30th Jul 2015 12:30
Market Tech Holdings Limited
("Market Tech" or "the Company")
Results of Extraordinary General Meeting ("EGM")
Adjustment to the conversion price of the Convertible Bonds
Results of EGM
Market Tech, announces that at the EGM held earlier today, all resolutions proposed were passed.
Application has been made to the LSE for the 90,000,000 new Ordinary Shares ("Placing Shares") to be admitted to trading on AIM. Accordingly admission of the Placing Shares is expected to take place at 8.00 a.m. on 31 July 2015.
Following admission, the total number of issued Ordinary Shares in the Company will be 468,468,196. The Company does not hold any Ordinary Shares in treasury and therefore this figure should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company, under the FCA's Disclosure and Transparency Rules.
The full text of the resolutions can be found in the notice of the EGM in the Circular published by the Company on 10 July 2015 and on the Company's website at www.market-tech.com.
Adjustment to the conversion price of the Convertible Bonds
Further to the announcement on 24 March 2015 and as set out in the Circular dated 10 July 2015, each 2% convertible bond due 2020 (each a "Convertible Bond"), issued by the Company on 31 March 2015, entitles the holder from time to time to convert such Convertible Bond into new and/or existing Ordinary Shares at the then applicable conversion price, subject to and in accordance with the terms of the Convertible Bond.
Pursuant to the terms of the Convertible Bonds, in the event that the Company issues any Ordinary Shares for a consideration per Ordinary Share which is less than 95 per cent. of the "Current Market Price" of such Ordinary Share (based on the average of the daily volume weighted average price of such Ordinary Share on each of the five consecutive dealing days ending on the dealing day immediately preceding the date of the first public announcement of the terms of such issue), then the conversion price shall be adjusted downwards to reflect the discount in price paid for such Ordinary Shares.
As a result of the Placing Shares being issued at a discount to the "Current Market Price" at the relevant time, the price at which the Convertible Bonds can be converted into new and/or existing Ordinary Shares of the Company will be adjusted from £3.00 to £2.9396, effective from the date on which the Placing Shares are issued.
For further information:
Market Tech Charles Butler, Chief Executive Officer Andrew Bull, Chief Financial Officer c/o Bell Pottinger
| +44 (0) 20 3772 2496 |
Shore Capital - Nomad and Joint Broker Dru Danford Toby Gibbs
| +44 (0) 20 7408 4090 |
Canaccord Genuity - 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 2496 |
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