(Alliance News) - MXC Capital Ltd on Tuesday said its net asset value per share rose in its most recent financial year, including substantially more cash after the disposal of its Tax Systems PLC interest and an increased investment value.
Shares in MXC were up 6.7% at 88.00 pence in London in the early afternoon.
As at August 31, the end of its year, NAV per share was 117p, up from 95p the year before. The underlying portfolio and liquid assets were valued at 102p per share versus 81p the year prior.
The technology-focused advisor and investor net assets - GBP71.3 million versus GBP63.9 million - included a 73% rise in cash with no borrowings to GBP21.5 million from GBP12.4 million. On top of which, the net value of its investments rose by GBP9.2 million.
Post year-end, in October, the company completed a GBP1.7 million tender offer priced at 116p per share. MXC intends to establish a progressive policy under which capital is returned through "periodic tender offers".
Chair Peter Rigg said: "After a couple of difficult years, I am delighted that the hard work of the MXC team is paying off and that we were able to reward shareholders for their loyalty by way of a return of capital. I continue to be grateful for the diligence, initiative and creativity of the MXC team during the year and, as ever, for the ongoing support of our shareholders. The Board looks to the future with confidence."
By Anna Farley; annafarley@alliancenews.com
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