MXC Capital Limited Appointed consultant to Ravenscroft Limited (0687F)
February 16 2018 - 2:00AM
UK Regulatory
TIDMMXCP
RNS Number : 0687F
MXC Capital Limited
16 February 2018
MXC Capital Limited
("MXC" or the "Company")
Appointed consultant to Ravenscroft, investment manager of the
new Guernsey Investment Fund
MXC (AIM: MXCP) is pleased to announce that it has been
appointed as consultant to Ravenscroft Limited in relation to
Ravenscroft's appointment as investment manager to GIF Technology
& Innovation Cell (the "GIF"), a protected cell of Guernsey
Investment Fund PCC Limited.
Background to and further information on the GIF
Ravenscroft and MXC have been working with the States of
Guernsey in relation to a new technology and innovation fund, which
has resulted in the establishment of the GIF. Ravenscroft has been
appointed as investment manager to the GIF and has appointed MXC to
act as consultant to Ravenscroft in relation to sourcing and
managing investments for the GIF.
Ravenscroft is an independently owned investment services group
based in the Channel Islands which has GBP3 billion of assets under
administration for both private clients and institutional clients
from around the world.
MXC is a specialist investment and advisory company with a track
record of investing in and advising companies in the TMT sector.
The MXC model brings together a deep knowledge of technology,
first-hand experience of managing companies in the sector, an
ability to make meaningful investments and an experienced corporate
advisory team in support.
MXC has committed to invest up to GBP5 million and the States of
Guernsey has committed to invest up to GBP25 million into the GIF
out of a total of up to GBP37.5 million. Pula Investments Limited,
Stephen Lansdown's family office, will also be a significant
shareholder of the GIF. The GIF will seek to invest in
Guernsey-based technology and innovative companies. Where such
opportunities are not readily available in Guernsey, then
investment opportunities will be considered elsewhere which have
the potential to benefit the Bailiwick's economy.
The GIF intends to fully invest within five years with an
intended realisation within 10 years.
Consultancy Agreement
MXC Advisory Limited ("MXCA"), a subsidiary of MXC, has entered
into a consultancy agreement with Ravenscroft under which it will
act as consultant to Ravenscroft in relation to its role as
investment manager of the GIF (the "Consultancy Agreement"). Under
the terms of the Consultancy Agreement, Ravenscroft will pay MXCA a
share of the management and performance fees receivable under its
investment management agreement. MXCA will receive 1-2% per annum
as a management fee and 10-20% of fund growth above a hurdle of 8%
in terms of performance fee dependent on the source of the capital
commitment.
The Consultancy Agreement has a minimum term of 18 months and
can be terminated at not less than 6 months' thereafter.
Peter Rigg, Chairman of MXC, said:
"We are delighted that Ravenscroft has chosen MXC as its partner
for this Guernsey Investment Fund. Our appointment allows us to
apply our investment expertise to drive capital growth for
shareholders of both MXC and the GIF. MXC will receive management
and performance fees, further leveraging our capital. This is an
exciting development for MXC, coming as it does so quickly after
the establishment last November of our joint venture with Liberty
Global."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
MXC Capital Limited
Ian Smith
+44(0)20 7965 8149
Zeus Capital Limited (Nominated adviser and broker)
Giles Balleny
+44 (0)20 3829 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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