MXC Capital Limited Completion of Acquisition of Loan Notes in Adept4 (6115Q)
22 October 2019 - 2:56AM
UK Regulatory
TIDMMXCP
RNS Number : 6115Q
MXC Capital Limited
21 October 2019
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")
Completion of Acquisition of Loan Notes in Adept4 plc
Further to the announcement on 2 October 2019, MXC (AIM: MXCP),
the technology focused adviser and investor, is pleased to announce
that it has, via its wholly owned subsidiary MXC Guernsey Limited
("MXCG"), acquired GBP3.5 million of unsecured loan notes (the
"Loan Notes") in Adept4 plc ("Adept4"), following completion of
Adept4's acquisition of CloudCoCo Limited ("CloudCoco").
The Loan Notes have a term of 5 years (though Adept4 has the
ability to repay the loan notes after 12 months), and the
associated interest rate is 12%, such interest to be rolled up,
compounded annually and paid at the end of the term. Furthermore,
MXCG has provided Adept4 with an additional 2 year working capital
facility of up to GBP0.5 million, with an interest rate of 12%.
Following the issue of new ordinary shares in Adept4 in relation
to its acquisition of CloudCoCo, MXC now holds 15% of the issued
share capital of Adept4.
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.
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