LONDON (Alliance News) - Marwyn Value Investors Ltd on Thursday said its net asset value per share fell by almost 20% in 2015 due to share price falls from some key holdings and as it invested in two other UK-listed companies.
Marwyn Value said its net asset value per share fell 19% to 239.16 pence in the year to the end of December. The group made a pretax loss of GBP28.3 million, swung from a GBP23.6 million profit, due to losses booked on the value of its investments.
The fall was driven by declines in the share prices of FTSE 250 film and television producer Entertainment One Ltd, telecommunications consolidation vehicle Zegona Communications PLC and Marwyn Management Partners PLC, in which Marwyn Value holds a 90% stake and which is majority owner of Le Chameau, the French premium rubber boot company.
This was partially offset by gains in the share prices of BCA Marketplace PLC, the owner of British Car Auctions, and Gloo Networks PLC, which floated on AIM in August in order to carry out an acquisition in the media industry. During 2015, Marwyn Value invested in the Gloo IPO, as well as Zegona's IPO, which was in March 2015.
Marwyn Value sold off its stake in Entertainment One in 2015, completing the sell down in September, but retains the stakes in the other portfolio companies.
"We believe that the current portfolio companies offer significant potential for growth. During 2015 both BCA and Zegona were listed on the LSE's Main Market, and Gloo was admitted to AIM. The early stage of each of these investments represents a strong opportunity for growth with potential for value accretive M&A investment. Our strong cash position will enable further investment in the portfolio companies or in new investment vehicles," said Chairman Robert Ware.
Marwyn Value shares were down 1.2% to 182.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Marwyn Val. (MVI)
Zegona Com (ZEG)
