ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

MCAP Macaulay Capital PLC

19.00
0.00 (0.00%)
22 May 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Macaulay Capital PLC AQSE:MCAP Aquis Stock Exchange Ordinary Share GB00BNKBMF25 Ordinary shares
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 19.00 5.00 30.00 23.00 16.50 19.00 0.00 15:29:31
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Macaulay Capital PLC Portfolio company realisation and performance fees (8937J)

21/08/2023 7:00am

UK Regulatory


Macaulay Capital (AQSE:MCAP)
Historical Stock Chart


From May 2023 to May 2024

Click Here for more Macaulay Capital Charts.

TIDMMCAP

RNS Number : 8937J

Macaulay Capital PLC

21 August 2023

21 August 2023

Macaulay Capital PLC

("Macaulay" or the "Company")

Portfolio company realisation and receipt of performance fees

Macaulay Capital PLC (AQSE:MCAP), which was formed to originate and manage corporate transactions, raise funds from third parties, invest its own funds alongside those of external investors and to manage its investment portfolio with the aim of maximising its value, announces the sale by related investors of their interests in a portfolio company and associated fees payable to Macaulay.

Macaulay's subsidiary, Macaulay Management Limited ("MML", together "the Group"), is responsible for the management of an unquoted investment portfolio of five private companies previously managed by Chelverton Asset Management Limited ("CAM"). Under the agreements with the underlying investors, on a sale the Group is entitled, inter alia, to accrued management fees and potential performance fees.

One such portfolio company is Qualification Check Limited ("QCL"), a leading provider of global qualification verification services. CAM introduced a number of investors to QCL ("the B Share Investors") who invested in B Ordinary Shares in QCL in two fund raising rounds, in February 2017 and again in March 2021.

On 20 August 2023, a trade buyer acquired all of the shares held by the B Share Investors, which account for approximately 22 per cent. of QCL's share capital. For the B Share Investors who invested in February 2017, the sale price is a gross money multiple return of 7.3 times, taking into account EIS relief, and the gain will be free of CGT; and for those who invested in March 2021, the sale price is a gross money multiple return of 3.8 times, before CGT.

As a result of the return on their investment, management and performance fees are payable by the B Share Investors, who include Macaulay's Chief Investment Officer, Richard Bucknell. These fees are to be shared by Macaulay and CAM. In view of his role in the transaction, Macaulay and CAM have agreed to fund the payment of a bonus equivalent to GBP50,000 to Richard Bucknell, comprising cash and the waiver of the management and performance fees attributable to his B Ordinary Shares. The net amount receivable by Macaulay is GBP211,751.

David Horner and Richard Bucknell are directors of the Company, and David Horner is also a significant shareholder in and director of CAM. As a result, the agreement as to how to split the management and performance fees with CAM, and the waiver of Richard Bucknell's share thereof, are deemed to be related party transactions under the AQSE Rules. The Company's other director, Lindsay Mair, having exercised reasonable care, skill and diligence, believes that both transactions are fair and reasonable as far as the shareholders of the Company are concerned.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

ENDS

Enquiries:

 
  Macaulay Capital PLC 
                                                 +44 (0)12 2554 
 Clive Milner                                     1904 
 
 Cairn Financial Advisers LLP (AQSE Corporate 
  Adviser) 
 James Caithie                                   +44 (0)20 7213 
  Louise O'Driscoll                               0880 
 
 Oberon Capital (Broker) 
                                                 +44 (0)20 3179 
 Chris Crawford                                   5304 
 
   For more information please visit:   www.macaulaycapital.com 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NEXPMMJTMTITTLJ

(END) Dow Jones Newswires

August 21, 2023 02:00 ET (06:00 GMT)

1 Year Macaulay Capital Chart

1 Year Macaulay Capital Chart

1 Month Macaulay Capital Chart

1 Month Macaulay Capital Chart

Your Recent History

Delayed Upgrade Clock