Marwyn Value Investors Ltd said on Monday that a VAT reclaim totalling £3 million has been settled.
Marwyn said that a further value-added tax reclaim, in which its Master Fund has an interest, has now been agreed by UK tax collector HM Revenue & Customs.
The claims relate to a dispute regarding when its investee Le Chameau Group sold a holding in gaming company Praesepe PLC last year, in the midst of a dispute between the gaming industry and HMRC over VAT.
The total amount attributable to the Master Fund is expected to be £3 million. Of this, 86% will be attributable to the company’s shareholders, it added.
As a result of this, Marwyn said that around half of the total gross claims in which the Master Fund has an interest have now been agreed by HMRC.
In August, the firm received £1.1 million regarding a VAT claim and in September it received an additional £290,000.
Marwyn added that there remains ‘significant uncertainty’ over both the amount that may be repaid by HMRC and the timing of any cash by the Master Fund. Due to this, the firm said no amount relating to the remaining claims will be reflected in the Company’s estimated net asset value calculations.
Marwyn Value Investors is an investment company managed by Marwyn Investment Management LLP. Shares in Marwyn Value Investors were unchanged at 102.00 pence on Monday morning in London, giving a £58.3 million market capitalisation.
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