mic - Focus remains on reverse takeover
mic’s corporate structure has not changed during H120 and the company is still searching for a reverse takeover target, which should transform it into an operational entity instead of a holding. According to management, the search for a reverse target is making good progress. To finance this transaction, mic had net cash of €0.7m at H120 together with potential new equity capital of up to €6.5m that was authorised by the shareholders at the AGM. The share price has increased 34% since our last update in July, most likely on the news of the potential corporate transformation. The book value of the current holdings was c €2.1m at H120 and combined with the net cash position of €0.7m this implies a value per share of €1.14.
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