Belvoir Lettings PLC Issue of Equity (7798U)
23 January 2017 - 6:00PM
UK Regulatory
TIDMBLV
RNS Number : 7798U
Belvoir Lettings PLC
23 January 2017
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
23 January 2017
BELVOIR!
BELVOIR LETTINGS PLC
(the "Company", the "Group" or "Belvoir")
Issue of Equity
Belvoir Lettings plc (AIM: BLV), UK's largest property
franchises, announces that it has issued and allotted 803,284 new
Ordinary Shares of one pence each to the vendors of Northwood GB
Limited ("Northwood") in settlement of the initial consideration
due under the terms of the acquisition (the "Consideration
Shares").
Northwood, the then largest independent UK letting franchise,
was acquired by Belvoir in June 2016 for an initial cash
consideration of GBP8m, with the balance subject to completion
accounts for the year to May 2016 to be satisfied through the issue
of Consideration Shares. These Shares are to be issued at a price
of 116.67 pence per share, being the average mid-market price over
the 30 days prior to the announcement of the original transaction,
and are subject to a 12 month lock in.
Application has been made for the shares to be admitted to
trading on the AIM Market of the London Stock Exchange on 27
January 2017 ("Admission").
The new Ordinary Shares will rank pari passu with the existing
Ordinary Shares in issue. Following Admission, the Company's total
issued share capital will comprise 34,463,444 Ordinary Shares. This
number may 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 in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
For further details:
Belvoir Lettings PLC 01476 584900
Mike Goddard, Chairman and CEO investorrelations@belvoirlettings.com
Louise George, Chief Financial
Officer
Cantor Fitzgerald Europe
Rick Thompson, Phil Davies,
Michael Reynolds
Corporate Finance 020 7894 7000
Buchanan
Charles Ryland, Victoria Hayns,
Madeleine Seacombe 0207 466 5000
About Belvoir Lettings PLC
Founded in 1995, Belvoir is the UK's largest property franchise
group, with 302 outlets nationwide.
Since listing on AIM in February 2012 (BLV.L), Belvoir has
continued to diversify its core business offer in lettings by
broadening into property sales. Operating from its Central Office
in Grantham, Lincolnshire, the Group now offers a range of
specialist services in property rental, property management,
residential lettings, buy to let and property sales.
Belvoir's core revenue is derived from Management Service Fees
(MSF); a reliable recurring revenue model which allows the Group to
offer franchisees significant support and advice.
In 2015 Belvoir launched its multi-brand franchising strategy;
acquiring Newton Fallowell Limited, an East Midlands-based network
of 31 outlets in July 2015 and Goodchilds Estate Agents and
Lettings Limited, a West Midlands-based network of 14 outlets in
October 2015. In June 2016 Belvoir acquired Northwood GB Limited, a
network of 86 residential lettings and property sales agents
operating across the UK, making Belvoir the largest property
franchise group in the UK.
Belvoir continues to grow organically by delivering award
winning service, prioritising franchisee recruitment and supporting
franchisee acquisitions. In recognition, Belvoir was awarded the
"Best Lettings Agency Franchise Award" at the 2016 Lettings Agency
of the Year Awards for the sixth time since the awards started
seven years ago.
The Company remains committed to diversifying its brand
portfolio, utilising the Group's strong franchising expertise and
infrastructure, in order to capitalise on a consolidating
market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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