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7 Nov 2022 07:02
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
LEI: 213800L5751QTTVEA774
7 November 2022
Marwyn Value Investors Limited ("MVIL" or the "Company")
Appointment of Waheed Alli to the board of directors of MAC plc (to be renamed 450 plc)
Appointment of Waheed Alli
The Company notes today's announcement by Marwyn Acquisition Company plc ("MAC plc") regarding the appointment of Waheed Alli as non-executive chair of MAC plc with effect from 6 November 2022. In connection with this appointment, subject to shareholder approval at the annual general meeting of MAC plc due to be held on 5 December 2022 the investing policy of MAC plc will be amended to focus on acquisition opportunities arising within the traditional and digital creative industries encompassing content, media and technology.
James Corsellis, Chief Investment Officer of Marwyn Investment Management LLP ("Marwyn"), the manager of MVIL, commented: "We are delighted to be working with Waheed and are very excited by the potential investment opportunities given his extensive track record of launching and growing creatively-centred businesses"
Summary Biography of Waheed Alli
Waheed has over 30 years' experience across the media, retail, entertainment and technology sectors, having launched and grown a number of highly successful private and public businesses in his career.
He co-founded Planet 24, a TV production company which produced shows such as The Big Breakfast, The Word and Survivor (created by Charlie Parsons). Planet 24 was sold to Carlton Productions, now known as ITV Studios, in 1999.
Waheed co-founded TV production company, Shine, and was Chair of production company Chorion plc, including during its time as a listed business between 2003 and 2006 delivering share price growth of over 275%.
As Founder and CEO of Silvergate Media, Waheed acquired the IP and distribution rights to The Octonauts in 2012, establishing international partnerships with Netflix, Disney and Nickelodeon before selling Silvergate Media to Sony in 2019.
Waheed was also Chair of ASOS plc between 2001 and 2012 where he oversaw market capitalisation growth from £12.3 million at IPO to £1.9 billion.
Waheed Alli has served as a member of the House of Lords since 1998.
Proposed Amended Investing Policy
In line with Waheed Alli's appointment and industry expertise it is proposed that the investing policy of MAC plc be amended to focus on acquisition opportunities arising within the traditional and digital creative industries encompassing the content, media and technology sectors.
MAC plc will consider the acquisition of private companies and public offers for, and mergers with, existing listed businesses, in the UK and internationally.
MAC plc's proposed amended investing policy is subject to shareholder approval at the annual general meeting of MAC plc due to be held on 5 December 2022
Sector background notes
The ongoing digital transformation of the media and entertainment industries and widespread adoption of digital media has led to a fundamental change in the way content is created, consumed and engaged with.
Global content spend among the nine leading content producing companies grew at 10% from prior year to reach $140.5 billion in 2022, and is forecast to grow at a 7% compound annual growth rate to $172 billion by 2025 (Source: Wells Fargo).
In the UK, the average amount of time spent watching video content through live TV has fallen from 83% in 2010 to 46% in 2022 following the growth of streaming, broadcaster video on demand and content platforms such as YouTube (Source: Ofcom).
The 'Creator Economy', emerging in the period since c.2012, is now estimated to be worth more than $100 billion, with over 50 million individual creators across the World producing and distributing content (Source: Forbes).
The directors of MAC plc believe there is a significant opportunity to invest in content, media or technology companies that have facilitated and are expected to continue to benefit from this shift.
Marwyn has a track record of supporting management partners in building highly successful companies, including in these sectors, such as Entertainment One and Advanced Computer Software Group.
This announcement contains inside information for the purposes of Article 7 of the UK version of EU Regulation 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"), and is disclosed in accordance with the Company's obligations under MAR. The person responsible for making this announcement is Robert Ware, Chairman, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
Company enquiries:
Aztec Financial Services (Jersey) Limited
Chris Copperwaite / Magdala Mullegadoo
Telephone: 01534 833000
Investor Relations
Kam Bansil
Telephone: 020 7039 1901
Corporate Broker - Liberum Capital Limited
Chris Clarke / Owen Matthews
Telephone: 0203 100 2200
Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Marwyn's previous 11 comparable listed acquisition companies which have completed a platform acquisition have delivered in excess of £4.2 billion in equity profits and an aggregate return on capital to shareholders of 119 per cent (as at 31 October 2022).
For further information see http://www.marwynvalue.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.