Macaulay Capital PLC Completion of transaction (0557U)

TIDMMCAP

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 GBP1.55 million to be invested in HC 1340 Limited, a newco vehicle used to acquire an established engineering business. The investment is represented by GBP52,667 in ordinary shares for 52.7% of the equity, alongside GBP1,498,358 in unsecured loan notes. The loan notes are scheduled to be redeemed in March 2029.

Of the GBP1.55 million, the Group has invested GBP700,000, which is higher than the anticipated GBP200,000 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 GBP500,000 of this will in due course be sold on, at cost, to third party investors identified and introduced by the Group.

Included in the GBP1.55m are investments by David Horner and Richard Bucknell, who have invested GBP145,000 and GBP26,025 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 GBP136,741, for 47.3% of the equity.

Related fees payable to the Group comprise an arrangement fee of GBP55,000 and an ongoing monitoring fee of GBP25,000 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 
                                                 +44 (0)12 2554 
 Clive Milner                                     1904 
 
 Cairn Financial Advisers LLP (AQSE Corporate 
  Adviser) 
 James Caithie 
  Louise O'Driscoll                              +44 (0)20 7213 
  Emily Staples                                   0880 
 
 Oberon Capital (Broker) 
                                                 +44 (0)20 3179 
 Chris Crawford                                   5304 
 
   For more information please visit:   www.macaulaycapital.com

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END

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March 23, 2023 09:47 ET (13:47 GMT)

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