1st Jul 2015 16:45
Market Tech Holdings Limited
("Market Tech", "the Company" or "the Group")
Extension of loan facility availability - related party transaction
Market Tech Holdings Limited (MKT: AIM), the holding company that combines iconic real estate assets with an e-commerce business and owns and manages the main Camden Markets in Central London, announces that it has extended the draw down periods of its acquisition facilities with Citwax Investments Limited ("Citwax"), the majority shareholder of the Company (and therefore a related party).
The acquisition facility dated 27 February 2015 and amended on 24 March 2015 for a loan facility of up to £45 million was available to draw down until 30 June 2015 (the "Acquisition Facility"). This draw down period has been extended to 31 December 2015.
The acquisition facility dated 13 April 2015 for a loan facility of up to £50 million was available to draw down until 31 July 2015 (the "Facility"). This draw down period has been extended to 31 December 2015.
The other terms of the Acquisition Facility and the Facility remain unaltered.
The existing £60 million working capital facility provided by Citwax to the Company at the time of the Company's admission to the AIM Market of the London Stock Exchange (the "Working Capital Facility") continues to remain available to the Company. The funds available under the Working Capital Facility have not, to date, been drawn down.
The extensions above constitute a related party transaction under Rule 13 of the AIM Rules. The directors of the Company consider, having consulted with its nominated adviser, that the terms of the extensions to the Acquisition Facility and the Facility are fair and reasonable insofar as the Company's shareholders are concerned.
- Ends -
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
| +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.
www.market-tech.com
Related Shares:
MKT.L