30 August 2017

Marwyn Value Investors Limited

Zegona Communications plc Tender Offer

Further to the announcement on 27 July 2017, the Directors of Marwyn Value Investors Limited (the "Company") welcome the announcement today by investee company, Zegona Communications plc ("Zegona") confirming the details of a tender offer following the sale of Zegona's Spanish cable business, Telecable, to Euskaltel, S.A.

Marwyn Asset Management Limited ("MAML"), has entered into an irrevocable undertaking (the "Undertaking") accepting the tender offer in full, on behalf of Marwyn Value Investors LP and Marwyn Value Investors II LP (the "Funds"), which together own 25.8 per cent of the issued share capital of Zegona. The Company indirectly holds approximately 21.3 per cent of the issued share capital of Zegona through its investment in the Funds.  

Zegona proposes to return up to £140 million of cash to shareholders by way of a tender offer at a minimum price of £2 per Zegona share, as detailed in the circular published by Zegona today. This represents 42 per cent of Zegona's market capitalisation of £330 million*.

Following completion of Zegona's tender offer, the Funds are expected to receive aggregate proceeds of approximately £36.1 million. Payment is expected by 16 October 2017.

Approximately £26.0 million of the expected proceeds will be attributable to Ordinary Shareholders. MAML expects to deploy the proceeds in continuing to support the growth plans of new and existing portfolio companies within the Funds.

Approximately £3.8 million of the gross proceeds will be attributable to the Company's Realisation Shareholders. The Company will make an announcement once proceeds have been received to inform Realisation Shareholders of the process by which capital shall be returned to them.

* As at 29 August 2017, being the latest practicable date prior to the publication of this circular and based on Zegona's share price of £1.685 as at market close on that date.

Company enquiries:

Louisa Bonney / Scott Danks

Axio Capital Solutions Limited

Telephone: 01534 761240

Henry Freeman / Steve Pearce

Liberum Capital Limited

Telephone: 020 3100 2200

PR enquiries:

Alex Child-Villiers / Ed Orlebar

Temple Bar Advisory Limited

Telephone: 020 7002 1080

 -End-

Notes to editors:

Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include BCA Marketplace plc, Zegona Communications plc, Le Chameau Group plc, Gloo Networks plc, Safe Harbour Holdings plc and Wilmcote Holdings plc.

For further information see www.marwynvalue.com