Belvoir Lettings PLC Issue of Equity (7798U)

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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     [e-mail] 
  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

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January 23, 2017 02:00 ET (07:00 GMT)