Belvoir Lettings PLC Proposed Director Placing (7373L)
July 21 2017 - 2:53AM
UK Regulatory
TIDMBLV
RNS Number : 7373L
Belvoir Lettings PLC
21 July 2017
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PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES
(INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED
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JURISDICTIONS").
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 investorrelations@belvoirlettings.com
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
END
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