Business
Recommended All-Share Merger With TPFG
Recommended All-Share Merger With TPFG.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHE FOLLOWING ANNOUNCEMENT IS NOT A PROSPECTUS OR PROSPECTUS EXEMPTED DOCUMENT AND TPFG SHAREHOLDERS AND BELVOIR SHAREHOLDERS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE MERGER AND THE NEW TPFG SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT AND THE TPFG CIRCULAR WHICH ARE PROPOSED TO BE PUBLISHED IN DUE COURSE.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO 596/2014 (INCORPORATED INTO UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nFor immediate release\n10 January 2024\nRECOMMENDED ALL-SHARE MERGER\nOF\nBELVOIR GROUP PLC\nAND\nTHE PROPERTY FRANCHISE GROUP PLC\nto be implemented by means of a scheme of arrangement\npursuant to Part 26 of the Companies Act 2006\nSummary of the Merger\n● The boards of The Property Franchise Group PLC (\"TPFG\") and Belvoir Group\nPLC (\"Belvoir\") are pleased to announce that they have reached agreement on the terms and conditions of a recommended all-share merger of Belvoir and TPFG (the \"Merger\") to create a leading property franchise business (the \"Combined Group\").\n● The Combined Group will benefit from increased scale with more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties per annum.\n● For the financial year ended 31 December 2022, TPFG and Belvoir together generated in excess of £60 million in combined revenue (of which approximately 41 per cent. was recurring), with management service fees of approximately £27 million and adjusted EBITDA of approximately £22.5 million.\n● The Combined Group w...