Mxc Capital Investors - MXCP

Mxc Capital Investors - MXCP

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Stock Name Stock Symbol Market Stock Type
Mxc Capital Limited MXCP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 48.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
48.00 48.00
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Industry Sector

Top Investor Posts

suneday: I think that's right Chimers. A guess at NAV now based on past and Íde/Adept movements - abovethe £1 mark I would say. This came as a bit of a shock to be honest, but I'm seeing the light now. The business doesn't need public cash, it has plenty coming in, and willing partners/investors. Positive stuff,obviously happily building on what they have, to the gang's advantage, and nobody has to do anything that the partners and mates don't have to. We're all in the same boat, though they have greater insight. It will actually have the benefit of avoiding these price swings, and hopefully sell closer to NAV. The company was undervalued, and even more today.
suneday: Pretty standout line for Íde shareholders ( and an important objective for MXCP) 'We remain confident that we will see a complete return of our capital from IDE.' And further confirmation it's MXCP or nothing after Íde and Adept. 'Outside of AD4 and IDE our focus has been on our private investments. We have previously stated that post the eventual disposal of the above two public company investments our future focus will be entirely on the private sector. At that stage, the only way that investors will be able to access our investments, should they wish, is via MXC itself. Under our existing business model, we have helped to build and successfully exit businesses whilst being only a minority shareholder, and despite the constraints inherent in some of them being public market investments. Having built a balance sheet of size and developed partnerships with like-minded investors, we intend to transition our business to a model more akin to that of Melrose Industries plc, whereby we own, or majority own, our investments and therefore benefit from all of the return from our efforts. I am confident that this model will be far more rewarding over time for both our partners and investors.' Much as expected, and not quite ready for demerger.
suneday: It's to do with high quality well established businesses, in this case one which has a lot more to offer - "Bailiwick Investments is a unique and extremely attractive vehicle for investors who have been professionally advised with regard to investment, or other financially sophisticated investors, who are looking for exposure to high quality, well-established businesses primarily in the Channel Islands." The fund it will be in has done 100% in 6 years, so they're not bad at stock selection as funds go. hxxps://
suneday: We don't associate them with the media I suppose, that's all, but tech and digitisation and updating of an existing old established business to attract the ads and so on seems at the heart of it. Private company, 50% each, direction in which they're going, either on their own or with co-investors. It'll be well known to the two sets of investors and their associates.
jim digriz: A bit random. Looks like Ravenscroft bringing in MXCP as people with money. Which is how private equity works I guess. Still, as long as the price was right, what could possibly go wrong with a spot of diversification into the media industry?
suneday: They've a lot on now. Ide and Adept were a real drag and recovery put some life back into MXCP that's traded for so long below value anyway. And everything else about it is just fine. I just hope investors can choose to see beyond their share price movements alone, and view the company as a trading one, dealing in companies and building investments to the point of sale at healthy profit to be ploughed back in. Liberty Global and all the rest. We may be seeing the beginnings of that, and more sensible valuation. And though you can't eliminate risk, this is now about as safe as it gets. Very safe considering likely reward.
suneday: Maybe a sleeping beauty, waking up. It's round about old NAV, so question is will investors now take NAV for the period done and next to be reported on, and buy into that and add the Ravenscroft and Liberty Global prospects, and whatever other opportunities present. MXCP are confident they have the income to run the operation, and the cash to do what's in the acquisition pipeline, or they wouldn't be talking about returning some, so absolutely no dilution, and they got their own holdings to think about.
suneday: Thanks for that. I'm still bemused that investors don't seem to see this as a working company and forward price it - the NAV is where we are, not where we're going.
chimers: And yes add this to the MXCP progress and all of a sudden they have maybe 30-40-50 million they never had a few weeks ago!! So MXCP is also a strong buy now and Ravenscroft investors and associates might sit up etc.
suneday: Investors Chronicle It’s taken time, but investors are warming to the merits of Aim-traded shares of MXC Capital (MXCP:85p), a technology-focused merchant bank run by a management team that backs investee companies they represent. I last outlined the investment case six months ago when I suggested buying the shares (‘MXC cashed up to do deals’, 7 November 2019) ahead of December’s annual results at the equivalent of 65p a share (there was a 50-for-one share consolidation in February 2019). There has been some positive news flow on several fronts that has driven the re-rating. Firstly, having sold off the company’s shareholding in Castleton Technology (CTP), a provider of technology products and services to the social housing and not-for-profit sectors, at a bumper profit last summer, MXC subsequently increased its holding in Tax Systems (TAX), a leading supplier of corporation tax software to the large corporate sector and the accounting profession in the UK. It proved the right call as that company was taken over by a private equity firm last month. MXC realised £24.2m in cash and made a cash profit of £9.3m on its holding in Tax Systems, representing a 62 per cent gain on its invested capital. As a result MXC had net funds of £23.5m when it released its half year results yesterday, a significant amount in relation to its net asset value of £62.3m, or 97p a share. Secondly, MXC’s two partnerships are now generating over £1m of fee income. One is with a subsidiary of Liberty Global, the international TV and broadband company, and the other is with Ravenscroft an independently owned investment services group based in the Channel Islands with £4.7bn of assets under administration for private and institutional clients. MXC acts as consultant to Ravenscroft in its role as investment manager to the GIF Technology & Innovation Fund in which the States of Guernsey and MXC are invested. The fund was started with an initial investment pool of £38m of which MXC contributed £5m. Eight investments have been made to date, another four are close to completion and the aim is to be fully invested by year-end. The joint venture with Liberty Global to create an IT services provider focused on small- and medium-sized business customers within the UK through a series of acquisitions is starting to gain momentum too, having made two new investments earlier this month: Koris Communications, a managed communications provider offering cloud solutions with a specialist focus on Mitel telephony and Skype for Business solutions; and 365 ITMS, an IT services company providing networking, security services. Both joint venture partners have to date invested £3.5m each in the three acquisitions made. So, with MXC returning to cash profitability in the first half to end February 2019, and Ravenscroft and Liberty Global backing the company – Ravenscroft has paid £2.25m for a 25 per cent stake in MXC’s transactional businesses, so clearly sees value in MXC’s deal makers – then there is potential for the share price to return to a decent premium to net asset value if MXC can achieve its target of delivering a 2.2 times return on capital over the next four to five years. The proviso being that MXC can replicate the success it enjoyed with Castleton and Tax Systems and stay clear of the poor investments – Redcentric (RCN), a UK IT managed services provider that hit major trouble a couple of years ago being the major one – that blotted its copy book previously. Moreover, given the improvement in trading prospects, and reflecting MXC’s strong balance sheet, the directors are now looking at introducing a capital return programme. Buy.
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