Shareholder Rights Directive II Statement

Marwyn Value Investors Limited (“MVI”) strategy is to identify experienced, industry-leading management teams and back them to build and grow businesses — not just in the first year, but through ongoing support, active participation and collaborative involvement, investing time and operational expertise alongside capital.

Given the nature of this strategy, MVI maintains a highly concentrated portfolio, and Marwyn Investment Management (“MIM”), as investment manager and with the support of the wider Marwyn Group, engages with portfolio companies. The level, form and intensity of that engagement is tailored to the specific circumstances of each investment and evolves over time as the portfolio company develops.

As a result, MIM considers that adopting a formal, standardised engagement policy would be overly prescriptive and would not accurately reflect the bespoke and dynamic nature of its involvement. MIM therefore conducts engagement on a case-by-case basis, in a manner consistent with its long-term investment approach.