Placing for cash & directors' dealings

RNS Number : 0049E

M Winkworth Plc

31 March 2011

 

M Winkworth plc

("Winkworth" or the "Company")

Placing for cash and directors' dealings

The Company is pleased to announce that it has conditionally placed 1,247,488 new ordinary shares of 0.5 pence each in Winkworth (the "Placing Shares") at 82 pence per share (the "Placing Price") thought its broker, finnCap, to raise approximately £1 million(the "Placing").   The net proceeds of the Placing will be used by Winkworth to develop the Company's franchise base.  The Company is in discussions with a number of smaller agencies in strategically important territories to potentially join the Winkworth group.

Application has been made for a total of 1,247,488 new ordinary shares of 0.5 pence each in Winkworth to be admitted to trading on AIM ("Admission").   The Placing Shares will rank pari passu with the Company's existing ordinary shares and will be issued in two stages. Admission of the first tranche of 94,750 Placing Shares is expected to become effective on 4 April 2011 (the "First Admission").   Admission of the second tranche of 1,152,738 Placing Shares is expected to become effective on 8 April 2011 (the "Second Admission").

Three of Winkworth's directors are participating in the Placing at the Placing Price.  Dominic Agace is acquiring 12,000 Placing Shares, Lawrence Alkin is acquiring 146,341 Placing Shares and Tony Snarey is acquiring 30,487 Placing Shares.  Further to these transactions and the issues of Placing Shares, the directors' interest in the Company will be as follows:

Director	Current holding	% of issued share capital	Holding following the Placing	% of enlarged issued share capital
Simon Agace	6,336,250	55.4%	6,336,250	50.0%
Tony Snarey	1,312,500	11.5%	1,342,987	10.6%
Lawrence Alkin	256,250	2.2%	402,591	3.2%
Dominic Agace	512,000	4.5%	524,000	4.1%
Chris Neoh	12,500	0.1%	12,500	0.1%

Following the Second Admission of the Placing Shares, the Company will have 12,676,238 Ordinary Shares in issue with each share carrying the right to one vote.  There are no shares held in Treasury.  The total number of voting rights in Winkworth will therefore be 12,676,238.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, Winkworth, under the Disclosure and Transparency Rules.

For further information please contact:

M Winkworth Plc                                      Tel: [phone]

Dominic Agace (Chief Executive Officer)

Chris Neoh (Chief Financial Officer)

FinnCap                                                               Tel: [phone]

Clive Carver/Rose Herbert (Corporate Finance)

Tom Jenkins/Stephen Norcross (Corporate Broking)

Milbourne (Public Relations)                Tel: [phone]

Tim Draper

About Winkworth

Winkworth is a leading franchisor of residential real estate agencies and is admitted to trading on the AIM Market of the London Stock Exchange.

Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. In total, the company operates from over 80 offices in the UK, France and Portugal, having doubled in size in recent years.

The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in-depth local knowledge and a highly personalised service to their clients.

For further information please visit: www.winkworthplc.com

 

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