MXC ups stake in Castleton through conversion of loan notes

Technology-focussed advisor and investor MXC Capital has served a conversion notice with respect to the remaining convertible loan notes it holds in Castleton Technology, together with the accrued interest, amounting to £632,495 in total, it announced on Tuesday.

The AIM-traded firm said the notes were convertible at 85.6p per ordinary share, therefore 738,896 new Castleton Shares had been allotted to MXC and would be issued conditional on the admission of the new shares to trading on AIM.

It said admission was expected to occur at 0800 BST on 17 August.

Using the mid-closing price as at 13 August of 104.5p per share, that valued the new Castleton shares at £772,146.

Following admission, MXC would hold 6,080,484 Castleton shares in total, representing 7.5% of the company’s issued share capital.

“Castleton is a leading supplier of complementary software and managed services to the public and not-for-profit sectors listed on the AIM market of the London Stock Exchange,” MXC Capital explained in its statement.