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TODAY'S OTHER NEWS

Eligible ZPG members given opportunity to purchase further shares

Members of Zoopla Property Group (ZPG) who purchased discounted shares ahead of the firm’s Initial Public Offering last June will have the opportunity to purchase the same amount of shares to mark the one-year anniversary of Zoopla’s float.

Under the terms of ZPG’s Member Offer, those who bought shares last year and still remain members of ZPG will have the opportunity to purchase shares on the upcoming IPO anniversary date (June 18) at the same fixed price of £1.76 per share.

Zoopla says this will allow them to score an instant profit of over £1,000 per office based on ZPG’s current share price.

Around 4,000 Zoopla members purchased £9.2m worth of discounted shares, equating to a £1.8m giveaway, according to the portal. 

Zoopla says it will be directly communicating with eligible members in the coming days to give details of how they can apply for the discounted shares. 

“At the time of our IPO last year we were happy to be able to offer our agent members the opportunity to buy shares at a discounted price and become shareholders and were delighted with the take up by our members,” says Alex Chesterman, Founder & CEO of ZPG. 

“Those who took us up on the offer have made a healthy profit and over 90% of them remain members today and are eligible to buy more shares at £1.76 as part of the anniversary offer. It is great that we have been able to reward these members for their loyalty with over £5.5m over the last year,” he adds.

The portal has also announced that is has completed the acquisition of price comparison website uSwitch
 
The acquisition has gone through after ZPG received approval from shareholders and the Financial Conduct Authority. 
 
ZPG says it is now working on developing products which will directly benefit agent members by allowing them to source the best utilities deals and earn fees while saving money for their clients.

The Group also says that it is planning further investments in product and marketing and enhanced consumer engagement. 

Chesterman describes the acquisition as an ‘important milestone’ in Zoopla’s quest to create the ultimate property market resource.  

“Being able to help consumers both find their next home and save money on their household bills is a great fit and we are excited about the new products that we are working on and which will create revenue opportunities for our members,” he says. 

Last month Zoopla announced an 11% rise in visits and a 23% fall in its number of member agents in its half-year trading statement.

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