finnCap advises Eco City Vehicles Plc on reverse takeover and £45m fundraising

finnCap, the leading adviser and broker to ambitious companies, is delighted to have jointly advised Eco City Vehicles with MXC Capital on the Reverse Takeover of Tax Computer Systems Limited (“TCSL”) for an enterprise value of £73 million with an associated placing of £45 million introducing significant new institutional investors to the share register. TCSL is a leading supplier of corporation tax software to the large corporate sector and the accounting profession in the UK and Ireland. The acquisition is still subject to approval at General Meeting and the Enlarged Group will be renamed Tax Systems Plc from Admission.

Gavin Lyons, Proposed Executive Chairman of Tax Systems Plc said:
“We enjoyed working with finnCap throughout the process and valued their role in delivering such a great end result. Their commitment to growth companies makes them a great partner for ambitious management teams”.

Contacts
020 7220 0500
Jonny Franklin-Adams, Director of Corporate Finance
James Thompson, Corporate Finance
Andrew Darley, Head of Technology Research
Tim Redfern, Director of Corporate Broking
Malar Velaigam, Institutional Sales