and cash
attributable to those interests to the Company, after retaining
sufficient assets to settle the liabilities attributable to the
Class B1 Interests. Accordingly, the Board has resolved that the
redemption proceeds for the B Shares will be paid by way of an in
specie distribution consisting of depository interests ("DIs")
representing shares issued by Fulcrum Utility Services Limited and
Paragon Entertainment Limited (together, the "Investments"), being
all of the investments in the Master Fund attributable to the Class
B1 Interests, and a small amount of cash attributable to the Class
B1 Interests. Fulcrum Utility Services Limited and Paragon
Entertainment Limited are both incorporated in the Cayman Islands
and traded on AIM, a London Stock Exchange market.
The actual number of DIs representing the Investments and amount
of cash that will be returned as part of the in specie distribution
is expected to be announced by the Company on or around Thursday,
30 October 2014, following publication of the 24 October 2014 net
asset value on the same date. The number of DIs and amount of cash
to be returned will be calculated by reference to the net asset
value per B Share as at 24 October 2014. Fractions of DIs will not
be distributed, and so the number of DIs distributed to each B
Shareholder will be rounded down to the nearest whole number. 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 record date for the in specie redemption is 5.00 p.m. on 31
October 2014. Therefore, the last day for dealings in the B Shares
for normal settlement (to enable settlement prior to the record
date) will be 29 October 2014. It is expected that the redemption
proceeds will be transferred into the CREST account in which
shareholders currently hold their DIs issued in respect of the B
Shares on 21 November 2014.
Following the redemption, there will be no B Shares outstanding.
Therefore, the Company will apply to the London Stock Exchange to
suspend trading in the B Shares on its Specialist Fund Market (the
"SFM") with effect from 7.30 a.m. on 30 October 2014 and, subject
to the in specie redemption taking place, cancel trading in the B
Shares on the SFM with effect from 8.00 a.m. on 24 November
2014.
The expected timetable for the redemption of the B Shares will
be as follows:
Last day for dealings in the B Shares for normal settlement (to enable
settlement prior to
the record date) Wednesday, 29 October 2014
Trading in B shares on SFM suspended 7.30 a.m. on Thursday, 30 October 2014
B Share NAV as at 24 October and the number of DIs and amount of cash to be Thursday, 30 October 2014
returned as part
of the in specie distribution to be announced by the Company
Ex-date in respect of the B Share redemption Thursday, 30 October 2014
Record date for the B Share redemption 5.00 p.m. on Friday, 31 October 2014
Settlement date for in specie redemption Friday, 21 November 2014
Cancellation of trading in the B shares effective 8.00 a.m. on Monday, 24 November 2014
----------------------------------------------------------------------------- ---------------------------------------
Robert Ware, Chairman of the Company, said, "We announce today
that the B Shares will be redeemed in November 2014 in accordance
with the terms on which the B Shares were issued in 2009. The
redemption proceeds will be settled by distributing the Company's
interests in Fulcrum Utility Services and Paragon Entertainment,
the remaining investments attributable to the B Shares, and cash to
the B Shareholders. We share investors' disappointment that the
performance of the B Shares has not been as we would have hoped,
although it has broadly been in line with general negative market
sentiment towards smaller companies. We wish Fulcrum and Paragon
every success for the future."
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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