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LONDON (Alliance News) - MXC Capital Ltd on Tuesday said it has sold its entire shareholding in digital marketing platform provider Eagle Eye Solutions Group PLC at 200 pence per share, as part of Eagle Eye's share placing announced last week.
MXC said the net proceeds from the sale of its Eagle Eye shares over the past month was GBP2.34 million and said the sale concludes its legacy assets divestment plan.
Last Thursday, Eagle Eye said it raised GBP4.0 million by issuing 2.0 million new shares at a price of 200 pence, money it said it will use to "accelerate investment in product development and infrastructure and increase sales and marketing resources to capitalise on the market opportunity and drive international expansion".
The new shares being issued represent just under 10% of the company's issued share capital prior to the placing.
At the same time, MXC Capital sold 994,512 existing Eagle Eye shares.
"We are pleased to have successfully concluded the disposal of the last remaining legacy asset. The net proceeds represent a good return for our shareholders. We will employ the proceeds to further build out our tech focused merchant banking activities," said MXC Chief Executive Officer Marc Young.
Shares in MXC were up 0.5% to 2.688 pence on Tuesday. Eagle Eye shares were trading flat at 205.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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