Business
Acquisition of Marsh & Parsons Limited
Acquisition of Marsh & Parsons Limited.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 5208R LSL Property Services 04 November 2011 \n \n\n \n\n\n\n\nFor Immediate Release\n\n\n4th November 2011\n\n\n\n\n \n \nLSL Property Services plc \n(\"LSL\")\n \nAcquisition of Marsh & Parsons Limited \n \n~ LSL to enter the prime London property market ~\n \nLSL Property Services plc, a leading provider of residential property services, is pleased to announce the proposed Acquisition of Marsh & Parsons, a leading London estate agency operating a premium brand in the mid-segment of the prime London property market.\nFurther to this announcement, LSL intends to make available today a Circular to its shareholders together with a notice of a General Meeting to be held at 10am 22nd November 2011 at the offices of LSL, 1 Sun Street, London, EC2A 2EP at which resolutions will be proposed to approve: (i) the acquisition of Marsh & Parsons and entry into an associated investment agreement; and (ii) the establishment of the 2011 LSL Employee Benefit Trust. Paper copies of the Circular are being posted to those Shareholders who requested paper copies of all communications with LSL. All other Shareholders will be able to access the Circular and other documents via LSL's website: www.lslps.co.uk.\nCopies of the Circular together with the notice of the General Meeting, proxy card and letter to shareholders, will shortly be available through the National Storage Mechanism hosted by Morningstar plc on behalf of the UK Listing Authority. The documents can also be accessed from LSL's website at: www.lslps.co.uk\n \nTransaction Highlights\n \n· LSL will acquire the entire issued share capital of Marsh & Parsons for an enterprise value of £50.0m;\n· Marsh & Parsons is a leading London estate agency operating a premium brand in the mid-segment of the prime London property market with 13 offices in Central and South-West London; \n· Marsh & Parsons is geographically complementary to LSL's existing estate agency footprint and provides the wider LSL Group with access to the prime London property market where volumes and commission rates have been consistently strong in comparison with other parts of the UK;\n· Marsh & Parsons will continue to operate independently within the LSL Group following the Transaction;\n· In the y...