25th Aug 2015 08:26
LONDON (Alliance News) - MXC Capital Ltd said it will acquire parent company MXC Holdings Ltd in a share-for-share deal that values MXC Holdings at GBP15 million, excluding the shares MXC Capital already owns in the company, in a move to unify all of its activities and investments into a single structure.
The deal will be conducted via subsidiary MXC Guernsey, and under the deal MXC Capital will issue 1.65 billion shares, worth GBP45.35 million, to the owners of MXC Holdings. It will indirectly control the entire issued share capital of MXC Holdings via MXC Guernsey, which will in turn own 24.89% of MXC Capital's issued share capital.
MXC Holdings' investments include a 4.04% interest in Redcentric PLC, as well as options over a further 6% of Redcentric shares, along with shares in two privately owned software companies.
MXC said it currently has around GBP28 million of capital to invest, and has an encouraging pipeline of transaction opportunities.
Shares in MXC Capital were down 5.2% at 2.75 pence. Shares in Redcentric were up 6.4% at 179.00p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
RedcentricMXCP.L