TIDMMKT
RNS Number : 6526F
Market Tech Holdings Limited
19 May 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
19 May 2017
Market Tech Holdings Limited
("Market Tech", the "Company" or the "Group")
Publication of Offer Document and Pro Forma Statement of Net
Asset Value
PUBLICATION OF OFFER DOCUMENT
On 21 April 2017, it was announced that the board of directors
of Market Tech (LSE: MKT) and the board of directors of LabTech
Investments Ltd ("LabTech") had reached agreement on the terms of a
recommended cash offer pursuant to which LabTech will offer to
acquire the entire issued and to be issued ordinary share capital
of Market Tech not already directly or indirectly owned by it (the
"Offer").
The Offer of 188 pence in cash for each Market Tech share values
the entire issued and to be issued ordinary share capital of Market
Tech on a fully-diluted basis (excluding any ordinary shares of 10
pence each in the capital of Market Tech allotted or issued
following conversion of any Convertible Bonds) at approximately
GBP892.3 million, and represents a premium of approximately:
-- 29.66 per cent. to the Closing Price of 145 pence per Market
Tech Share on 20 April 2017, being the last Business Day before the
date of the Rule 2.7 Announcement;
-- 36.10 per cent. to the VWAP from 20 January 2017 until 20
April 2017 of 138.1 pence per Market Tech Share, being the three
month period before the date of the Rule 2.7 Announcement;
-- 10.59 per cent. to the 31 March 2017 NAV of 170.0 pence per
Market Tech share as set out in the unaudited pro forma statement
of net asset value below; and
-- 15.83 per cent. to the 31 March 2017 EPRA NAV of 162.3 pence per Market Tech share.
Further to the 21 April 2017 announcement, Market Tech notes
that the offer document containing the full terms and conditions of
the Offer and the procedures for its acceptance (the "Offer
Document") has been published today, together with the related Form
of Acceptance. The Offer includes an unaudited pro forma statement
of net asset value in relation to Market Tech, which is reproduced
without material alteration below.
BACKGROUND TO AND REASONS FOR RECOMMING THE OFFER
In considering the Offer, the Independent Market Tech Directors
have taken into account both the potential growth and the risks
inherent in the continued execution of Market Tech's business plan
and the relationship between the real estate assets and Market Tech
Digital. The Independent Market Tech Directors have also taken into
account the gearing levels in the business, the potential sale of
assets and the cost of raising equity at the current share price in
order to meet the current and future cash requirements of the
business, including most notably a significant development
pipeline, potential future acquisitions and the strategic review of
the technology business as previously announced. The Independent
Market Tech Directors believe that in light of the Market Tech
Group's existing and future activities, some form of additional
capital raising may be required in the near term. These factors
have been considered against the certainty of a cash offer at a
level that the Independent Market Tech Directors believe is
unlikely to be seen in the public markets in the medium-term.
Whilst the Independent Market Tech Directors continue to believe
in the prospects for the business, the Offer represents an
attractive and certain valuation given the share price has
consistently traded at a discount to historic net asset value. The
Independent Market Tech Directors also note there is limited
free-float as LabTech's current shareholding is over 70 per cent.,
and the Offer therefore provides all Market Tech Shareholders with
an opportunity to realise their investment which is not otherwise
available to them given the relatively illiquid market for Market
Tech's shares. Accordingly, the Independent Market Tech Directors
are unanimously recommending that Market Tech Shareholders accept
the Offer.
ACTIONS TO BE TAKEN BY MARKET TECH SHAREHOLDERS TO ACCEPT THE
OFFER
The First Closing Date of the Offer is 9 June 2017.
To accept the Offer in respect of Market Tech Shares held in
certificated form (that is, not in CREST), Market Tech Shareholders
should complete and return the Form of Acceptance so as to be
received by no later than 1.00 p.m. (London time) on 9 June 2017 in
accordance with the procedure set out in the Offer Document.
To accept the Offer in respect of Market Tech Shares held in
uncertificated form (that is, in CREST), Market Tech Shareholders
should ensure that the TTE Instruction settles no later than 1.00
p.m. (London time) on 9 June 2017 in accordance with the procedure
set out in the Offer Document. If a Market Tech Shareholder holds
its Market Tech Shares as a CREST sponsored member, it should refer
to its CREST sponsor as only its CREST sponsor will be able to send
the necessary instruction to Euroclear.
Subject to certain restrictions relating to persons in
Restricted Jurisdictions, the Offer Document (together with those
documents listed in paragraph 16 of Part 5 of the Offer Document)
will be available on Market Tech's website at
www.market-tech.com/investors/labtechoffer up to and including the
end of the Offer. If you have any questions relating to the Offer
Document or the completion and return of your Form of Acceptance,
or if you want to request a hard copy of the Offer Document (and/or
any information incorporated into it by reference to another
source), please contact the Receiving Agent, Capita Asset Services,
on 0371 664 0321 from within the UK or +44 (0) 371 664 0321 if
calling from outside the UK. Calls are charged at the standard
geographic rate and will vary by provider. Calls from outside the
UK will be charged at the applicable international rate. The
helpline is open between 9.00 a.m. and 5.30 p.m. (London time),
Monday to Friday excluding public holidays in England and Wales.
The helpline cannot provide advice on the merits of the Offer nor
give any financial, legal or tax advice, and calls may be recorded
and monitored for security and training purposes.
Unless otherwise stated, defined terms used in this announcement
have the meanings given to them in the Offer Document.
PRO FORMA STATEMENT OF NAV PER MARKET TECH SHARE
Set out below is an unaudited pro forma statement of adjusted
net assets per Market Tech Share (the "Pro Forma Financial
Information") which has been prepared based on the unaudited net
assets of the Group as at 30 September 2016 and has been further
adjusted only for the following:
(a) property acquisitions and capital expenditure between 1 October 2016 and 31 March 2017;
(b) the valuation of the Group's properties as at 31 March 2017
carried out in accordance with Rule 29 of the Takeover Code;
(c) new borrowings utilising the Santander loan facility between
1 October 2016 and 31 March 2017;
(d) an impairment of the Stucco customer contract intangible asset; and
(e) the issue of 0.6m ordinary shares of 10p each for deferred
consideration between 1 October 2016 and 31 March 2017.
The Pro Forma Financial Information has been prepared for
illustrative purposes only and does not represent the Group's
actual financial position as at 31 March 2017. No provision for tax
has been made in the Pro Forma Financial Information. Save as set
out above, the Market Tech Directors confirm that there has been no
other material change in the financial or trading position of the
Group since 30 September 2016 which impacts on the 31 March 2017
NAV.
31 March 2017 NAV per Share is set out in the table below:
31 March 30 September Pro forma
2016 2016 as at 31
March 2017
Net Asset Value GBP778.9m GBP824.6m GBP799.9m
EPRA Net Asset GBP724.9m GBP771.6m GBP763.9m
Value
NAV per share 166.3p 175.4p 170.0p
EPRA NAV per
share 154.7p 164.2p 162.3p
Notes:
(1) Calculated on the basis of 470.6m Shares in issue at 31
March 2017 (30 September 2016: 470.0m, 31 March 2016: 468.5m).
(2) EPRA Net Asset Value (EPRA NAV) is defined as the net assets
of the property operating segment adjusted to exclude derivatives
and deferred tax liabilities on property revaluations.
The pro forma balance sheet is set out below:
GBPm Adjustments
------------------------------------------------------------------
30 September Acquisitions & Valuation New borrowings Asset Pro forma as
2016 capital movement to 31 impairment at 31 March
expenditure March 2017 2017
(note 1) (note 2) (note 3) (note 4) (note 5)
Assets
Goodwill 25.4 - - - - 25.4
Intangible
assets 44.6 - - - (17.0) 27.6
Property, plant
& equipment 17.0 - (0.3) - 16.7
Investment
property 1,061.8 76.0 (7.4) - - 1,130.4
Investment in
equity
accounted
associate 2.6 - - - - 2.6
Investments 2.7 - - - - 2.7
Inventories 3.7 - - - - 3.7
Trade and other
receivables 33.1 (3.5) - - - 29.6
Cash and cash
equivalents 179.1 (68.0) - 16.3 - 127.4
--------------- --------------- --------------- --------------- --------------- ---------------
Total assets 1,370.0 4.5 (7.7) 16.3 (17.0) 1,366.1
--------------- --------------- --------------- --------------- --------------- ---------------
Liabilities
Trade and other
payables (30.7) (4.5) - - - (35.2)
Taxes payable (5.5) - - - - (5.5)
Other payables (12.6) - - - - (12.6)
Obligations
under finance
leases (3.4) - - - - (3.4)
Borrowings (392.6) - - (16.3) - (408.9)
Convertible
loan notes (90.0) - - - - (90.0)
Deferred tax
liabilities (10.0) - - - - (10.0)
Provisions (0.6) - - - - (0.6)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
liabilities (545.4) (4.5) - (16.3) - (566.2)
--------------- --------------- --------------- --------------- --------------- ---------------
Total net
assets 824.6 - (7.7) - (17.0) 799.9
Less: digital
net assets (58.3) - - - 17.0 (41.3)
Less: deferred
tax on
revaluations 5.3 - - - - 5.3
--------------- --------------- --------------- --------------- --------------- ---------------
EPRA Net Asset
Value 771.6 - (7.7) - - 763.9
--------------- --------------- --------------- --------------- --------------- ---------------
Notes:
(1) The financial information as at 30 September 2016 has been
extracted, without adjustment, from the Interim Report for the 6
months ended 30 September 2016, which is available on the Company's
website at www.market-tech.com/investors.
(2) This adjustment reflects the acquisition of 101 Camley
Street in the period 1 October 2016 to 31 March 2017 and capital
expenditure on properties in the same period.
(3) The revaluation adjustment on the Group's properties at 31
March 2017 is derived from the valuation report produced by Jones
Lang LaSalle, external valuers for the purpose of Rule 29 of the
Takeover Code, a copy of which is included in the Offer Document
issued by LabTech Investments Ltd.
(4) This adjustment reflects new borrowings drawn down under the
Santander loan facility in the period 1 October 2016 to 31 March
2017.
(5) On the acquisition of Stucco, intangible assets were
recognised for the future value of customer contracts and the
associated technology. Following the change of terms in certain
major contracts in Stucco's price comparison business, this
adjustment reflects an impairment of those intangible assets based
on the directors' current estimates.
A reconciliation of the Valuations from 31 March 2016 and 30
September 2016 to 31 March 2017 is set out below:
GBPm 30 September Acquisitions Net valuation Pro forma
2016 & capital movement as at
expenditure 31 March
2017
(note (note (note
1) 2) 3)
Markets 319.9 2.6 3.1 325.6
Non markets 304.6 0.3 7.4 312.3
Yielding,
proposed development 135.1 1.3 (1.0) 135.4
Development,
on site
Hawley Wharf
(note 4) 310.8 30.5 (17.1) 324.2
101 Camley
Street - 41.3 (0.1) 41.2
------------- ------------- -------------- ----------
Total 1,070.4 76.0 (7.7) 1,138.7
------------- ------------- -------------- ----------
GBPm 31 March Acquisitions Net valuation Pro forma
2016 & capital movement as at
expenditure 31 March
2017
(note (note (note
1) 2) 3)
Markets 279.8 7.9 37.9 325.6
Non markets 287.2 4.1 21.0 312.3
Yielding,
proposed development 139.3 1.9 (5.8) 135.4
Development,
on site
Hawley Wharf
(note 4) 281.5 58.7 (16.0) 324.2
101 Camley
Street - 41.3 (0.1) 41.2
--------- ------------- -------------- ----------
Total 987.8 113.9 37.0 1,138.7
--------- ------------- -------------- ----------
Notes:
(1) The valuations as at 31 March 2016 and 30 September 2016
have been extracted from the external valuation of the Group's
property portfolio as referred to in the notes to the Annual Report
for the year ended 31 March 2016 and the Interim Report for the six
months ended 30 September 2016 respectively:
- Markets comprises: Stables Market and Union Street Market;
- Development, on site comprises: Hawley Wharf and 101 Camley Street;
- Yielding, proposed development comprises: Camden Lock Market, 251-259 Camden High Street; and
- Non markets comprises the balance of other properties.
The Company has received preliminary approaches from third
parties relating to the potential disposal of certain of its
non-core real estate assets at above the 31 March 2017 valuation.
Jones Lang LaSalle has been made aware of the approaches in
arriving at its 31 March 2017 valuation. There can be no certainty
that any of these transactions will progress to completion and, as
such, these proposals have not been reflected in the Pro Forma
Financial Information.
(2) Acquisitions and capital expenditure represent further
expenditure, including the acquisition of 101 Camley Street,
incurred by the Group between 1 October 2016 and 31 March 2017
sourced from the Group's management information.
(3) The valuation movement represents the movement in valuation
of the property between the opening date and 31 March 2017 net of
additions. The valuations as at 31 March 2017 have been extracted
from the valuation report of Jones Lang LaSalle, external valuers
for the purpose of Rule 29 of the Takeover Code, a copy of which is
included in the Offer Document issued by LabTech Investments
Ltd.
(4) Following market testing, the Hawley Wharf valuation
includes increased costs on enhancement to non-core packages such
as improved fit-out and landscaping, as well as adjustments to unit
configurations.
Passing rent has increased to GBP37.3m, up 4% in the 6 months to
31 March 2017, and up 15% in the year to 31 March 2017. The ERV
assessed by the external valuers, Jones Lang LaSalle, is shown
below:
GBPm 31 March 30 September 31 March
2016 2016 2017
Markets 19.7 22.8 23.4
Non markets 15.1 15.9 16.2
Yielding, proposed
development 15.1 15.1 15.1
Development, on
site
Hawley Wharf 30.2 30.2 29.7
101 Camley Street - - 1.6
Total 80.1 84.0 86.0
For the on site development, Hawley Wharf, the external valuers,
Jones Lang LaSalle, have assessed the value once developed as
follows:
GBPm 31 March 30 September 31 March
2016 2016 2017
Gross Development
Value 640.4 626.9 618.9
Net Realisation 603.0 590.1 582.7
Red Book Value 281.4 310.8 324.2
For the on site development, 101 Camley Street, the external
valuers, Jones Lang LaSalle, have assessed the value once developed
as follows:
GBPm 31 March
2017
Gross Development
Value 148.2
Net Realisation 146.3
Red Book Value 41.2
Despite overall revenue growth in the Market Tech digital
businesses, Stucco has suffered as a result of changes in the terms
of certain major contracts in its price comparison business
resulting in an impairment of its intangible assets. The impact on
Pro Forma NAV for the Market Tech digital business is as
follows:
GBPm 30 September Impairment Pro Forma
2016 31 March
2017
Glispa 22.9 - 22.9
Fiver 10.8 - 10.8
Stucco 20.0 (17.0) 3.0
Other 4.6 - 4.6
Total 58.3 (17.0) 41.3
For further information, please contact:
Market Tech c/o FTI Consulting
Charles Butler, Chief Executive +44 (0) 20 3727
Officer 1000
David Brown, Chief Financial
Officer
Rothschild (Financial Adviser
to Market Tech)
Alex Midgen
Robert Waddingham
Sam Green +44 (0)20 7280
Alexander Gibbs 5000
Shore Capital (Corporate Broker
to Market Tech)
Simon Fine +44 (0)20 7408
Dru Danford 4090
Canaccord Genuity (Corporate
Broker to Market Tech)
Bruce Garrow
Charlie Foster +44 (0)20 7523
Chris Connors 8350
FTI Consulting (PR & IR Adviser +44 (0) 20 3727
to Market Tech) 1000
Richard Sunderland markettech@fticonsulting.com
Claire Turvey
Important Notices relating to Financial Advisers
Rothschild, which is authorised and regulated by the Financial
Conduct Authority in the United Kingdom, is acting as exclusive
financial adviser to Market Tech and no one else in connection with
the Offer. In connection with such matters, Rothschild, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to any other person for providing the
protections afforded to their clients or for providing advice in
relation to the Offer, the contents of this announcement or the
Offer Document or any other matter referred to therein.
Shore Capital, which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting
exclusively for Market Tech and no one else in connection with the
Offer. In connection with such matters, Shore Capital, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to any other person for providing the
protections afforded to their clients or for providing advice in
relation to the Offer, the contents of this announcement or the
Offer Document or any other matter referred to therein.
Canaccord Genuity, which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting
exclusively for Market Tech and no one else in connection with the
Offer. In connection with such matters, Canaccord Genuity, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to any other person for providing the
projections afforded to their clients or for providing advice in
relation to the Offer, the contents of this announcement or the
Offer Document or any other matter referred to therein.
Further information
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of any securities, or the solicitation of any
vote or approval in any jurisdiction, pursuant to the Offer or
otherwise, in which such offer or solicitation is unlawful. The
Offer will be effected solely through the Offer Document and, in
respect of Market Tech Shares held in certificated form, the Form
of Acceptance, which contains the full terms and conditions of the
Offer, including details of how the Offer may be accepted. Any
decision in respect of, or other response to, the Offer should be
made only on the basis of the information contained in those
documents. Market Tech Shareholders are advised to read the formal
documentation in relation to the Offer carefully once it has been
dispatched.
Forward looking statements
This announcement and the documents relating to the Offer
contain statements that are or may be forward-looking statements.
All statements other than statements of historical facts included
in this announcement and the documents relating to the Offer may be
forward-looking statements. Without limitation, any statements
preceded or followed by or that include the words "targets",
"plans", "believes", "expects", "aims", "intends", "will",
"should", "could", "would", "may", "anticipates", "estimates",
"synergy", "cost-saving", "projects", "goal", "asset values" or
"strategy" or, words or terms of similar substance or the negative
thereof, are forward-looking statements. Forward-looking statements
include statements relating to the following: (i) future capital
expenditures, expenses, revenues, earnings, asset values,
synergies, economic performance, indebtedness, financial condition,
dividend policy, losses and future prospects; (ii) business and
management strategies and the expansion and growth of LabTech's or
Market Tech's operations and potential synergies resulting from the
Offer; and (iii) the effects of government regulation on LabTech's
or Market Tech's respective businesses.
These forward-looking statements are not guarantees of future
financial performance. Except as expressly provided in this
announcement, they have not been reviewed by the auditors of
LabTech or Market Tech. Such forward-looking statements involve
known and unknown risks and uncertainties that could significantly
affect expected results and are based on certain key assumptions.
Many factors could cause actual results to differ materially from
those projected or implied in any forward-looking statements. Due
to such uncertainties and risks, readers are cautioned not to place
undue reliance on such forward-looking statements, which speak only
as of the date hereof. All subsequent oral or written
forward-looking statements attributable to LabTech or Market Tech
or any of their respective members, directors, officers or
employees or any persons acting on their behalf are expressly
qualified in their entirety by the cautionary statement above.
LabTech and Market Tech disclaim any obligation to update any
forward-looking or other statements contained herein, except as
required by applicable law.
No Profit Forecast
No statement in this announcement is intended to constitute a
profit forecast for any period, nor should any statements be
interpreted to mean that earnings or earnings per share will
necessarily be greater or less than those of the preceding
financial periods of Market Tech.
Disclosure Requirements of the Takeover Code
Under Rule 8.3(a) of the Takeover Code, any person who is
interested in 1 per cent. or more of any class of relevant
securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of
which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following
the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first
identified. An Opening Position Disclosure must contain details of
the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th Business
Day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th
Business Day following the announcement in which any securities
exchange offeror is first identified. Relevant persons who deal in
the relevant securities of the offeree company or of a securities
exchange offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or
becomes, interested in 1 per cent. or more of any class of relevant
securities of the offeree company or of any securities exchange
offeror must make a Dealing Disclosure if the person deals in any
relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the
dealing concerned and of the person's interests and short positions
in, and rights to subscribe for, any relevant securities of each of
(i) the offeree company and (ii) any securities exchange
offeror(s), save to the extent that these details have previously
been disclosed under Rule 8. A Dealing Disclosure by a person to
whom Rule 8.3(b) applies must be made by no later than 3.30 pm
(London time) on the Business Day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Panel's website at www.thetakeoverpanel.org.uk, including
details of the number of relevant securities in issue, when the
offer period commenced and when any offeror was first identified.
You should contact the Panel's Market Surveillance Unit on +44
(0)20 7638 0129 if you are in any doubt as to whether you are
required to make an Opening Position Disclosure or a Dealing
Disclosure.
Overseas shareholders
The distribution of this announcement in jurisdictions other
than the United Kingdom and Guernsey and the ability of the Market
Tech Shareholders who are not resident in the United Kingdom or
Guernsey to participate in the Offer may be affected by the laws of
relevant jurisdictions. Therefore any persons who are subject to
the laws of any jurisdiction other than the United Kingdom or
Guernsey or Market Tech Shareholders who are not resident in the
United Kingdom or Guernsey will need to inform themselves about,
and observe, any applicable legal or regulatory requirements. Any
failure to comply with the applicable restrictions may constitute a
violation of the securities laws of any such jurisdiction. Further
details in relation to overseas shareholders is contained in the
Offer Document.
In particular, copies of this announcement and all documents
relating to the Offer are not being, and must not be, directly or
indirectly, mailed, transmitted or otherwise forwarded, distributed
or sent in, into or from any Restricted Jurisdiction and persons
receiving this announcement and any documents relating to the Offer
(including, without limitation, agents, nominees, custodians and
trustees) must not distribute, send or mail it in, into or from
such jurisdiction. Any person (including, without limitation, any
agent, nominee, custodian or trustee) who has a contractual or
legal obligation, or may otherwise intend, to forward this
announcement, any document relating to the Offer and/or any
accompanying documents to a jurisdiction outside the United Kingdom
or Guernsey should inform themselves of, and observe, any
applicable legal or regulatory requirements of their
jurisdiction.
Information Relating to Market Tech Shareholders
Please be aware that addresses, electronic addresses and certain
other information provided by Market Tech Shareholders and other
relevant persons for the receipt of communications from Market Tech
may be provided to LabTech during the offer period as required
under Section 4 of Appendix 4 to the Takeover Code.
Publication on Website
A copy of this announcement will be available, subject to
certain restrictions relating to persons resident in Restricted
Jurisdictions, for inspection on Market Tech's website at
www.market-tech.com/investors/labtechoffer by no later than 12 noon
(London time) on the Business Day following the date of this
announcement. For the avoidance of doubt the content of that
website is not incorporated into, and does not form part of, this
announcement or the Offer Document.
Availability of Hard Copies
Market Tech Shareholders may request a hard copy of any document
published on Market Tech's website at
www.market-tech.com/investors/labtechoffer in connection with the
Offer by submitting a request in writing to the Receiving Agent,
Capita Asset Services, Corporate Actions, The Registry, 34
Beckenham Road, Beckenham, Kent BR3 4TU or by contacting Capita
Asset Services on 0371 664 0321 from within the UK or +44 (0) 371
664 0321 if calling from outside the UK.
- END -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGMKNLNGNZG
(END) Dow Jones Newswires
May 19, 2017 11:47 ET (15:47 GMT)
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