Marwyn Val. Regulatory News (MVI)

LEI: 213800L5751QTTVEA774

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

29 April 2022

MARWYN VALUE INVESTORS LIMITED (THE "COMPANY")

Annual Report and Financial Statements 2021

Marwyn Value Investors Limited announces the publication of its annual results for the year ended 31 December 2021.

The Annual Report and Financial Statements are available on the 'Financial Reports' section of the Company's website, http://www.marwynvalue.com/company-information/financial-reports, and will be uploaded to, and available on, the National Storage Mechanism.

SUMMARY PERFORMANCE

Ordinary Shares

2016 Realisation Shares

2021 Realisation Shares

Robert Ware, Chairman of Marwyn Value Investors Limited, commented:

"The Board are pleased to note the strong investment performance of the Company during 2021, driven by positive returns from the existing operating companies in the portfolio. The cash generated from realised investments over the last couple of years provides the Manager with a strong balance sheet to support the exciting next generation of recently launched acquisition companies combined with what the Board believes is an attractive dividend.

Against a backdrop of the current macro-economic and geo-political environment, I believe that, given the Manager's investment strategy of backing experienced executives, employing low financial leverage together with innovative acquisition structures, as well as our cash resources, the Company is well positioned to take advantage of opportunities which may arise in 2022 and provide the foundations for strong portfolio performance in the years to come."

KEY HIGHLIGHTS

Ordinary Shares

Net assets of £101.9 million, an increase of £10.8 million since 31 December 2020

· NAV per share of 183.7p as at 31 December 2021.

· Total NAV return of 18.6% since 31 December 2020.

· Share price up 11.5p since 31 December 2020 to 119p as at 31 December 2021, an increase of 10.7%. The share price discount to NAV increased to 35.2% as at 31 December 2021, compared to 34.1% as at 31 December 2020.

Continued significant distributions

· Quarterly dividends of 2.265p per share paid in February, May, August and November 2021 with a further quarterly dividend of 2.265p expected to be paid in each quarter of 2022. Total annual dividend of 9.06p per share represents a yield of over 7.7% (based on share price of 117p as at 31 March 2022).

Strong cash position

· Look-through cash balance of £47.9m at 31 December 2021.

2016 Realisation Shares

Net assets of £2.7 million, a decrease of £3.8 million since 31 December 2020, driven by shareholder distributions

· NAV per share of 286.0p as at 31 December 2021.

· Total shareholder return of 38.8% since 31 December 2020.

Further distributions in 2021

· Cash proceeds attributable to the realisation shares from the Zegona tender offer totalling £6.4m were distributed in November 2021.

2021 Realisation Shares

· New share class created in November 2021 following realisation share offer to ordinary shareholders.

· NAV per share of 183.7p and net assets of £662k as at 31 December 2021.

Portfolio Highlights

· Zegona completed the sale of its underlying asset, Euskaltel, for €428 million, returning the majority of the cash generated to shareholders via a tender offer in October 2021, generating a 1.4x return for the Marwyn Funds over the life of our investment.

· Le Chameau's performance over 2021 has been materially ahead of expectations, delivering another profitable year under the leadership of Corry Cavell-Taylor. We have continued to see the accelerated development of Le Chameau's direct to consumer e-commerce channel, as well as continued strong demand from retailers. We are confident that these developments will continue to improve the company's growth trajectory and sustained profitability leading to further positive uplifts in value and are actively considering opportunities to materially increase the company's long-term in-house production capacity.

· AdvancedAdvT which was launched with Vin Murria OBE in late 2020 and raised £130m of equity capital, continues to review a range of opportunities. In January 2022, AdvancedAdvT announced the acquisition of a c.9.82% stake in M&C Saatchi and subsequently has announced that it is interested in exploring a share exchange merger with M&C, with discussions continuing.

· MAC II has published a prospectus in relation to a 12 month placing programme for a C redeemable share class, providing a competitive advantage in securing attractive acquisition opportunities and bringing the best executive management back to the UK public markets. MAC III has announced an intention to launch a similar placing programme.

· Cash is expected to be received into the Master Fund relating to a historic investment in Praesepe plc which operates in the gaming industry although quantum and timing of this is currently unknown.

OUTLOOK

We continue to work with several potential Management Partners and consider numerous investment opportunities, mindful of volatility of the current macro-economic environment and remaining loyal to our core investment thesis of backing experienced managers, in sectors and companies with strong fundamentals, employing a risk adjusted approach to leverage and returns and focus on building long term sustainable returns for all stakeholders.

1 For the ordinary shares, inception to date movement is based on the combined weighted average NAV of Marwyn Value Investors I, II and B shares prior to their amalgamation, using the conversion ratio published on 17 April 2008.

Total return assumes the reinvestment of dividends paid to shareholders into the Company at NAV and is calculated on a cum-income basis

2 For the realisation shares, shareholder total return is calculated as the movement in total shareholder value, including all distributions made to realisation shareholders over the relevant period.

Capitalised terms used in the announcement and not otherwise defined have the same meaning as detailed in the Company's Annual Report and Audited Financial Statements for the year ended 31 December 2021.

Company enquiries:

Company Secretary - Aztec Financial Services (Jersey) Limited

Magdala Mullegadoo / Sarah Felmingham

Telephone: 01534 833000

Investor Relations - Kam Bansil

Telephone: 020 7039 1901

Corporate Broker:

Chris Clarke / Owen Matthews

Liberum Capital Limited

Telephone: 0203 100 2200

Marwyn Value Investors Limited is a closed-ended investment company, trading 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 AdvancedAdvT Limited, the operating business of Le Chameau, Marwyn Acquisition Company plc, Marwyn Acquisition Company II Limited, Marwyn Acquisition Company III Limited, MAC Alpha Limited and Zegona Communications plc.

Cautionary Statement

This announcement contains forward-looking statements which are made in good faith based on the information available at the time of its approval. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievement of the Company to be materially different from those expressed or implied by these forward-looking statements.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement