MXC Capital Limited Investment into New Joint Venture (2461O)
October 01 2019 - 1:00AM
UK Regulatory
TIDMMXCP
RNS Number : 2461O
MXC Capital Limited
01 October 2019
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
MXC Capital Limited
("MXC" or the "Company")
Investment into New Joint Venture
MXC (AIM: MXCP), the technology focused adviser and investor, is
pleased to announce that it has made a GBP4.9 million investment
(the "Investment") into Channel Islands Media Group Limited
("CIMG"), its newly established joint venture with the Bailiwick
Investment Limited (the "BIL"), a specialist fund which is
administered and managed by Ravenscroft Limited, with whom MXC has
an existing partnership.
The Investment has enabled CIMG to complete the acquisition of
The Guernsey Press Company Limited and its wholly owned subsidiary,
Guernsey Distribution Limited (together, "The Guernsey Press") (the
"Acquisition").
The Guernsey Press is a key source of news and information
across the Bailiwick of Guernsey, offering multi-media platforms
such as the website and app "GY4U", as well as the production and
distribution of the local newspaper and the wholesale and
distribution of national newspapers and magazines. Using
technology, the intention is to enhance the content and market
share of both the website and app and to provide a full managed
service for the digital needs of the Guernsey business
community.
MXC and the BIL have each made an equal equity investment into
CIMG to fund the Acquisition. Following the Investment, MXC holds
50% of the voting rights and issued share capital of CIMG.
Ian Smith, CEO of MXC, commented:
"There is a fabulous opportunity to make the GY4U portal the go
to destination for all things Guernsey. As a captive market, unlike
the UK, we can create a single source for news, user specific
content, loyalty schemes and of course the obvious Automotive,
Housing and Jobs market. The media landscape has changed
significantly in the last decade and technology has been at the
heart of those changes. We are looking forward to being part of
such a respected Guernsey name and helping it to further embrace
technology so that it drives value for both users and
investors."
MXC Capital Limited
Ian Smith
+44 (0) 20 7965 8149
Zeus Capital Limited (Nominated adviser and broker)
Nick Cowles, Dan Bate
+44 (0) 161 831 1512
About MXC Capital Limited 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.
MXC brings 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 combine to grow shareholder
value.
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END
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