12 December 2006
12 December 2006
Rightmove plc: Response to 3i Investments Offer for Countrywide plc
Rightmove plc ('Rightmove') notes today's announcement by 3i Investments plc
('3i') concerning its Offer for the entire issued share capital of Countrywide
Plc ('Countrywide') and the intention to distribute to existing Countrywide
shareholders, as part of the offer, the 28.5 million shares (21.5% of
outstanding shares) of Rightmove currently held by Countrywide as part of the
The Rightmove Board has given its consent that, should the offer be accepted,
Rightmove will release the current lock-up on the sale or transfer of shares
which was due to expire in February 2007. The Board believes this is in the best
interest of all Rightmove shareholders. Consent to release from the lock-up is
also required from the Company's broker, UBS.
In the event that the offer is accepted and the distribution occurs, Rightmove
believes this will substantially increase the level of liquidity in Rightmove
shares and broaden the shareholder base to the benefit of existing and future
shareholders. Further, Countrywide has established a process by which its
shareholders may sell Rightmove shares in an orderly market to satisfy current
demand for Rightmove shares.
Rightmove can confirm that all aspects of the commercial agreements entered into
between Rightmove and Countrywide will remain in place including the agreement
to list all Countrywide estate agency properties on Rightmove until at least
As part of this Harry Hill, Group Chief Executive of Countrywide, has resigned
as a non-executive director of Rightmove with immediate effect.
On current trading, Rightmove is pleased to be able to report that, as of 8
December, estate agent members had increased to 11,170 from 10,360 at the end of
June and that total membership for all lines of business has grown to more than
16,000 from 14,680 at the half year.
A detailed update on current trading will be provided, as previously envisaged,
on 11 January 2007.
Neil Bennett / Brian Hudspith +44 (0)20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange