Richard Holway7 May 2015 11:27
Little British Battler sponsor MXC Capital has announced a placing at 2.5p raising £12m. That now provides them with c£27m to apply to a ‘significant pipeline of identified opportunities’. They are also bringing MXC Holdings into the structure. MXC Holdings was Ian Smith and Tony Weaver’s original investment vehicle and holds a significant stake in Redcentric (+ others) So now all the main parties are ‘aligned’ which seems pretty sensible!
It has been a pretty impressive period for MXC since they IPOed in July 14 @ 1p. They closed yesterday at 3.7p (obviously ahead of the 2.5p placing announcement…) Since the IPO they have completed 13 transactions and generated £5.9m of EBITDA. The recent acquisition, restructure and serial disposal of Calyx Managed Services (See MXC sells bits of Calyx and work back) shows how this team can operate over short timetables providing significant returns. I watched in awe!
I suspect MXC is a ‘you ain’t seen nothing yet’ company. Ie the real excitement is all to come. Having worked with the team, including Marc Young, over several years they clearly work extremely well together. They have the raport which is sadly lacking in some other organisations. This enables them to work fast – again an unusual characteristic.