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And IDE (Mxc really ) supporting Cloudcoco.
“In addition, IDE will provide CloudCoCo with a working capital facility of up to £500,000 to help fund the initial restructure of the IDE Group Connect business. Amounts drawn will be convertible into new ordinary shares of CloudCoCo at 1p per share if not repaid by 19 October 2022.”
All part of some original plan. I don’t know, but think it may be. Mxc a crafty crowd, drawing criticism now and again.
Anyway, it’s all moving along again now.
Could all finish up as one big happy family, to be sold off sometime. Imagination running away.
I get the upset form historical investors that have losses as they have invested at a higher price point but by parking the non-profitable part of the business into another their balance sheet will look far more profitable then ever before. If the business can create future sales of substance this surely can only mean IDE will be a growth story from here on....
All for a better looking balance sheet. It’s still the debt they have to ameliorate somehow.
But, you know, slowly slowly, if need be. We’re used to that.
I can’t help thinking there’s more to it.
I said earlier Mxc are quite an ‘incestuous’ bunch. Their dealings sometimes seem to have something on the end of it eventually - Cloudcoco was always one of ‘theirs’, set up originally from Redcentric employees ( Wheeler, Smith’s partner, was CEO of that ) Cloudcoco got backed in and Mxc supported it.
https://www.lse.co.uk/rns/MXCP/proposed-acquisition-of-loan-notes-in-adept4-plc-nv8v7d5acvavtum.html
Loan notes.
Now off we go again. Just musing. Some from a failing memory.
On that topic back in 2018 they sold off the 365 part of the company to "PTCA Newco Limited " to some of the management of the 365 business. MXCG bankrolled that purchase, but said "MXC does not have an equity interest in PTCA." But that didn't last. That company became Koris and within seven or so months MXC acquired it (with Liberty Global).
Wheels within wheels. MXLG appointed replacement director from Virgin Media, Liberty Global side of the joint venture last month.
We don’t really get to know easily what Mxc are up to, including their MXLG business, touted when it started as going to be a sizeable roll-up.
It may come together with IDE, or not.
For anybody half interested this is the bones of it.
https://www.lse.co.uk/rns/MXCP/joint-venture-with-liberty-global-v49jt1vtyjgho76.html
https://www.lse.co.uk/rns/MXCP/first-investment-into-joint-venture-liberty-global-nlu1f5zrbg24jk5.html
https://www.lse.co.uk/rns/MXCP/investment-into-joint-venture-with-liberty-global-p5jnnvdvjcuojgi.html
IDE delivering stellar returns in the field of wealth destruction again I see, what a terrible share
They’re calling it a long term hold on Advfn. Where have they been? Not in here for sure. Nevertheless, I see merit in that. It WILL get sold eventually, and very likely within 4 years give or take.
Not to say things won’t happen in the meantime. They will.
Kestrel, in the know, and having worked with Mxc on projects over the years, converted at 2.5p. There are years, on the Mxc plans to sell up their assets, to progress the business. Their conversion started to lighten the debt load. Kestrel will not have been conned, nor will they have acted in haste. In my opinion it will have been been done in consultation with Mxc., and form part of what is yet to be finalised on debt ameliorisation.
It will clear the air once that aspect is finalised.