MXC (AIM: MXCP), the technology focused adviser and investor, announces that, following a thorough review of the strategic options open to the Company, the Directors have concluded that it is in the best interests of the Company and its Shareholders to seek Shareholder approval for the cancellation of admission of the Ordinary Shares to trading on AIM.
The factors taken into consideration by the Directors in reaching the conclusion above include: For several years, the Company's Ordinary Shares have generally traded at a notable discount to the Company's NAV. By way of example, as at the end of the Company's previous three financial years, being
A circular will be sent to Shareholders shortly setting out further information on the background to and the reasons for proposing the Cancellation and the implications for the Company's Shareholders. The Circular also contains a notice convening a general meeting of the Company at which Shareholders are invited to consider the proposed Cancellation. The General Meeting has been convened for
The Cancellation Resolution is conditional, pursuant to Rule 41 of the AIM Rules, upon the approval of not less than 75 per cent. of the votes cast by Shareholders (whether present in person or by proxy) at the General Meeting.
The Directors consider that the Cancellation is in the best interests of Shareholders as a whole and unanimously recommend that Shareholders vote in favour of the Cancellation Resolution as they have undertaken to do in respect of their own beneficial holdings of 10,455,986 Ordinary Shares, representing 15.9 per cent. of the existing issued ordinary share capital of the Company. Furthermore, other Shareholders who in aggregate hold 51.0 per cent. of the issued share capital of the Company have also committed to vote in favour of the Cancellation. In total, therefore, Shareholders who together hold 66.9 per cent. of the issued share capital of the Company have committed to vote in favour of the Cancellation.
In the event that Shareholders approve the Cancellation, it is anticipated that the last day of dealings in the Company's Ordinary Shares on AIM will be
Capitalised terms used in this announcement shall have the meanings given in the Circular referred to above. Extracts from the Circular can be found below.
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
Contact:
Tel: +44(0)20 7965 8149
About
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.
(C) 2020 Electronic News Publishing, source