MXC Capital Limited Subscription for Loan Notes in IDE Group Holdings (1788Y)
30 12월 2019 - 4:00PM
UK Regulatory
TIDMMXCP
RNS Number : 1788Y
MXC Capital Limited
30 December 2019
MXC Capital Limited
("MXC" or the "Company")
Subscription for Loan Notes in IDE Group Holdings plc
MXC (AIM: MXCP), the technology focused adviser and investor,
announces that it has subscribed for GBP1.23 million of secured
loan notes in IDE ("IDE Loan Notes") as part of a total GBP1.5
million issue. The proceeds of the IDE Loan Notes will be used by
IDE to fully repay its finance leases and provide additional
working capital. The terms of the IDE Loan Notes are the same as
those issued in January and March this year and can be found below.
Following this subscription, MXC holds GBP9.23 million of the
GBP11.5 million IDE Loan Notes and 43.1 per cent. of the issued
share capital of IDE.
IDE is a mid-market network, cloud and IT managed services
provider. Ian Smith, CEO of MXC, is an Executive Director of IDE
and MXC Capital Markets LLP acts as financial adviser to IDE.
Further details about IDE (including latest announcements and
financial reports) are available at www.idegroup.com.
Terms of the IDE Loan Notes
The IDE Loan Notes have a term of six years (the "Term") and an
annual coupon of 12 per cent., which is rolled up, compounded
annually and payable at the end of the Term. The IDE Loan Notes
carry an arrangement fee of 2.5 per cent., payable at the end of
Term, and an exit fee of 2.5 per cent., also payable at the end of
the Term, both payable pro-rata to the subscribers of IDE Loan
Notes. The IDE Loan Notes are secured on IDE's assets. The IDE Loan
Notes can be redeemed at any time at IDE's option, however, should
IDE opt to redeem them prior to the end of the Term, all interest
due until the end of the Term will become payable, together with
the arrangement and exit fees, upon such early redemption.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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