Information  X 
Enter a valid email address

Rightmove Plc (RMV)

  Print      Mail a friend       Annual reports

Friday 10 March, 2006

Rightmove Plc

Offer Price

Rightmove Plc
10 March 2006


10 March 2006


This announcement and the information contained herein is restricted and is not
for publication, release or distribution in whole or in part in Australia,
Canada, Japan or the United States.

This announcement is an advertisement and not a prospectus and investors should
not subscribe for or purchase any shares referred to in this announcement except
on the basis of information in the prospectus published by Rightmove plc
('Rightmove') on 22 February 2006 (the 'Prospectus'), the supplementary
prospectus published by Rightmove on 6 March 2006 (the 'Supplementary
Prospectus') and the pricing statement expected to be published by Rightmove
today (the 'Pricing Statement'), in connection with the admission of its
ordinary shares ('Ordinary Shares') to the Official List of the Financial
Services Authority ('Admission') and to trading on the main market for listed
securities of London Stock Exchange plc. Copies of the Prospectus and the
Supplementary Prospectus are available, and copies of the Pricing Statement
will, following publication, be available, from the registered office of
Rightmove at Grafton Court, Snowdon Drive, Winterhill, Milton Keynes MK6 1AJ and
at the offices of UBS Limited at 1 Finsbury Avenue, London EC2M 2PP.


                                  Rightmove plc
                            Initial Public Offering

                         Offer Price of 335p per Share


Rightmove plc ('Rightmove' or the 'Company'), owner of the UK's leading
residential property website, today announces the pricing of the initial public
offering of its existing Ordinary Shares (the 'Offer').


• The offer price has been set at 335p per Ordinary Share (the 'Offer
  Price'). The Pricing Statement is expected to be published today.


• Based on the Offer Price, Rightmove will have a market capitalisation
  of £425 million at the commencement of conditional dealings.


• The Offer consists of approximately 22.7 million Ordinary Shares,
  representing approximately 18% of the Company's issued ordinary share capital.


• Following the Offer, the Corporate Selling Shareholders, being
  Countrywide Estate Agents, Connells Limited, Halifax Estate Agencies Limited
  and RSA E-Holdings Limited, will hold approximately 22.5%, 21.7%, 21.7% and 
  4.9% respectively of the Company's issued ordinary share capital.


• Conditional dealings are expected to commence on the main market for
  listed securities of the London Stock Exchange at 8:00 a.m. today under the
  ticker symbol RMV. Any allocations under the Offer will be conditional on
  Admission. Any dealings in Ordinary Shares before the commencement of
  unconditional dealings will be on a 'when issued' basis, at the sole risk of
  the parties concerned, and of no effect if Admission does not take place.


• It is expected that Admission will become effective and that
  unconditional dealings will commence at 8:00 a.m. on Wednesday 15 March 2006.


• UBS Investment Bank is acting as Sponsor, Global Co-ordinator and Sole
  Bookrunner and Panmure Gordon is acting as Co-Lead Manager.



Commenting on today's announcement Ed Williams, Managing Director said:

'We are delighted with the level of support that Rightmove's IPO has attracted
from institutions, customers and employees, and for their confidence in our
business model. Rightmove is the UK's leading residential property website and
we are particularly pleased that so many of our customers have chosen to become
shareholders as we progress our plans to become a broadly based residential
property services group'.


For further information please contact:

Rightmove

For Scott Forbes, Executive Chairman, and
Ed Williams, Managing Director, please contact
Maud Rousseau                               020 7318 9095

UBS Investment Bank
Christopher Smith / Benjamin Robertson      020 7567 8000


Maitland
Neil Bennett / Brian Hudspith               020 7379 5151


Notes to Editors

About Rightmove

Rightmove operates in the UK residential property industry, connecting people to
properties. The Company's principal business is the website www.rightmove.co.uk
where its customers - estate agents, rental agents and new home developers - pay
fees to have their properties displayed on the website, which provides home
hunters with property details to search. The Rightmove.co.uk business competes
in the market for classified property advertising. This market includes print
advertising, internet sites of individual estate agents and new home developers,
and other property portals.


                                     -o0o-



The contents of this announcement, which have been prepared by and are the sole
responsibility of Rightmove, have been approved by UBS Limited solely for the
purposes of section 21(2)(b) of the Financial Services and Markets Act 2000.

UBS Limited ('UBS' or 'UBS Investment Bank') is acting exclusively for Rightmove
and Countrywide Estate Agents, Halifax Estate Agencies Limited, RSA E-Holdings
Limited and Connells Limited (the 'Corporate Selling Shareholders') and no-one
else in connection with the Offer and will not be responsible to anyone other
than Rightmove and the Corporate Selling Shareholders for providing the
protections afforded to the clients of UBS, nor for providing advice in relation
to the Offer, the contents of this announcement or any transaction, arrangement
or other matter referred to herein.

Panmure Gordon (UK) Limited is acting exclusively for Rightmove and no-one else
in connection with the Offer and will not be responsible to anyone other than
Rightmove for providing the protections afforded to the clients of Panmure
Gordon (UK) Limited, nor for providing advice in relation to the Offer, the
contents of this announcement or any transaction, arrangement or other matter
referred to herein.

This announcement does not constitute an offer of, or the solicitation of an
offer to buy or subscribe for, Ordinary Shares to any person in any jurisdiction
to whom or in which such offer or solicitation is unlawful and, in particular,
is not for release, publication or distribution in or into the United States,
Australia, Canada or Japan.

The offer and sale of Ordinary Shares has not been and will not be registered
under the US Securities Act of 1933, as amended (the 'Securities Act') or under
the applicable securities laws of Australia, Canada or Japan. Subject to certain
exceptions, the Ordinary Shares may not be offered or sold in Australia, Canada,
Japan or the United States.

Forward Looking Statements

This announcement contains certain ''forward-looking statements'', including
statements about current beliefs and expectations of the Directors. In
particular, the words ''expect'', ''anticipate'', ''estimate'', ''may'',
''should'', ''plans'', ''intends'', ''will'', ''believe'' and similar
expressions (or in each case their negative and other variations or comparable
terminology) can be used to identify forward-looking statements. These
statements are based on the Rightmove Directors' expectations of external
conditions and events, current business strategy, plans and the other objectives
of management for future operations, and estimates and projections of the
Company's financial performance. Though the Directors of Rightmove believe these
expectations to be reasonable at the date of this announcement they may prove to
be erroneous. Forward-looking statements involve known and unknown risks and
uncertainties and speak only as of the date they are made. Investors are hereby
cautioned that certain important factors could cause actual results, outcomes,
performance or achievements of the Company or industry results to differ
materially from those expressed or implied in forward-looking statements.

This announcement does not constitute a recommendation concerning the Offer. The
value of shares can go down as well as up. Past performance is not a guide to
future performance. Potential investors should consult a professional advisor as
to the suitability of the Offer for the individual concerned.



                      This information is provided by RNS
            The company news service from the London Stock Exchange