MXC Capital Limited Completion of Sale of 25% of MXC Subsidiary (6199A)
September 13 2018 - 1:00AM
UK Regulatory
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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 GBP2.25 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; GBP1.5 million on Completion, with GBP0.75 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 GBP2 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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