MCB Equity Fund Ltd.

May 02, 2007 17:01 ET

Initial Public Offering: Investment of Approximately $3.8 Million by MCB in Intercable ICH Inc.

MONTREAL, QUEBEC--(CCNMatthews - May 2, 2007) - MCB Equity Fund Ltd. ("MCBEF") is pleased to announce that it acquired on April 4, 2007, 3,866,250 units of Intercable ICH Inc. at a price of $1.00 per unit, for a total subscription price of $3,866,250 at the closing of Intercable's initial public offering. Each unit is comprised of one common share of Intercable ICH Inc. and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Intercable at an exercise price of $1.25 until October 4, 2008 and at a price of $1.50 thereafter, until April 4, 2010. The units were issued by Intercable ICH Inc. pursuant to a prospectus dated March 23, 2007.

As a result of this subscription, MCBEF holds 3,866,250 common shares and 3,866,250 common share purchase warrants of Intercable ICH Inc. , representing approximately 16.21% of the issued and outstanding common shares and approximately 16.21 % of the issued and outstanding common share purchase warrants of Intercable.

MCBEF and Commercial Holding Ltd. ("CHL"), a joint actor of MCBEF, have control over 5,412,750 common shares of ICH, representing approximately 22.69% of the issued and outstanding common shares of ICH as at April 4, 2007 and 5,412,750 common share purchase warrants, representing approximately 22.69% of the issued and outstanding common share purchase warrants of ICH as at April 4, 2007.

In the event that all of the warrants held by MCBEF and CHL are exercised, these holdings would represent approximately 45.39% of the total issued and outstanding common shares of ICH as of April 4, 2007, calculated on a partially-diluted basis assuming the exercise of all warrants held by MCBEF and CHL only.

The common shares and warrants were acquired by MCBEF for investment purposes only. MCBEF may increase or decrease its investment in Intercable ICH Inc. depending on market conditions or other relevant factors.

As disclosed in the final prospectus of Intercable ICH Inc., MCBEF has entered into a voting agreement with the principal shareholders of Intercable ICH Inc. relating to the appointment of an MCBEF representative to the Board of Directors of Intercable ICH Inc.

About MCBEF

MCBEF is an investment fund registered in the Republic of Mauritius with a capital of Mauritius Rupees 1,534,903,126 (or the equivalent of US$ 48 million) with a targeted committed capital of Mauritius Rupees three billion (or the equivalent of US$ 94 million). MCBEF's mission is to achieve long term capital growth and income for the benefit of its investor, the Mauritius Commercial Bank Ltd., a company listed on the Stock Exchange of Mauritius, through a diversified portfolio of primarily equity and equity-related investments mostly in private sector companies that have a demonstrable potential for above average growth and profitability in and outside Mauritius.

Contact Information

  • MCB Capital Partners Ltd.
    Ziyad Bundhun
    Managing Director
    +230-213-5959
    ziyad.bundhun@ mcbcapitalpartners.com