(Alliance News) - Marwyn Value Investors Ltd on Wednesday welcomed the completed GBP1.9 billion acquisition of BCA Marketplace PLC by TDR Capital LLP, which will generate proceeds of around GBP65.5 million for Marwyn.
Marwyn said that GBP60.2 million of proceeds are attributable to its ordinary shareholders, while the remaining GBP5.3 million is attributable to its realisation shareholders. The company expects to receive the proceeds by November 20.
Earlier Wednesday, BCA Marketplace announced the completion of its takeover by TDR Capital, following the announcement on Tuesday of the scheme being court-sanctioned.
Prior to the takeover, Marwyn Value Investors held a 4.6% interest in the vehicle marketplace operator.
The proceeds attributable to ordinary shareholders will be used to support follow on investments in the company's current portfolio, and to support the launch of new management teams and acquisition firms.
"The sale of BCA to TDR delivers a successful outcome for MVIL and supports the Manager's track record of backing exceptional management teams to execute investment strategies that can generate shareholder value. The manager continues to assess opportunities to reinvest the resulting capital now available to the Marwyn Funds," said Chair Robert Ware.
Shares in the investment firm - which is headquartered in St Helier, Jersey - were down 2.0% at 117.10 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Marwyn Val. (MVI)