Marwyn Value Investors has entered into a placing letter to subscribe for GBP8.96 million of new ordinary shares in Haversham Holdings plc.
Haversham intends to float on AIM, a London Stock Exchange market. This investment represents approximately 4.8 per cent of the NAV of the company’s ordinary shares (measured as at 17 October 2014).
Haversham is a group formed by Avril Palmer-Baunack and Marwyn with the support of leading institutional investors, including Invesco, Artemis, Aviva and Schroders. It acquires and develops businesses in the UK and European automotive, support services, leasing, engineering or manufacturing sectors, targeting acquisitions with an enterprise value of between GBP250 million and GBP1 billion.
Haversham is placing a total of GBP30million new ordinary shares to provide due diligence and operating capital prior to a subsequent acquisition. Haversham’s ordinary shares are expected to be admitted to trading on AIM for the first time at 8.00am on 10 November 2014.
Marwyn Value Investors Limited has been a top-five performing UK-listed investment fund across all categories over the period since its inception in 2006.
Robert Ware, chairman of the company, says: “Avril has a strong track record of delivering value and we are pleased to be backing her new venture alongside other leading institutions. We are looking forward to announcing further investments in high quality management teams and delivering significant capital value through our proven buy and build strategy.”
