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MXC Capital Limited (MXCP)

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Thursday 13 September, 2018

MXC Capital Limited

Completion of Sale of 25% of MXC Subsidiary

RNS Number : 6199A
MXC Capital Limited
13 September 2018
 

 

MXC Capital Limited

("MXC", the "Group" or the "Company")

 

Completion of Sale of 25% of MXC Subsidiary

Establishment of the EBT

 

Further to the announcement of 19 July 2018, MXC (AIM: MXCP) is pleased to announce completion of the proposed sale of 25% of the issued share capital of MXC Capital (UK) Limited ("MXCUK") to Ravenscroft Holdings Limited ("Ravenscroft") for a cash consideration of £2.25 million (the "Investment").

 

MXCUK is a subsidiary of MXC and is the holding company of the Group's transactional businesses. Completion of the Investment ("Completion") was conditional upon the Financial Conduct Authority's (the "FCA") consent to the change of control of MXC Capital Markets LLP ("MXCCM"), the Group's corporate finance practice which is authorised and regulated by the FCA, which has now been received.

 

The consideration for the Investment is payable in cash as follows; £1.5 million on Completion, with £0.75 million to be paid on 2 January 2019.

Furthermore, in the announcement of 19 July 2018 the Company detailed its intention to establish an Employee Benefit Trust (the "EBT") to buy ordinary shares of no par value in the capital of MXC ("Ordinary Shares") in the market to be held to satisfy existing and future share incentivisation awards for the benefit of employees and certain directors of MXC.

MXC is pleased to announce that the EBT has now been established and will initially be funded by way of a loan of £2 million (with an interest rate of 2% above the Bank of England base rate) from MXC Guernsey Limited, the Group's investment holding company, with further funding to be provided as and when appropriate. Oak Trust (Guernsey) Limited, as trustee of the EBT, has absolute discretion and independence in respect of all trading decisions it may make in respect of the purchase of Ordinary Shares.

 

MXC Capital Limited

Ian Smith

+44(0)20 7965 8149

Zeus Capital Limited (Nominated adviser and broker)

Giles Balleny

+44 (0)20 3829 500

 

About MXC Capital (www.mxccapital.com)

MXC is a specialist technology adviser and investor with a track record of investing in and advising companies in the TMT sector. We bring together a deep knowledge of technology, first-hand experience of managing companies in the sector, an ability to make meaningful investments and a highly experienced corporate advisory team in support, all of which we combine to grow shareholder value.




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