LONDON (Alliance News) - Cloud and managed IT services provider IDE Group Holdings PLC on Tuesday said it received valid acceptances for GBP1.0 million in the second tranche of its loan notes subscription offer.
Under the terms of an underwriting agreement, MXC Capital Ltd will subscribe for the remaining GBP3.7 million of the second tranche of the loan note offering.
About GBP4.1 million of the second tranche will be used to repay IDE's debt to NatWest. The remaining part of the second tranche will be used for working capital.
Technology investor MXC in a separate statement confirmed its intention to take up GBP3.7 million of notes in IDE.
Following the subscription, MXC will hold GBP8 million of the GBP10 million IDE loan notes and 43.1% of the issued share capital of IDE.
IDE shares were down 2.6% at 1.90 pence each while MXC shares were up 3.9% at 1.35p.
