| | 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 31st December 2018 has been extended to 31st 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 |
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 |
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 |
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 |
|
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 |
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.