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On June 8, 2023, Marwyn Value Investors Limited noted that AdvancedAdvT Limited (AdvT) conditionally agreed to acquire five software businesses from Capita plc for approximately £33 million in cash. These acquisitions, which generated approximately £35 million in total revenue in 2022 with about 74% recurring, are subject to National Security and Investment Act approval. The Financial Conduct Authority suspended AdvT's listing with immediate effect as the transaction constitutes a reverse takeover, and Marwyn Funds collectively own 20,525,000 ordinary shares and 525,000 ordinary warrants in AdvT.
| Date | 8 Jun 2023 |
| Time | 10:00:01 |
| Category | Acquisitions and alliances |
| ID | 1104C |
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
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