Market Report: Israeli billionaire Teddy Sagi trims stake in Market Tech Holdings
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Your support makes all the difference.The Israeli billionaire Teddy Sagi has trimmed his stake in the property company that owns London’s famous Camden markets.
Market Tech Holdings, down 2p at 245p, placed 90 million shares at 223p a piece with institutional investors after the stock market closed as it looks to drum up funds to develop its assets and for “general corporate purposes”.
The move raised £200.7m, before expenses, and saw Mr Sagi’s stake fall from 85.6 to 71.3 per cent, which will please private investors hoping for increased liquidity.
The company said it will also help it satisfy FCA requirements that 25 per cent of the company’s shares must be held in public hands if it is to be promoted to the main market.
It comes just a day after Market Tech revealed it has agreed the terms of a £200m debt financing deal.
The FTSE 100 rose 90.93 points to 6,581.63 as China’s stock markets recovered some the value.
Jasper Lawler, market analyst at CMC Markets, said: “It was really just a sense of relief driving markets on Thursday, relief that the implosion of Chinese stock markets has, if not been prevented, at least been put off.”
Five-a-side football pitch operator Goals Soccer Centres, down 13p at 203p, blamed bad weather for slow business.
Renewable energy groups lamented the government’s decision to halt the climate change levy (CCL) exemption from August, with most expressing surprise at how soon the support was being cut.
Infinis Energy, down 14p at 166p, admitted the changes would shrink underlying earnings by £7m in the current financial year and by £10-11m the year after.
Peers John Laing Environmental Assets Group, down 1.75p at 103.25p, GCP Infrastructure Investments, down 0.3p at 115p, and Renewable Energy Generation, down 1.63p at 51.25p, all suffered.
Small-cap Mwana Africa, up 2 per cent to 1.08p, said it is in talks with a number of potential nominated advisers following Peel Hunt’s resignation. The embattled Zimbabwe miner needs to find another “nomad” or risk having its shares cancelled from AIM.
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