Belvoir Lettings PLC Proposed Director Placing (7373L)

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RNS Number : 7373L

Belvoir Lettings PLC

21 July 2017

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PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT

21 July 2017

BELVOIR LETTINGS PLC

(the "Company", "the Group" or "Belvoir")

Proposed Director Placing

Belvoir Lettings plc (AIM: BLV), the UK's largest property franchise, announces that the Chairman of the Company, Mike Goddard, is proposing to sell ordinary shares in the Company ("Ordinary Shares") as a result of investor demand.

Mike Goddard will participate in a placing to sell approximately 1,700,000 Ordinary Shares (the "Placing Shares") at GBP1 per share (the "Placing"). The Placing Shares represent approximately 4.87% of the Company's current issued share capital. Assuming the full amount of Placing Shares are sold, the Chairman will hold 5,571,921 Ordinary Shares in aggregate representing approximately 15.95% of the current issued share capital.

Cantor Fitzgerald Europe is acting as sole Bookrunner in relation to the Placing.

Mike Goddard will, on completion of the Placing, undertake not to sell any further Ordinary Shares for 12 months following the Placing.

For further details:

 
 
  Belvoir Lettings PLC                  01476 584900 
  Mike Goddard, Chairman                [e-mail] 
  Dorian Gonsalves, Chief Executive 
  Officer 
  Louise George, Chief Financial 
  Officer 
Cantor Fitzgerald Europe 
 Rick Thompson, Phil Davies, 
 Michael Reynolds 
 Corporate Finance 
 Mark Westcott, Caspar Shand 
 Kydd 
 Sales                                0207 894 7000 
 
 
  Buchanan 
  Charles Ryland, Victoria Hayns, 
  Madeleine Seacombe                    0207 466 5000 
 

Note to Editors:

About Belvoir Lettings PLC

Founded in 1995, Belvoir is the UK's largest property franchise group, with over 300 offices operating as residential lettings and property sales agents 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.

Belvoir is a multi-brand franchisor operating 4 brands including the original Belvoir network of 171 offices, the East Midlands-based Newton Fallowell network of 30 offices, the West Midlands-based Goodchilds network of 14 offices and Northwood, a national network of 87 offices. The Group manages 56,000 properties and reported revenue of GBP9.9m in 2016 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 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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July 21, 2017 03:53 ET (07:53 GMT)