Belvoir shareholders have backed the agency brand's merger with The Property Franchise Group (TPFG), paving the way for the high-profile deal to complete.
TPFG and Belvoir announced last month that their boards have approved a merger, subject to shareholder backing.
Belvoir held a shareholder vote today and got backing from 98% towards the deal.
This would see TPFG takeover the share capital of Belvoir.
TPFG investors backed the deal last week.
The deal values each Belvoir share at approximately 277.4p, comprising an equity value of Belvoir's entire issued ordinary share capital of approximately £103.5 m and TPFG's entire issued ordinary share capital at £111m.
Upon completion of the merger, Belvoir Shareholders will hold approximately 48.25% and TPFG shareholders will hold approximately 51.75% of the enlarged issued share capital of TPFG.
The combined group would have a market capitalisation of approximately £214.m and would mean both brands can combine their expertise and resources.
It is now expected that Belvoir shares will be suspended on 7 March and new TPFG shares will be issued the following day.
The UK’s largest multi-brand property franchise business, TPFG, says a brace...
The majority of shareholders of The Property Franchise Group (TPFG) have...
Two major agency brands have agreed to merge in the latest...
Belvoir, the UK's largest property franchise, has changed its name -...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
.jpg){kind=avatar}
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment