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(Correcting that Marwyn plans no cash return to shareholders from either the Zegona tender offer or any cash that may be received relating to the Praesepe VAT reclaim.)
Marwyn Value Investors Ltd - investment firm - Expects to secure a cash payment after Praesepe PLC - to which it sold Le Chameau Group PLC in 2012 - won the dispute with HMRC on the principle of fiscal neutrality. The basis of the dispute was that some similar forms of gambling were treated differently for VAT purposes. On June 30, the first-tier tribunal ruled in favour of Praesepe PLC and HMRC confirmed that it will not appeal that decision. In addition, Marwyn says it has no plans to distribute cash to investors received from the Praesepe VAT reclaims and investee Zegona Communications PLC in relation to proposed GBP335 million return to investors after sale of Euskaltel. Marwyn says it has already returned "significantly" in excess of the 50% of net capital gains as set out in the share distribution policy.
Current stock price: 127.00 pence
Year-to-date change: up 18%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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