Ravenscroft Holdings Limited agreed to acquire a 25% stake in MXC Capital (UK) Limited from MXC Capital Limited (AIM:MXCP) for £2.3 million on July 19, 2018. The consideration, that will be paid in cash, includes £1.5 million to be paid on completion, with £0.75 million to be paid on January 2, 2019. The transaction is conditional upon the FCA's consent to the change of control of MXC Capital (UK) Limited. The majority of the proceeds are intended to be used in order to fund an Employee Benefit Trust which MXC Capital Limited is in the process of establishing, while the remainder of the proceeds will be used in line with MXC's strategy of investing in technology companies. Giles Balleny of Zeus Capital Limited acted as financial advisor for MXC Capital Limited. MXC Capital Limited acted as financial advisor to itself.

Ravenscroft Holdings Limited completed the acquisition of 25% stake in MXC Capital (UK) Limited from MXC Capital Limited (AIM:MXCP) for £2.3 million on September 13, 2018. MXC is pleased to announce that the EBT has been established and will initially be funded by way of a loan of £2 million (with an interest rate of 2% above the Bank of England base rate) from MXC Guernsey Limited, the Group's investment holding company, with further funding to be provided as and when appropriate. Oak Trust (Guernsey) Limited, as trustee of the EBT, has absolute discretion and independence in respect of all trading decisions it may make in respect of the purchase of Ordinary Shares.