25 May 2012

Marwyn secures Paragon reverse

16/12/2011 Miles Nolan

Investment company Marwyn Capital (MCII) has returned from suspension with news it has agreed a reverse take-over by design and fit-out business Paragon Creative.

AIM listed Marwyn is paying a maximum £4 million to fund the deal, which will be financed by cash and shares. It is also planning to raise £2.5 million at 4p with broker Cenkos - pitched at a significant discount to its current market price of 8.75p.

Paragon designs and produces third party attractions such as interactive exhibits, models and themed attractions for museums, shopping malls and a raft of international clients. Driven by increasing inward tourism and solid retail/corporate demand it is trading very strongly.

In the year to August it achieved sales growth of 28 per cent, and for the current financial year it has already secured over 70 per cent of its budgeted revenue. Marwyn believes there is considerable scope to expand by acquisition, but there is also a good opportunity to develop large stand-alone attractions, as well as the roll-out of licensed attraction concepts.

Marwyn floated just under two years ago as a special purpose vehicle with initial funding of £4.9 million. In recent months it has focused on potential acquisitions in the leisure space. The deal makes sense, but there will be significant dilution for investors due to the lowly priced placing.

Tags: Acquisition, AIM market, Mark Watts, Paragon Concepts, Reverse takeover

Sector: Financial Services

Companies: Paragon Entertainment

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