Marwyn sells it remaining stake in Entertainment One

Marwyn Value Investors has announced the sale of its remaining interest in Entertainment One. The company says that, following the sale, approximately £10m will be returned to shareholders under its distribution policy for net capital gains. The £10m is in addition to the £5.3 million still to be returned following the initial disposal of Entertainment One in July 2015. Marwyn’s board expect the distribution to be made to shareholders during November 2015.

Together with the initial disposal, this final disposal of Entertainment One, generates gross proceeds to the Master Fund of £229.8m. This represents a 4.3x cash multiple since the initial investment in 2007.

The purchaser of the remaining stake is the Canada Pension Plan Investment Board. Marwyn Value Investors LP is selling the shares at a price of £2.69 per share (the closing market price on 15 September 2015) , which will, on completion, raise gross proceeds of approximately £142.4m. Of this approximately £103.4m will be attributable to the Company. The disposal is conditional upon the buyer having received notice from the Australian Foreign Investment Review Board that there are no objections concerning its proposed acquisition of shares in Entertainment One. The company say that this notification, and the completion of the transaction, is expected within 30 days.

Marwyn sells it remaining stake in Entertainment One : MVI