Market Tech Holdings (AIM: MKT), controlled by Israeli billionaire Teddy Sagi, has raised an additional $311 million (£200 million) on London's secondary AIM. Market Tech owns London's popular Camden Market and this is the third time that Sagi has raised money on the London Stock Exchange for the company, in the past six months. On Friday, Market Tech issued 90 million shares at £2.23 per share at a market cap of $1.7 billion, after money.
Market Tech held its IPO on AIM in December 2014 when it raised $156 million at £2 per share, meaning that the share price has risen 19% since then, during which time the FTSE 100 has risen only 2%. In March, Market Tech issued convertible bonds worth $174.4 million, which will be redeemed in March 2020 at 4.25% with annual interest of 2%. This means that Sagi's company has raised $642 million in just six months.
Market Tech is expected to move to the main London Stock Exchange during 2015, 12 months ahead of schedule.
In March 2014, Sagi bought Camden Market Holdings, which includes Stables Market and Camden Lock Village, for £400 million. In October, he paid a further £70-90 million to buy the adjacent Camden Lock and Buck Street. Sagi thus owns the most important four of the six sections of the market, which is the second biggest tourist attraction in London after Buckingham Palace with an estimated 40 million visitors each year. In March 2015, he bought Camden Wharf and the Interchange Building for £95million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015