Search Share Prices
MXC Capital sees share boost after Castleton Technology sale
MXC Capital saw its share prices boosted on Tuesday after announcing that it has sold 660,000 ordinary shares of 2p each in the capital of Castleton Technology at a price of 75.848p per share.
A valuation of MXC's pre-sale holding of 20,021,211 Castleton shares, taking into account the proceeds of £1.66m from the recent option exercise as announced on 21 February, demonstrated that the sale represents a 3 times return for MXC on its cost of investment.
The company said the proceeds of the sale "will be used in line with MXC's stated strategy of investing in technology companies" with a focus on investment in a small core of companies that have the potential for mid-market capitalisation.
MXC holds now holds 19,361,211 Castleton shares, representing 24.5% of its issued share capital.
Castleton Technology is a supplier of complementary software and managed services to the public and not for profit sectors, seeking to allow customers to streamline their operations with improved communication, business intelligence and the removal of compatibility issues.
As of 1615 BST, MXC Capital's shares were up 8% at 1.35p.