12th Dec 2006 17:11
Rightmove Plc12 December 2006 12 December 2006 Rightmove plc: Response to 3i Investments Offer for Countrywide plc Rightmove plc ("Rightmove") notes today's announcement by 3i Investments plc("3i") concerning its Offer for the entire issued share capital of CountrywidePlc ("Countrywide") and the intention to distribute to existing Countrywideshareholders, as part of the offer, the 28.5 million shares (21.5% ofoutstanding shares) of Rightmove currently held by Countrywide as part of theproposed transaction. The Rightmove Board has given its consent that, should the offer be accepted,Rightmove will release the current lock-up on the sale or transfer of shareswhich was due to expire in February 2007. The Board believes this is in the bestinterest of all Rightmove shareholders. Consent to release from the lock-up isalso required from the Company's broker, UBS. In the event that the offer is accepted and the distribution occurs, Rightmovebelieves this will substantially increase the level of liquidity in Rightmoveshares and broaden the shareholder base to the benefit of existing and futureshareholders. Further, Countrywide has established a process by which itsshareholders may sell Rightmove shares in an orderly market to satisfy currentdemand for Rightmove shares. Rightmove can confirm that all aspects of the commercial agreements entered intobetween Rightmove and Countrywide will remain in place including the agreementto list all Countrywide estate agency properties on Rightmove until at leastMarch 2009. As part of this Harry Hill, Group Chief Executive of Countrywide, has resignedas a non-executive director of Rightmove with immediate effect. On current trading, Rightmove is pleased to be able to report that, as of 8December, estate agent members had increased to 11,170 from 10,360 at the end ofJune and that total membership for all lines of business has grown to more than16,000 from 14,680 at the half year. A detailed update on current trading will be provided, as previously envisaged,on 11 January 2007. Enquiries: MaitlandNeil Bennett / Brian Hudspith +44 (0)20 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RightmoveCWD.L