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Marwyn selling part of its Entertainment One stake

Last night, after the market had closed, Marwyn Value Investments announced it would sell 26.5m shares in Entertainment One – about 9% of the company. The mechanism it is using to do this is called an accelerated bookbuild.. This morning Entertainment One’s shares are down 10% on the news. At the current price, the stake Marwyn is selling would be worth c£86m and the value of its remaining 17.9% stake in the company would be worth £173m.

Marwyn has not given any indication of what it plans to do with the money.

UPDATE

The gross proceeds of the sale were £87.5m. Marwyn Value Investments share of this (the rest is owned by other investors in the Master Fund through which Marwyn invests) is £61.1m. £5.3m of this is being handed back to shareholders. The rest is being held back to support existing new investments in BCA Marketplace plc, Zegona Communications plc and Le Chameau Holdings and to provide cash for new investments.

MVI : Marwyn selling part of its Entertainment One stake

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