Share Name Share Symbol Market Type Share ISIN Share Description
Mxc Capital Limited LSE:MXCP London Ordinary Share GG00BGK3LD00 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 48.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
43.00 53.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 3.26 9.06 14.60 3.3 32
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 48.00 GBX

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Date Time Title Posts
18/9/202019:44MXCP New Management New Partners New Deals565
03/12/201912:50MXC Capital 2014 Vehicle for acquisitions4,327

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Mxc Capital Daily Update: Mxc Capital Limited is listed in the Mobile Telecommunications sector of the London Stock Exchange with ticker MXCP. The last closing price for Mxc Capital was 48p.
Mxc Capital Limited has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 109p while the 1 year low share price is currently 45.50p.
There are currently 67,203,349 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Mxc Capital Limited is £32,257,607.52.
suneday: The share price has become irrelevant to me now ( it's at the old 1.17p! ) NAV is the figure. The only option for me is whether to buy - but that involves tying more cash up on the dark side for maybe 5 years. If you have faith in them as a private company and they will deal relatively fairly with the EBT ( I don't know what it's linked to but I think it's probably successful exits ) and so on, then if everything goes well and in accordance( over 2x over 4-5 years, they said ) excellent returns are possible from here.
jim digriz: Well, there's another way of dealing with the ever low share price.
jim digriz: Don't know what's going on with the share price (beyond that value stocks on AIM still seem to generally be down). I tried to sell a small amount recently to fund a top up of an even more depressed share and there was basically nothing doing so I didn't bother. Looks like someone who was keener to sell had to take 66p (spread was something like 70-74 yesterday). Would be a good moment for the board to do a bit more of a buyback or announce something positive!
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.
chimers: MXC’s valuation gains worth exploiting Simon Thompson MXC Capital (MXCP:90p), a technology-focused merchant bank run by a management team that backs investee companies they represent, is set to report a bumper set of annual results for the 12 months to 31 August 2019. That’s because there have been material movements in the value of its listed investments, the most dramatic being the near five-fold increase in the carrying value of MXC’s stake in IDE (IDE:7.35p), a £29m market capitalisation mid-market network, cloud and IT managed services provider. IDE has gone through a cost reduction programme to create a more appropriate and profitable cost base. It has been successful which has its customers the reassurance they needed. This also means that IDE’s management can now focus on driving the core activities of the business to rebuild value for shareholders. This is clearly happening. In IDE’s latest annual results, chairman Andy Parker revealed that “towards the end of the 2018 financial year, several of our material customers renewed their contracts, some on a multi-year basis, and at the time of writing (28 June 2019), the pipeline of opportunities across the business both with existing and new customers and partners is the strongest it has been since my involvement.” The improvement in trading has worked its way through to a much improved financial performance, too, as “IDE has been trading profitably at an adjusted cash profit level in the year to date.” Moreover, following a refinancing that resulted in MXC investing £8m in loan notes to enable IDE to pay off all its bank debt, the solvency risk subduing the company’s valuation has been unwinding, a factor that has accentuated the share price recovery. The point being that all of IDE’s loan notes are held by its largest shareholders, thus giving management the breathing space to focus on the ongoing turn round strategy. By my reckoning, MXC’s holding of 172.8m shares in IDE is now worth £12.7m, a hefty £10m more than six months ago when I last advised buying MXC’s shares at 85p ('MXC returns to trading profitability', 9 May 2019). The valuation uplift adds almost 15p a share to MXC’s last reported net asset value (NAV) of 97p. Further balance sheet gains It’s not the only material balance sheet movement either as Aim-traded shares in Adept4 (AD4: 3.55p), a provider of 'IT as a service' to small- and medium-sized businesses in the UK, have quadrupled in value since MXC’s interim results in May, lifting the book value of MXC’s shareholding from £612,000 to £2.41m. Adept4 is a turnaround situation, too, and its directors recently reported that the business has returned to modest levels of profitability at the cash profit level. The re-rating has also been driven by news that Adept4 has entered into a non-binding agreement to acquire Cloudcoco, a profitable company that offers cloud and related technology solutions and one with a strong and growing pipeline of business. It was established two years ago by the former directors of Redcentric (RCN), a UK IT managed services provider. If the deal goes ahead then Adept4 will issue 218m shares to the vendors to give them 49 per cent of the company’s enlarged issued share capital of 445m shares, so reducing MXC’s stake to 15.3 per cent. Another reason for Adept4’s re-rating is because MXC has agreed to buy £5m of Adept4 unsecured loan notes for a discounted price of £3.5m from The British Growth Fund on completion of the Cloudcoco acquisition. This is the only debt Adept4 has. The fact that MXC will now own the loan notes, which are due to mature between 2021 and 2023, is a positive move as it removes the financial risk that was subduing Adept4’s share price. The £1.8m uplift in MXC’s shareholding adds a further 2.7p a share to its own NAV. It’s also worth flagging up that the private equity funded takeover of Aim-traded Tax Systems (TAX), a leading supplier of corporation tax software to the large corporate sector and the accounting profession in the UK, completed at the end of March this year. MXC had invested £14.9m in the company and realised £24.2m of which £200,000 of the £9.3m profit will be recognised in its forthcoming annual results. Value opportunity I estimate that MXC will book total realisations and investment gains of £12m (17.9p) in the second half of the financial year just ended to lift its closing net asset value (NAV) to £74.3m (115p a share after adjusting for the market value of shares acquired by the company’s Employee Benefit Trust through MXC funded loans), significantly higher than its current market capitalisation of £60.5m. Moreover, MXC’s share price is now completely backed by four of its investments: £15.1m (22.5p) shareholdings in IDE and Adept 4; net cash of £19.5m (29p); a loan portfolio worth £11.5m (17p); and investments of £14.5m (21.5p) held in private companies. Clearly, with MXC’s shares trading well below my spot estimate of NAV then no value is being placed on the two MXC partnerships that are generating over £1m of fee income. One is with a subsidiary of Liberty Global, the international TV and broadband company, to create an IT services provider focused on small- and medium-sized business customers. Both partners have invested £3.5m each. The other partnership is with Ravenscroft, an independently owned investment services group based in the Channel Islands with £4.7bn of assets under administration. MXC acts as consultant to Ravenscroft in its role as investment manager to the GIF Technology & Innovation Fund in which the States of Guernsey has invested. MXC contributed £5m of the fund’s initial investment pool of £38m and it should be fully invested by the end of the calendar year. In addition, Ravenscroft paid £2.25m for a 25 per cent stake in MXC’s transactional businesses, highlighting the value it sees in MXC’s deal makers. MXC’s retained 75 per cent stake in that business is in the price for free, too. The bottom line is that with MXC’s previously poorly performing listed investments turning the corner, and the directors targeting a 2.2 times return on capital over the next four to five years on its investments, then there is ample scope for the company’s share price to return to a decent premium to NAV in due course. Trading on a bid-offer spread of 89p to 90p, MXC's shares are well worth buying.
suneday: Huge interest in Ide, continuing into a second day so far. Any future value gained in Ide has to flow back into MXCP, where their personal interest lies, for Smith etc. to benefit. In any event, a held rise in share price will assist the NAV and the next accounts. I expect Investors Chronicle to do a follow up then, particularly in view of their 7th. November comments about Ide holding Mxc back though at he same time Thompson gave Mxc a buy. He didn't mention Ide, but was positive about the rest last time he commented and gave it a buy to a premium to the then ( lower ) NAV of 97p.
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.
suneday: Well, they're still where they are and looking to recover value "We are currently in advanced discussions regarding the sale of one or more of these component parts......" Mxcp share price seems unaffected by Ide movements, though it will come into play on results. In the overall Mxc scheme of things, possibly any 'good' news will be seen as a bonus.
suneday: The chart looks terrible, but one should look beyond that, and at the re-awakened management. Company affairs are transparent, and the management well-known in IT circles. The chart has been bad for ages, coming down from what in hindsight might have been an overvaluation. But shares go up as well as down. Redcentric was a blow in 2016, far enough to go back, knocking £9m off the portfolio value overnight, and now there is the far lesser misfortune in the shape of Ide. No remarkarkable event took place in between, though the portfolio value has dropped over time. Pi's, with reason, got sick and tired of the seeming paralysis of management, and voted with their feet ( in fact of late, as they've said, they were using their resources to make the latest ventures a reality) Redcentric interests are now worth very little, but they are there and dependent upon what happens to that company may show greater value. Anything from them would be a bonus. That's history, and the market also knows about Ide, MXCP buying more shares, and putting up £750k of the £2m loan notes whilst they work on it. I do not see the portfolio value dropping materially further, and in the short term it is likely to be swings and roundabouts with the investee companies offsetting each other, and hopefully some improvement. I do not follow all the investee companies closely, but Castleton will be next to report a week on Tuesday. The last update on that one was very positive. In short we are where we are portfolio wise, with at 28th. Feb., net assets of £63.2m and portfolio valued at £46.4m ( I haven't sought to revisit the accounts and update ) The Market Cap is £43.65m. Make what you like of that, but there is nothing whatsoever in the price for the working company, what it's doing now, it's experience, and ability to monetise it's investments, They have access to funding. We do not know how they structure deals with their co-investors, but they will be beneficial to MXCP. On that front, there are two new opportunities on which they stake their future. Everybody knows what they are and I will not repeat my post 4234, but both will provide fees which I suspect will do more than tick the company over. The Ravenscroft/GIF one is quite straightforward and comment unnecessary. In relation to Liberty Global, they had sought a finished job, failed to find one to fold into Virgin Media Business ( so say, but why else would a company like that go down this route) so decided to build one with MXCP with a customer waiting. So there is effectively advance notice of a company sale, price to be agreed. It won't be quick, though deals might be, or easy. Building a large successful company never is, but Liberty Global believe they can do it. MXCP have long been unhappy with the share price, and that's another positive as, oft mentioned on here, management and concert party have 52% of the shares. Their own money is as much on risk as ours. They say, "We do not believe that the current level of our share price fairly reflects the quality of our assets or the opportunity for shareholder returns that MXC represents." At this stage with what is known that must seem like fair comment, particularly as we're coming off the new low at this price, with investors just starting to see value. All investments carry risk, but the lower the price the less the risk. I believe it's minimal, and as these things go about as low as it gets.
panamul: You guys have this all backwards.Let's look at this:- Company financials as reported on 1st December are extremely solid- Company has strong pipeline of upcoming investments- Existing investments are at an early stage in the investment cycle (eg COR, TAX and Sagacity)- MXCP share price valued at a significant discount to NAV plus multiple of EBITDA on the advisory business of zeroAs a shareholder I am extremely happy to see the company use some of its money to buy shares in itself when the share price is so cheap and the growth prospects for the company are so strong.Very good use of cash indeed.
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