Business
Zoopla Offer Price and Return of Proceeds
Zoopla Offer Price and Return of Proceeds.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 8929J LSL Property Services 18 June 2014 \n \n\n 18 June 2014\n \n \n \nLSL Property Services plc\n \nIPO of Zoopla Property Group PLC (the \"Offer\") - Announcement of Offer Price\n \n \n \nLSL Property Services (\"LSL\") notes today's announcement from Zoopla Property Group PLC (\"Zoopla\") that the IPO price has been set at 220 pence per share implying a total market capitalisation of Zoopla of £918.8 million.\n \nAs part of the Offer, 8,890,014 Zoopla ordinary shares are being sold by LSL (prior to the exercise of the 10% over-allotment option), representing 2.1 per cent of the 417,642,460 Zoopla ordinary shares that will be in issue at Admission. Gross proceeds realised by LSL will be £19.5 million (prior to the exercise of the over-allotment option). LSL has made available up to 926,813 Zoopla ordinary shares that are subject to the over-allotment option.\n \nFollowing admission, LSL will continue to hold 2.6 per cent. of Zoopla's ordinary shares (assuming the full exercise of the over-allotment option), which are subject to a 180 day lock-up.\n \nThe Board of LSL has decided that it will return to shareholders all of the proceeds from the sale of Zoopla ordinary shares in the Offer, after the deduction of costs and applicable taxes (including corporation tax). Further details will be provided at the time of the LSL's Interim Results on 5 August 2014. It is expected that LSL will make this return to shareholders in September 2014.\n \nFor further information, please contact:\nIan Crabb, Group Chief Executive Officer\nSteve Cooke, Group Finance Director\nLSL Property Services plc 0207 382 0360\n \n \nRichard Darby and Sophie McNulty\nBuchanan &...