9th Jul 2015 17:35
LONDON (Alliance News) - Market Tech Holdings Ltd Thursday said it placed 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 was at 223 pence per share.
Market Tech, which owns about 14 acres of real estate in London's Camden, including many of its renowned markets, also issued 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%. 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 subscribed for 10.3 million shares, representing around 2.7% of the company's issued share capital.
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 closed down 0.8% at 245.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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