Completion of transaction
23/03/2023 13:47
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RNS Number : 0557U Macaulay Capital PLC 23 March 2023
Macaulay Capital PLC
23 March 2023
Macaulay Capital PLC
("Macaulay Capital" or the "Company")
Completion of transaction
Macaulay Capital PLC (AQSE:MCAP), which was formed to originate and manage
corporate transactions, raise funds from third parties, invest its own funds
alongside those of external investors and to manage its investment portfolio
with the aim of maximising its value, announces that it has completed its
second transaction.
On 23 March 2023, Macaulay Capital and its wholly owned subsidiary, Macaulay
Management Limited (together, the "Group") completed another investment,
raising £1.55 million to be invested in HC 1340 Limited, a newco vehicle used
to acquire an established engineering business. The investment is
represented by £52,667 in ordinary shares for 52.7% of the equity, alongside
£1,498,358 in unsecured loan notes. The loan notes are scheduled to be
redeemed in March 2029.
Of the £1.55 million, the Group has invested £700,000, which is higher than
the anticipated £200,000 per transaction to which the Company referred in its
admission document. The Group has invested this higher amount in order to
enable it to complete the transaction within the agreed exclusivity period. It
is intended that approximately £500,000 of this will in due course be sold
on, at cost, to third party investors identified and introduced by the Group.
Included in the £1.55m are investments by David Horner and Richard Bucknell,
who have invested £145,000 and £26,025 respectively in the transaction. As
Mr Horner and Mr Bucknell are directors of the Company, these investments are
deemed to be related party transactions under the AQSE Rules. The Company's
other director, Lindsay Mair, having exercised reasonable care, skill and
diligence, believes that the investments by David Horner and Richard Bucknell
are fair and reasonable as far as the shareholders of the Company are
concerned.
The remaining funding for the transaction came from incumbent management who
rolled over their existing investment as well as investing additional funds,
with an aggregate value of £136,741, for 47.3% of the equity.
Related fees payable to the Group comprise an arrangement fee of £55,000 and
an ongoing monitoring fee of £25,000 per annum.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
ENDS
Enquiries:
Macaulay Capital PLC
Clive Milner +44 (0)12 2554 1904
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
James Caithie +44 (0)20 7213 0880
Louise O'Driscoll
Emily Staples
Oberon Capital (Broker)
Chris Crawford +44 (0)20 3179 5304
For more information please visit: www.macaulaycapital.com
(http://www.macaulaycapital.com/)
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