AdvancedAdvT – Acquisitions

Marwyn Value Investors Limited

08 June 2023

 

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

8 June 2023

Marwyn Value Investors Limited ("MVIL" or the "Company")

AdvancedAdvT - Acquisitions for £33m

The Company notes today's announcement by AdvancedAdvT Limited ("AdvT") that AdvT has conditionally agreed to acquire five software businesses (the "Acquisitions") from Capita plc for a combined enterprise value of approximately £33 million in cash, funded by AdvT's cash reserves.

AdvT reports that in addition to organic growth, the Acquisitions will create a platform to develop the company by exploring growth opportunities in synergistic sectors and by targeted investment and M&A activities.

AdvT announced that in the year ended 31 December 2022, the Acquisitions generated a total revenue of approximately £35 million, with approximately 74% of the revenue being recurring or from Software-as-a-Service (SaaS).

The Acquisitions are subject to and conditional upon National Security and Investment Act approval.

As the Acquisitions, if completed, would constitute a reverse takeover under the Listing Rules, and AdvT is currently unable to provide full disclosure under Listing Rule 5.6.15, at the request of AdvT the Financial Conduct Authority has suspended AdvT's listing in its shares with immediate effect pending publication of a prospectus providing further detail.  In the event the Acquisitions do not proceed, AdvT will seek the lifting of its suspension.

There can be no certainty that the Acquisitions will take place.

The Marwyn Funds¹ collectively own 20,525,000 ordinary shares and 525,000 ordinary warrants in AdvT. Whilst AdvT's listing is suspended the Marwyn Funds investment in AdvT will be valued on the basis of its last market price. Based on this price, the investment in AdvT currently represents the following for each of the Company's issued share classes:

Share class	Estimated look-through NAV value (£m)	% of Estimated NAV
Ordinary shares	12.77	13.7%
2016 Realisation shares	Nil	Nil
2021 Realisation shares	0.08	12.8%

 ¹ comprises Marwyn Value Investors LP, Marwyn Value Investors II LP and MVI II Co-Invest LP

Company enquiries:

Company Secretary - Aztec Financial Services (Jersey) Limited

Chris Copperwaite / Magdala Mullegadoo

01534 833000

Investor Relations

Kam Bansil

020 7039 1901

PR Adviser - FGS Global
Rollo Head 07768 994987
Chris Sibbald 07855 955531

Corporate Broker - Liberum Capital Limited

Chris Clarke / Owen Matthews

0203 100 2200

 

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