(Alliance News) - MXC Capital Ltd on Wednesday announced plans for a tender offer at 116 pence per share and a B share consolidation.
Under the tender offer, technology adviser and investor MXC proposes to purchase 1 in every 46 of its ordinary shares at 116p each, a maximum of 1.5 million shares for a total of GBP1.7 million. The shares will be cancelled.
Shares in MXC Capital closed up 0.6% at 103.12p in London on Wednesday, which would put the tender offer at a 12% premium to the closing price.
Along with the tender offer, MXC is also planning to consolidate its B shares, with every 50 B shares consolidated into 1 new B share. This will require a change in MXC's articles.
By Anna Farley; annafarley@alliancenews.com
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