3 Apr 2017 07:00
MXC Capital Limited
("MXC" or the "Company")
Extension of Share Buyback Programme
MXC Capital Limited (AIM: MXCP), the technology focused merchant bank, announces that it has extended the share buyback programme announced on 22 December 2016 up to a further £300,000 (the "Programme").
The board of the Company continue to believe the current share price is not representative of the underlying value of the Company and its prospects.
Any share purchases will be carried out on the London Stock Exchange and will be effected both in accordance with the terms of the general authority to make market purchases of its own shares granted to the Company by shareholders of the Company on 29 January 2016 and the Market Abuse Regulation (EU) No. 596/2014.
Under Article 3 of Commission Delegated Regulation (EU) No 2016/1052, the volume of shares able to be purchased daily by the Company is limited, hence the Programme will be undertaken using a phased approach and will continue until further notice, subject to the buyback approval resolution being approved at the Company's next Annual General Meeting in respect of any purchases to be made after the date of that meeting. The purpose of the Programme is to reduce the capital of the Company; repurchased shares will be cancelled.
During the course of the Programme, the Company will notify the market of the number of shares purchased and the price paid per share as and when share purchases are made.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
MXC Capital Limited
Marc Young
+44(0)20 7965 8149
Zeus Capital Limited (Nominated adviser and broker)
Giles Balleny/ Nick How
+44 (0)20 7533 7727
Alma PR
Josh Royston / Hilary Buchanan
+44 (0)7780 901979/+44 (0) 7515 805218
About MXC Capital (www.mxccapital.com)
MXC is a specialist merchant bank with a track record of investing in and advising companies in the TMT sector. We bring together a deep knowledge of technology, first-hand experience of managing companies in the sector, an ability to make meaningful investments and a highly experienced corporate advisory team in support, all of which we combine to grow shareholder value.