20th Nov 2015 17:42
LONDON (Alliance News) - Marwyn Value Investors Ltd on Friday said 22.7 million shares have been placed at 220 pence each to raise GBP50.0 million for the company, as the founders of the company backed the fundraising.
The new shares will equate to 28.7% of the enlarged company.
James Corsellis and Mark Brangstrup Watts, the founders of Marwyn Value Investors, subscribed for GBP2.0 million worth of the shares.
"The proceeds from the placing will give Marwyn Value Investors LP sufficient resources to invest in further diversifying the portfolio and supporting participation in future fundraises across the existing investments, consistent with our buy-and-build strategy," Chairman Robert Ware said in a statement.
"We see substantial growth opportunities in new and existing platform businesses. This placing, plus the move to quarterly dividends, will provide enhanced scale and an attractive yield for shareholders, further assisting our progress in closing the discount to NAV [net asset value] and making MVI attractive to a broader range of investors," Ware said.
Completion of the fundraising requires shareholder approval.
The stock closed down 0.4% at 214.70p on Friday.
By Samuel Agini; [email protected]; @samuelagini
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