TIDMMAC2
RNS Number : 3853P
Marwyn Acquisition Company II Ltd
20 June 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF
THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE
UNLAWFUL TO DO SO.
LEI: 2549008KZ7HM27V4O637
This announcement contains inside information
Marwyn Acquisition Company II Limited (the "Company" or "MAC
II")
Appointment of Mark Hodges as Chairman
The Company is pleased to announce the appointment of Mark
Hodges as Chairman with effect from 19 June 2022. In connection
with this appointment, the strategy of the Company has been refined
such that it will now focus on pursuing Business Acquisition
opportunities in the financial services, consumer and technology
sectors.
James Corsellis, Director of the Company and Managing Partner of
Marwyn, commented: "We are delighted to be working with Mark and
look forward to him leading MAC II. Mark brings both exceptional
experience but also a completely differentiated vision for how
customers can be better served to meet their needs and those of the
people who depend on them into the future, and we are immensely
excited to be able to be part of that journey."
Mark Hodges, Chairman of MAC II, commented: "I am delighted to
be joining MAC II and look forward to working with Marwyn given
their excellent track record at building businesses."
Summary Biography of Mark Hodges, Chairman
Mark has over 30 years' experience across the financial services
and consumer sectors, including extensive FTSE 100 PLC board
experience with Centrica plc and Aviva plc. As former CEO of
ReAssure, Mark led the business through the GBP425m acquisition of
Quilter's UK Heritage business and oversaw the sale of Reassure to
Phoenix Group Holdings in 2020 for GBP3.25bn. At the time of the
sale, ReAssure had approximately GBP80bn of assets under
administration, 4 million customers and approximately 2,500
employees.
Revised sector focus
In line with Mark's appointment, the Company's initial focus for
investment has been refined to the financial services, consumer and
technology sectors.
The appointment of Mark and the refinement of the Company's
investment strategy require the Company to publish a supplement
(the "Supplementary Prospectus") to its prospectus dated 31 March
2022 (the "Prospectus"). The Supplementary Prospectus is expected
to be published today following FCA approval. Full details of the
Company's refined investment strategy will be contained in the
Supplementary Prospectus which, when published, will be available
from the Company's website at
www.marwynac2.com/investors/prospectus.
Summary of Market Backdrop
We believe that the current market backdrop has amongst a range
of drivers, four notable interrelated themes which the Directors
believe are shaping a clear customer need that remains largely
unmet.
Changing Population and demographics
Per latest estimates, there are currently 21 million people aged
55 and over in the UK (2020) and 99 million people aged 55 and over
in the US (2021). This global trend is likely to have a significant
impact on economies, social care systems and household finances and
the Directors believe future financial solutions will need to
reflect an increasing level of intergenerational financial and
social dependencies with financial products, advice and life
solutions needing to be tailored to meet a spectrum of complex
multi-generational needs.
Wealth transfer and the role of families
Intergenerational wealth transfer is expected to exceed US$68
trillion, with GBP5.5 trillion of this in the UK, underpinning the
increasing importance of the role played by families in providing
future financial solutions.
-- In the UK, one in every two first-time buyers aged under 35
is receiving financial support from their parents;
-- 71 per cent. of these new homeowners say they would not have
been likely to buy without financial support from family or
friends;
-- 75 per cent. of parents provide financial support to children who have left home;
-- 43 per cent. of parents with children aged 30+ say they are helping them financially;
-- In the US in 2018, families and friends supported one in
every five existing home buyers with the purchase of 1.2 million
homes, financing US$317 billion worth of homes; and
-- US parents are spending US$500 billion on their adult children per annum.
Social and non-financial family support
-- 5.4 million people in the UK provide unpaid care for a friend
or family member with over 1.4 million people providing fifty or
more hours of care per week. The peak age of carers in the UK is
55-64 with 29 per cent. of adults providing care and 22 per cent.
of people aged over 65 providing unpaid care.
-- In the US, where 53 million people are providing unpaid care
to an adult with health or functional needs. 61 per cent. of these
carers are fully employed and 45 per cent. say caregiving had at
least one financial impact (e.g. stopped saving or took on more
debt).
-- 10 million caregivers (25 per cent. of US caregivers) fall
into the millennial age range (22-37), of which, 73 per cent. are
employed but also spend an average of 21 hours a week caring for
loved ones.
Concentration of wealth
-- In the UK, household wealth is principally concentrated in
property (36 per cent.) and pension assets (42 per cent.);
-- In the US, household wealth is similarly concentrated in
pensions (20 per cent.), real estate (24 per cent.) and equities
(27 per cent.).
Opportunities for a new approach to family-focussed financial
solutions
With the combination of these social and macroeconomic
conditions and trends, the Directors believe all generations are
facing increasingly challenging financial situations which are
creating several problems to be solved.
The Directors believe there is a well-defined need and
opportunity, now more than ever, for clear and impartial support
and solutions to be provided to, and shared amongst, friends,
family and peers.
Strategy Execution
The Company intends to execute its strategy through a
combination of selective M&A of platform and bolt-on
businesses, potential strategic partnerships with established
financial services operators as well as ongoing operational
improvements. Target company market segments, principally expected
to be in the UK and US, may include, but are not limited to:
-- FinTech digital platforms
-- Digital content platforms
-- Life and pensions
-- Life-insurance assets
-- Lifetime mortgages and equity release
-- Wealth managers and advisers
-- Brokerage and associated services
-- Mortgage advisory
-- Healthcare related services
-- Estate planning and associated legal and tax services
-- Later life planning and assisted care services
IMPORTANT INFORMATION:
This announcement has been prepared by, and is the sole
responsibility of, the Directors of Marwyn Acquisition Company II
Limited.
This announcement does not constitute a prospectus relating to
the Company and does not constitute, or form part of, any offer or
invitation to sell or issue, or any solicitation of any offer to
subscribe for, any shares in the Company in any jurisdiction nor
shall it, or any part of it, or the fact of its distribution, form
the basis of, or be relied on in connection with or act as any
inducement to enter into, any contract therefor. The Prospectus is,
and when published the Supplementary Prospectus will be, available
from the Company's website at
www.marwynac2.com/investors/prospectus.
Neither the content of the Company's website, nor the content on
any website accessible from hyperlinks on its website for any other
website, is incorporated into, or forms part of, this announcement
nor, unless previously published by means of a recognised
information service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to
hold, or dispose of, securities in the Company.
Notes
Marwyn Background
Marwyn Acquisition Company II ("MAC II") is an acquisition
vehicle listed on the standard segment of the London Stock
Exchange. The Company is backed by Marwyn who have launched 11
previous comparable acquisition vehicles that have acquired
platform businesses, which include Advanced Computer Software, BCA
Marketplace, Breedon Aggregates and Entertainment One. More
information on MAC II can be found here: https://marwynac2.com/
Enquiries:
Company Secretary
Antoinette Vanderpuije - 020 7004 2700
Marwyn Acquisition Company II Limited, 11 Buckingham Street,
London, WC2N 6DF
Finsbury - PR Adviser
Rollo Head 07768 994 987
Chris Sibbald 07855 955 531
Investec Bank plc - Financial Adviser 020 7597 5970
Christopher Baird
Carlton Nelson
Alex Wright
N.M. Rothschild & Sons Limited - Financial Adviser 020 7280
5000
Peter Nicklin
Shannon Nicholls
WH Ireland - Corporate Broker 020 7220 1666
Harry Ansell
Katy Mitchell
Further information on the Company can be found on its website
at www.Marwynac2.com. Neither the content of the Company's website,
nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part
of, this announcement nor, unless previously published by means of
a recognised information service, should any such content be relied
upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the Company.
Mark Hodges (aged 56 years) currently holds or has held the
following directorships in the past five years:
Current Directorships
RSA Insurance Group Limited
Royal & Sun Alliance Insurance Limited
Regent Bidco Limited
Past Directorships
Reassure Group plc
Centrica plc
British Gas Trading Limited
British Gas Social Housing Limited
British Gas Energy Procurement Limited
Dyno-Rod Limited
P.H. Jones Facilities Management Ltd
P.H. Jones Group Limited
Association of Electricity Producers Limited
There are no further details to be disclosed under FCA's Listing
Rule 9.6.13R in respect of the appointment of Mark Hodges.
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END
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June 20, 2022 02:00 ET (06:00 GMT)
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