7th Aug 2015 14:40
Market Tech Holdings Limited
("Market Tech" or the "Company")
Result of AGM
Software development services agreement with related party
Market Tech Holdings Limited (MKT: AIM), the holding company that combines 14 acres of London real estate assets, including the iconic main Camden Markets, with a technology and e-commerce business, announces that following the Company's Annual General Meeting of shareholders, which was held earlier today, all resolutions were duly passed.
Software development services agreement with related party
The Company also announces that its wholly-owned subsidiary, Crowndeal Services Limited ("Crowndeal"), has entered into a software development services agreement ("Services Agreement") with Skywind Holdings Limited ("Skywind") pursuant to which Skywind will provide software development services to Crowndeal and its subsidiaries.
Skywind has expertise in the field of research and software development and software design including, but not limited to, examination and improvement of data and technical information relating to designing and developing of software, administration and consulting services, customer support services and other similar services. As consideration for the provision of the services to Corwndeal, Crowndeal will pay Skywind a monthly fee covering the costs incurred by Crowndeal for the provision of the software development services plus ten per cent. The agreement may be terminated by either party upon 30 days' written notice.
Commenting on the agreement, Charles Butler, CEO said:
"With access to a sizable and proven development team our Technology and e-commerce business will be able to accelerate its growth. The agreement with Crowndeal means that our entire Technology and e-commerce business will have access to Skywind who have a proven track record in delivering software development services."
The entry into the Services Agreement constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies ("AIM Rules") as Skywind is a related party of the Company by virtue of being an "associate" for the purposes of the AIM Rules of Citwax Investments Limited, a substantial shareholder (as defined in the AIM Rules) of the Company.
The Directors, having consulted with the Company's Nominated Adviser, Shore Capital, consider that the terms of the Services Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Market Tech Charles Butler, Chief Executive Officer Andrew Bull, Chief Financial Officer c/o Bell Pottinger
| +44 (0) 20 3772 2500 |
Shore Capital - Nomad and Joint Broker Dru Danford Toby Gibbs
| +44 (0) 20 7408 4090 |
Canaccord Genuity Limited - Joint Broker Bruce Garrow Chris Connors Mark Whitmore
| +44 (0) 20 7523 8000 |
Bell Pottinger David Rydell Olly Scott David Bass James Newman Anna Legge
| +44 (0) 20 3772 2500 |
About Market Tech
Market Tech combines the iconic Camden Market real estate assets with an e-commerce business operated through online platforms camdenmarket.com and market.com. Its real estate assets business is focused on retail, leisure and entertainment. The Company owns approximately 14 acres of real estate assets in Camden, including the Stables Market; Union Street Market, (also known as Buck Street Market); Camden Lock Market; and Hawley Wharf, (also known as Camden Lock Village). It also owns separate real estate assets on Camden High Street; Kentish Town Road; properties on Jamestown Road, (including the Camden Wharf Building); The Interchange Building on Oval Road and Utopia Village in Primrose Hill.
In recent months the Company has acquired two e-commerce businesses, enhancing its online platform. These strategic acquisitions have included Stucco Media, an e-commerce marketing platform; and Glispa, a Berlin-based mobile marketing business.
Related Shares:
MKT.L