Marwyn Value Investors Ltd - investment company managed by Marwyn Asset Management Ltd - Says the first of Praesepe VAT reclaims in which the master fund has an interest has been agreed by HMRC. Master fund will receive £1.1 million in relation to the claim. Notes uncertainty about the timing and amount of any future reclaims to be repaid by HMRC.
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.
‘There is no net capital gain arising from the settlement of this agreed VAT reclaim and accordingly, no cash return is due to ordinary shareholders on receipt of the cash into the master fund, which will be retained by the master fund,’ the firm says.
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