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Belvoir shareholders back TPFG merger

Belvoir shareholders have backed the agency brand's merger with The Property Franchise Group (TPFG), paving the way for the high-profile deal to complete.

TPFG and Belvoir announced last month that their boards have approved a merger, subject to shareholder backing.

Belvoir held a shareholder vote today and got backing from 98% towards the deal.


This would see TPFG takeover the share capital of Belvoir.

TPFG investors backed the deal last week.

The deal values each Belvoir share at approximately 277.4p, comprising an equity value of Belvoir's entire issued ordinary share capital of approximately £103.5 m and TPFG's entire issued ordinary share capital at £111m.

Upon completion of the merger, Belvoir Shareholders will hold approximately 48.25% and TPFG shareholders will hold approximately 51.75% of the enlarged issued share capital of TPFG.

The combined group would have a market capitalisation of approximately £214.m and would mean both brands can combine their expertise and resources.

It is now expected that Belvoir shares will be suspended on 7 March and new TPFG shares will be issued the following day.




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