Director/PDMR Dealing

RNS Number : 5386J

Belvoir Lettings PLC

05 December 2018

 

5 December 2018

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

BELVOIR LETTINGS PLC

(the "Company", "the Group" or "Belvoir") 

Director/ PDMR Dealing

Belvoir Lettings plc (AIM: BLV), has been notified that on 4 December 2018, Mike Goddard, Chairman of the Company, sold 1,065,431 ordinary shares of 1p each in the Company ("Ordinary Shares") to the vendors of Northwood at 92.9p each.

The acquisition of Northwood in June 2016 was subject to a two year earn out.  During the two years under review, EBITDA performance increased by 51% from £1,069,000 to £1,616,000 against which a final consideration payment of £3,959,000 was due.  Settlement of the final payment in either cash or shares was at the discretion of the Board.  Feedback from institutional investors clearly supported 100% cash settlement, if possible.  Accordingly, Mike Goddard has made available 1,065,431 shares, enabling the Northwood vendors to take 25% of their collective final cash consideration in shares thereby, retaining a stake in the business that they had so successfully built over the past 23 years.

As a result, the following transfer of shares from Mike Goddard took place:

Transferee	No. of shares	Previous holding	Subsequent holding	Percentage holding
Andrew David Goodson	733,869	555,339	1,289,208	3.69%
Gemma Goodson	244,623	185,113	429,736	1.23%
William Eric Walker	32,602	21,713	54,315	0.16%
Philip Allan Gee	21,735	16,447	38,182	0.11%
Victoria Alexander	21,735	16,447	38,182	0.11%
Nicholas Mark Harris	10,867	8,224	19,091	0.05%

Both William Eric Walker and Phillip Allan Gee continue to be employed by the Belvoir Group as Group Managing Director and Northwood Managing Director respectively and are regarded as PDMRs.

Following this transaction Mike Goddard holds 4,506,490 Ordinary Shares, representing approximately 12.9% of total issued share capital and voting rights of the company.

Furthermore, the option period for options held by Dorian Gonsalves under the Belvoir Lettings PLC Unapproved Share Option Plan over 163,399 shares due to expire on 31^st December 2018 has been extended to 31^st December 2020.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Mike Goddard
2	Reason for notification
a.	Position/Status	Chairman
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Belvoir Lettings PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	ISIN: GB00B4QY1P51
b.	Nature of the transaction	Sale of Ordinary Shares
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			92.9p	1,065,431
d.	Aggregated information - Aggregated Volume - Price	1,065,431 92.9p
e.	Date of the transaction	4 December 2018
f.	Place of the transaction	Off-market

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	William Eric Walker
2	Reason for notification
a.	Position/Status	Group Managing Director (PDMR)
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Belvoir Lettings PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	ISIN: GB00B4QY1P51
b.	Nature of the transaction	Purchase of Ordinary Shares
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			92.9p	32,602
d.	Aggregated information - Aggregated Volume - Price	32,602 92.9p
e.	Date of the transaction	4 December 2018
f.	Place of the transaction	Off-market

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Phillip Allan Gee
2	Reason for notification
a.	Position/Status	Northwood Managing Director (PDMR)
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Belvoir Lettings PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	ISIN: GB00B4QY1P51
b.	Nature of the transaction	Purchase of Ordinary Shares
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			92.9p	21,735
d.	Aggregated information - Aggregated Volume - Price	21,735 92.9p
e.	Date of the transaction	4 December 2018
f.	Place of the transaction	Off-market

For further details:

Belvoir Lettings PLC Mike Goddard, Chairman Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer	01476 584900 [e-mail]
Cantor Fitzgerald Europe Rick Thompson, Philip Davies, Will Goode Corporate Finance Caspar Shand-Kydd, Gregor Paterson Sales	0207 894 7000
Buchanan Charles Ryland, Madeleine Seacombe, Tilly Abraham	0207 466 5000 [e-mail]

Note to Editors:

About Belvoir Lettings PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 364 offices across four brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages over 61,000 properties and reported revenue of £11.3m in 2017 making Belvoir the largest property franchise group in the UK.

 

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