TAX Tax Systems

TIDMMXCP TIDMTAX

RNS Number : 8012T

MXC Capital Limited

25 March 2019

MXC Capital Limited

("MXC" or the "Company")

Update re Offer for Tax Systems plc

MXC (AIM: MXCP), the technology focused adviser and investor, notes the announcement on 22 March 2019 by Tax Systems plc ("Tax Systems") in which it confirmed that the Court made an order sanctioning the scheme of arrangement under Part 26 of the Companies Act (the "Scheme") in connection with the recommended acquisition by Stripes BidCo Limited of the entire issued and to be issued share capital of Tax Systems at 115 pence per share (the "Offer"). The Scheme will therefore come into effect today, 25 March 2019, and dealings in Tax Systems shares will be suspended as from 7.30 a.m., with admission to trading of Tax Systems shares on AIM being cancelled with effect from 7.00 a.m. tomorrow, 26 March 2019.

The proceeds from the sale of MXC's Tax Systems shares and warrants under the Scheme (the "Sale") amount to GBP24.2 million. This represents a 1.78x return on MXC's initial investment in Tax Systems in July 2016, a 1.24x return on the further Tax Systems shares MXC purchased in August 2018 and a blended return of 1.62x. Furthermore, MXC has received a GBP0.3 million fee in relation to the Offer.

The proceeds of the Sale will be used in line with MXC's stated strategy of investing in technology companies.

Market Abuse Regulation (MAR) Disclosure

The 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 How

+44 (0)20 3829 5000

   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

OUPGIGDXRSDBGCX

(END) Dow Jones Newswires

March 25, 2019 03:00 ET (07:00 GMT)

Tax Systems (LSE:TAX)
Historical Stock Chart
From Nov 2024 to Dec 2024

Tax Systems (LSE:TAX)
Historical Stock Chart
From Dec 2023 to Dec 2024