8th Dec 2005 08:18
Savills PLC08 December 2005 FOR IMMEDIATE RELEASE 8 December 2005 OFFER FOR SHAREHOLDING IN FASTCROP PLC (THE OWNER OF PRIMELOCATION) The Directors of Savills plc ("Savills") note that it has been announced todaythat Daily Mail and General Trust plc have made a recommended offer for Fastcropplc, a listed company in which Savills has a c14% shareholding through itswholly owned subsidiary Savills (L&P) Limited. The offer will be formally approved at an Extraordinary General Meeting ofFastcrop plc ("Fastcrop") to be held on 11 January 2006. The offer values theentire issued and to be issued share capital of Fastcrop at £48 million. It is anticipated that Savills will receive proceeds on disposal of theirshareholding early in 2006 and if approved by Fastcrop's shareholders anyresultant profit on disposal will be recognised in the 2006 Financial year. ENDS For further information, please contact: Savills plc (020 7409 9923) Aubrey Adams Citigate Dewe Rogerson (0207 638 9571) Simon Rigby Sarah Gestetner 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 top US full service realestate advisory company, Trammell Crow Company, in North America, means thatclients have access to a network of offices in the US and Canada. Savills is thetrading name for the property service subsidiaries of Savills plc which adviseon commercial, rural, residential and leisure properties. Other servicesinclude corporate finance advice, fund management and a range of propertyrelated financial services. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SavillsDMGT.L