4th May 2005 12:24
Savills PLC04 May 2005 4 May 2005 AGM STATEMENT At today's Annual General Meeting of Savills plc, the international propertyadviser, Chairman, Peter Smith said: "Since the announcement of results made at the beginning of March, the Grouphas, overall, performed in line with expectations and ahead of the same periodlast year. Our UK and European Commercial property businesses have made a good start to theyear with investment markets remaining especially active. Prime residentialprices appear to be holding up, although a certain amount of caution has sloweddown the rate of sales. Transactional markets in Asia Pacific remain strong,specifically in Hong Kong where we have had a very strong first quarter. OurConsultancy and Property Management businesses continue to grow and FinancialServices has performed in line with expectation. As announced on 25 April 2005, Trammell Crow Company (TCC) acquired 1.7m sharesin Savills to increase their holding from 9.9% to 12.6% and also exercised anoption over a further 7%. This was in accordance with the terms of an agreedOption Deed (the "Deed") dated 9 May 2000, entered into at the time of theStrategic Alliance. This now takes the total balance of TCC's holding in Savillsto 19.6%. Under the terms of the Deed, TCC were permitted only to exerciseoptions to acquire shares up to a total of 20%. TCC have no further options overshares in Savills. The increased shareholding demonstrates their confidence inthe strength of our business and the opportunities for us in the global propertymarket and we welcome them as an increased shareholder." ENDS For further information, please contact: Savills plc Aubrey Adams (020 7409 9923) Citigate Dewe Rogerson (0207 638 9571) Simon RigbySarah GestetnerGeorge Cazenove Notes to editors: Savills plc is a leading international property services company with a fulllisting on the London Stock Exchange. The company has undergone dynamic growthin recent years establishing itself as a powerful player on the internationalstage with offices and associates throughout the UK, Europe, Asia Pacific andAfrica. In addition, Savills' strategic alliance with a top US full servicereal estate advisory company, Trammell Crow Company, in North America, meansthat clients have access to a network of offices in the US and Canada. Savills is the trading name for the property service subsidiaries of Savills plcwhich advise on commercial, rural, residential and leisure properties. Otherservices include corporate finance advice, fund management and a range ofproperty related financial services. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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