26th Apr 2005 07:01
Savills PLC25 April 2005 25 April 2005 FOR IMMEDIATE RELEASE Substantial Shareholder Update Savills plc ("Savills" or "the Company"), the international property advisor,has today been notified that Trammell Crow Company ("TCC") have acquired1,677,970 (2.76%) Ordinary Shares of Savills in the market for a totalconsideration of £10.90m. When combined with the 6,018,000 (9.9%) OrdinaryShares already owned by TCC, this now takes their holding to 7,695,970 OrdinaryShares (representing 12.67% of the current issued share capital of Savills as at25 April 2005). In addition to this, TCC have today lodged a notice of exercise regarding theoption granted by Savills to TCC under a Deed of Option dated 9 May 2000 9 (the"Deed"). TCC will, therefore, be subscribing for an aggregate of 5,243,229Ordinary Shares at an exercise price of 701.28 pence per share (representing120% of the average closing mid-market price of the Ordinary Shares as takenover the preceding five days prior to exercise). The aggregate purchaseconsideration is £36.77m. This will mean that their total holding after theexercise will be 12,939,199 Ordinary Shares (representing 19.60% of the revisedissued share capital). Under the Deed TCC were permitted to acquire in total upto 20% in the Company. No option to TCC now remains outstanding. Applicationfor the listing of the new shares will be made within the next five days. Aubrey Adams, Chief Executive of Savills said: "We have worked closely with TCCover the past five years. Since 9 May 2003, TCC have had an option to increasetheir stake to an agreed 20% which they are now exercising. The move by TCCdemonstrates their confidence in the strength of our business and theopportunities for us in the global property market." ENDS For further information, please contact: Savills plc Aubrey Adams (020 7409 9923) Citigate Dewe Rogerson (0207 638 9571) Simon RigbySarah 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 a 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 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:
Savills