9th Jul 2015 13:02
LONDON (Alliance News) - Market Tech Holdings Ltd Thursday said it is placing up to 90 million shares in an accelerated bookbuild as it prepares to make a move to the London Stock Exchange's Main Market from the AIM junior market.
The pricing of the placing is yet to be confirmed.
Market Tech, which owns about 14 acres of real estate in London's Camden, including many of its renowned markets, is also issuing the shares for the development of its assets and to have a better balance of equity and debt on its balance sheet, which falls under its financing strategy in the longer term.
Crucially, the placing will reduce the stake held by Citwax, the company's largest shareholder, to 71.5% from 85.6% if the placing is fully subscribed. Under UK regulatory requirements, 25% of a company's shares must be held in public hands for it to move to the Main Market.
Citwax has pledged to subscribe for up to 12.5% of the placing.
Market Tech plans on publishing a prospectus in due course that will enable its admission to the Main Market.
The company thinks a listing on the Main Market will diversify its funding, raise its profile, boost liquidity in its shares, and benefit shareholders.
There is "no guarantee when or if" it will be admitted to the Main Market, Market Tech said.
Market Tech shares were trading down 4.3% at 236.45007 pence, valuing it at GBP894.88 million by market capitalisation.
By Samuel Agini; [email protected]; @samuelagini
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