Marwyn Acquisition : Interim Report for the six months ended 31 December 2020

MARWYN ACQUISITION COMPANY PLC

Unaudited Interim

Condensed Consolidated Financial Statements For the

six months ended 31 December 2020

	CONTENTS
Management Report	2
Responsibility Statement	4
Consolidated Statement of Comprehensive Income	5
Consolidated Statement of Financial Position	6
Consolidated Statement of Changes in Equity	7
Consolidated Statement of Cash Flows	8
Notes to the Consolidated Interim Financial Statements	9
Advisers	17

1

MANAGEMENT REPORT

I present to shareholders the unaudited interim condensed consolidated financial statements of Marwyn Acquisition Company plc (the "Company") (formerly Wilmcote Holdings plc) for the six months ended 31 December 2020 (the "Consolidated Interim Financial Statements"), consolidating the results of Marwyn Acquisition Company plc, WHJ Limited, Wilmcote Group Limited, WCH Group Limited, Arrow US Holdings Inc and Arrow Canadian Holdings Limited (collectively, the "Group" or "MAC").

Strategy and Company Update

The Company was established and admitted to trading on AIM with the objective of creating value for its shareholders through the acquisition and subsequent development of target businesses, initially considering opportunities in the downstream and specialty chemicals sector. At the December 2019 AGM, shareholders approved expanding the Company's investment policy to consider opportunities in adjacent sectors, reflecting the breadth of deal flow seen and a broader range of potential investment structures. The investment policy Is included in full on the Company's website at https://www.marwynacplc.com/investors/investment- policy/default.aspx.

We continue to assess opportunities for the Company, including both potential acquisitions and/or engaging executive management. We have reflected on the previous challenges in the Company completing a platform acquisition, despite coming very close in both 2018 and 2019, and believe the value of a capitalised AIM-quoted vehicle and its broad investment scope will present opportunities in the current and expected macroeconomic environment.

At the December 2020 AGM, shareholders approved changing the Company's name to Marwyn Acquisition Company plc which we believe will better facilitate introductions of new management teams and acquisition opportunities generated by association to Marwyn's investment network.

Results

The Group's loss after taxation for the six months to 31 December 2020 was £515,000 (six months to 31 December 2019: loss of £1,643,000). The Group held a cash balance at the period end of £5,475,000 (as at 30 June 2020: £5,962,000).

Dividend Policy

The Company has not yet acquired a trading operation and it is therefore inappropriate to make a forecast of the likelihood of any future dividends. The Directors intend to determine the Company's dividend policy following completion of a platform acquisition and, in any event, will only commence the payment of dividends when it becomes commercially prudent to do so.

Corporate Governance

In line with the London Stock Exchange's AIM Rules for Companies requiring all AIM-quoted companies to adopt a recognised corporate governance code, explain how the company complies with that code's requirements and identify and explain areas of non-compliance, the Board has adopted the Quoted Companies Alliance Corporate Governance Code (the "QCA Code"). There have been no significant changes to the Corporate Governance Report presented in the Group's Annual Report and Consolidated Financial Statements for the period ended 30 June 2020, which is available on the Company's website, https://www.marwynacplc.com/investors/reports- and-presentations/default.aspx. Additional information in respect of the Company's compliance with the QCA Code can also be found on the Company's website.

The Company intends to re-evaluate its corporate governance code framework upon the earlier of the completion of a platform acquisition, or on appointment of an executive management team.

2

MANAGEMENT REPORT

Risks

The Directors have carried out a robust assessment of the principal risks facing the Group including those that would threaten its business model, future performance, solvency or liquidity. There have been no significant changes to the principal risks described on pages 47-53 of the Group's Annual Report and Consolidated Financial Statements for the period ended 30 June 2020. The Directors are of the opinion that the risks are applicable to the six month period to 31 December 2020, as well as the remaining six months of the current financial year.

Outlook

The Directors believe that recent and ongoing market disruption is likely to result in accelerated structural change in certain sectors and the associated emergence of investment opportunities. However, the Directors also note the importance of being highly selective of those opportunities and will seek out situations where the Company's structure and access to the public markets can provide a solution not otherwise available to a vendor. The Directors continue to progress potential opportunities and assess the optimal route to execute a platform acquisition in the current macroeconomic and capital market environment.

3

RESPONSIBILITY STATEMENT

Each of the Directors confirms that, to the best of their knowledge:

1. these Consolidated Interim Financial Statements, which have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of MAC; and
2. these Consolidated Interim Financial Statements comply with the requirements of Rule 18 of the AIM Rules for Companies and Article 106 of the Companies (Jersey) Law 1991.

Neither the Company nor the Directors accept any liability to any person in relation to the interim financial report except to the extent that such liability could arise under applicable law.

Details on the Company's Board of Directors can be found on the Company website at www.marwynacplc.com.

James Corsellis

Chairman

30 March 2021

4