Business
Scheme of Arrangement Effective
Scheme of Arrangement Effective.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9190S\n Property Franchise Group PLC (The)\n 19 March 2021\n \n \n \n 19 March 2021\n \n The Property Franchise Group PLC\n (the \"Company\" or the \"Group\")\n \n Scheme of Arrangement Effective, Issue of Equity, Hunters Acquisition Completed and Board Appointments\n \n Scheme Effective, Issue of Equity and Hunters Acquisition Completed\n \n The Company is pleased to announce that, following the Court sanctioning of the Scheme on 16 March 2021 in respect of the recommended acquisition by the Company of Hunters Property PLC (\"Hunters\") (the \"Acquisition\"), the Scheme has now become Effective. Accordingly, the Company has approved the issuance of 5,551,916 New TPFG Shares to Scheme Shareholders, to satisfy the share consideration payable in respect of the Acquisition.\n \n Application has been made for the New TPFG Shares to be admitted to trading on AIM, which is expected to occur on 22 March 2021, after which the Acquisition will have completed.\n \n Following Admission, the Company will have 31,374,666 ordinary shares admitted to trading on AIM. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.\n \n The latest date for payment of the cash consideration payable in respect of the Acquisition is 2 April 2021.\n \n Board Changes\n \n As detailed in the Scheme Document dated 10 February 2021 (the \"Scheme Document\"), Glynis Frew and Dean Fielding join the board of the Company as Executive Director and independent Non-Executive Director respectively, with immediate effect. \n \n Glynis joined Hunters Estate Agents in 1999, leading as Chief Executive Officer since December 2016. With over 20 years of experience in property, Glynis has been instrumental in Hunters' growth into one of the industry's largest franchises. Prior to joining Hunters, Glynis held a number of roles with blue chip companies including United Biscuits and PepsiCo, where she specialised in running key accounts, sales and training.\n \n Dean Fielding was appointed a Non-Executive Director of Hunters Property Plc in April 2015. He joined G...