2 May 2019 07:00
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
MXC Capital Limited
("MXC" or the "Company")
Investment into Joint Venture with Liberty Global
MXC (AIM: MXCP), the technology focused adviser and investor, is pleased to announce that it has made a further investment (the "Investment") into MXLG Acquisitions Limited ("MXLG"), its joint venture with Liberty Global Europe 2 Limited ("LGE2") (a wholly owned subsidiary of Liberty Global plc).
The Investment has enabled MXLG to complete the acquisitions of Koris Communications Group Limited ("Koris") and 365 ITMS Limited ("365") which represent the second and third acquisitions in MXLG's stated strategy of building an IT services business of scale targeting the UK SME market ("the Acquisitions").
Koris is a managed communications provider offering on-premise, hybrid, private cloud and cloud solutions with a specialist focus on Mitel telephony and Skype for Business solutions.
365 is an IT services company providing networking, unified communications and IT security services.
MXLG has financed the Acquisitions with funds from a senior debt facility with The Royal Bank of Scotland and equity injections from its shareholders.
MXC, together with a co-investor, have each made an equity investment of £1.225 million into MXC JV Limited ("MXCJV") to part fund the Acquisitions.
Following the Investment, MXC continues to hold 100% of the voting rights of MXCJV and continues to own 50% of its issued share capital. MXCJV holds 50% of the issued share capital of MXLG with LGE2 owning the remaining 50%.
MXC Capital Limited
Ian Smith
+44 (0) 20 7965 8149
Zeus Capital Limited (Nominated adviser and broker)
Nick Cowles, Dan Bate
+44 (0) 161 831 1512
About MXC Capital Limited www.mxccapital.com
MXC is a specialist technology adviser and investor with a track record of investing in and advising companies in the TMT sector. MXC brings 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 combine to grow shareholder value.
About Liberty Global plc www.libertyglobal.com
Liberty Global plc is the world's largest international TV and broadband company, with operations in 12 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the video, internet and communications revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 21 million customers subscribing to 45 million TV, broadband internet and telephony services. We also serve over 6 million mobile subscribers and offer WiFi service through 12 million access points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant content investments in ITV, All3Media, LionsGate, the Formula E racing series and several regional sports networks.