1 Oct 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 New Joint Venture
MXC (AIM: MXCP), the technology focused adviser and investor, is pleased to announce that it has made a £4.9 million investment (the "Investment") into Channel Islands Media Group Limited ("CIMG"), its newly established joint venture with the Bailiwick Investment Limited (the "BIL"), a specialist fund which is administered and managed by Ravenscroft Limited, with whom MXC has an existing partnership.
The Investment has enabled CIMG to complete the acquisition of The Guernsey Press Company Limited and its wholly owned subsidiary, Guernsey Distribution Limited (together, "The Guernsey Press") (the "Acquisition").
The Guernsey Press is a key source of news and information across the Bailiwick of Guernsey, offering multi-media platforms such as the website and app "GY4U", as well as the production and distribution of the local newspaper and the wholesale and distribution of national newspapers and magazines. Using technology, the intention is to enhance the content and market share of both the website and app and to provide a full managed service for the digital needs of the Guernsey business community.
MXC and the BIL have each made an equal equity investment into CIMG to fund the Acquisition. Following the Investment, MXC holds 50% of the voting rights and issued share capital of CIMG.
Ian Smith, CEO of MXC, commented:
"There is a fabulous opportunity to make the GY4U portal the go to destination for all things Guernsey. As a captive market, unlike the UK, we can create a single source for news, user specific content, loyalty schemes and of course the obvious Automotive, Housing and Jobs market. The media landscape has changed significantly in the last decade and technology has been at the heart of those changes. We are looking forward to being part of such a respected Guernsey name and helping it to further embrace technology so that it drives value for both users and investors."
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.