9 Sep 2015 11:09
9 September 2015
MXC Capital Limited
("MXC" or the "Company")
Result of EGM to approve acquisition of MXC Holdings Limited ("Holdings")
and
Trading update for the 12 months ended 31 August 2015
At the Extraordinary General Meeting of the Company held today, the Ordinary Resolution and the two Special Resolutions as set out in the circular posted to shareholders dated August 25th were duly passed. The Company's updated website will go live shortly www.mxccapital.com
The Company is also pleased to provide an update on trading for the 12 months ended 31 August 2015, a successful period that has seen the formation of the business and a number of investments completed.
Highlights of the 12 months:
· Business now fully formed and corporate restructuring completed
· Corporate finance business established, contributing more than £1 million of profit in the period
· Investment portfolio performing well, quoted investments have increased in value by 2.3x in the year and two successful divestments yielding a 2.2x absolute return in under a year
· Buoyant pipeline of investment opportunities
· £23 million of cash resources available for investment
· Board confident of outlook
Peter Rigg, MXC Chairman, commented: "Following this morning's EGM we have now consolidated all MXC investments and activities into a single entity. This was the final step in the formation of the Company as a quoted merchant bank, specialising in investing in technology companies.
"During the 12 month period, as well as forming our company, we achieved healthy profitability whilst making a number of promising investments. We have an encouraging pipeline of future opportunity and we are enthusiastic for the Company's prospects. We look forward to updating the market when we announce our results for the year."
Following approval of the acquisition by shareholders the acquisition of Holdings is expected to complete in the next two weeks. A further announcement will be released on completion of the acquisition of Holdings and to advise when the MXC Capital Consideration Shares (being 1,649,089,816 new ordinary shares) will be admitted to trading on AIM.
Contact:
MXC Capital Limited | |
Marc Young | +44 (0)20 7965 8149 |
Zeus Capital Limited (Nominated adviser and broker) | |
Nick How / John Treacy | +44 (0)20 7533 7727 |
Alma PR | |
Josh Royston / Hilary Buchanan | +44 (0)7780 901979 / +44 (0)7515 805218 |
About MXC Capital
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.