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Appleby Guernsey advises on largest AIM listing in 2014

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Appleby Guernsey acted as Guernsey counsel to real estate company Market Tech Holdings Limited (Market Tech) on its recent GBP750 million AIM IPO. 
The AIM IPO was combined with an oversubscribed placing which raised GBP100 million before expenses. 

Market Tech, which is majority owned by Israeli entrepreneur Teddy Sagi, unifies a total of 11 acres of real estate assets in London’s Camden Town under single ownership.  Through its online investment, the Group plans to develop an online retail leisure and lifestyle presence that it believes will deliver greater revenues for the online business and for the physical markets.  After a successful first day of trading, shares in Market Tech were up 25 pence on the placing price of 200 pence. 

Appleby provided advice to Market Tech on all Guernsey law aspects of the transaction.  The Appleby team was led by Matthew Wrigley, Counsel, and assisted by Chet Pohl, Senior Associate.

Wrigley says: “It was a pleasure working with the Board and management team, as well as their other advisers on this deal.  Market Tech has a unique, and highly relevant, business model in today’s world, combining the iconic real estate of the Camden Markets in London, with an e-commerce offering – thereby creating a virtual marketplace which complements the actual physical one.  Its initial market capitalisation of GBP750 million makes Market Tech one of the real powerhouses on AIM, and we are extremely proud to have been involved in this deal, and look forward to supporting Market Tech and its team as the business grows.”

Gavin Ferguson, Managing Partner of Appleby in Guernsey, says: “The initial public offering of Market Tech is another example of an innovative business choosing Guernsey as its jurisdiction, given the inherent flexibility and benefits that Guernsey offers.  It also caps off a stellar year for the Appleby Corporate team in Guernsey, which has advised on a range of market-leading and cutting edge transactions and, in doing so, firmly established themselves as the “go-to” team for complex corporate work in Guernsey."

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