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TPFG shareholders back Belvoir deal

The majority of shareholders of The Property Franchise Group (TPFG) have backed a merger of the brand with Belvoir.

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

A shareholder vote was held today among TPFG investors and 99.99% backed the deal.


This would see TPFG takeover the share capital of Belvoir.

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.




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