Completion of Phase 1 Disposal & Board Changes
Summary by AI BETAClose X
Fletcher King plc
("the Company")
Completion of Phase 1 Disposal
Board Changes and Directorate Appointments
Fletcher King plc (AIM: FLK), the AIM quoted property advisory and asset management group, is pleased to announce that, further to its announcements of 7 October 2026 and 26 October 2026, the disposal of 50 per cent. of the issued share capital of Fletcher King Services Limited ("Fletcher King" or "FKS") to Lexington One Limited (the "Buyer") has completed (the "Phase 1 Disposal").
Capitalised terms used but not defined in this announcement have the meanings given to them in the Company's circular to Shareholders dated 7 October 2026 (the "Circular").
Completion of Phase 1
Following approval of the Proposed Transaction by Shareholders at the General Meeting on 26 October 2026, the remaining conditions and Completion requirements under the SPA have been satisfied. The Initial Shares, representing 50 per cent. of the issued share capital of FKS, have been transferred to the Buyer, following payment of the Initial Payment and Balance Payment of £100,000 each.
Following Completion, the Company and the Buyer each hold 50 per cent. of FKS.
The Company and the Buyer have also entered into the Option Agreement in respect of the Company's remaining 50 per cent. interest in FKS. Under the Option Agreement, the Company has the Put Option and the Buyer has a subsequent Call Option over the Option Shares for an aggregate cash consideration of £650,000.
Board Changes
With effect from Completion, and following the AGM held on 2 November 2026, the Board now comprises Martin Samworth as Non-executive Chairman, Robert Dickman as Executive Director, and Matthew Wise, David Gibbs, James Cameron and Elizabeth Shaw as Non-executive Directors.
The biographical details and disclosures required under Schedule Two, paragraph (g) of the AIM Rules for Companies in respect of Martin Samworth, James Cameron and Elizabeth Shaw were included in the Company's announcement on 7 October 2026.
David Fletcher, Paul Andrews, Peter Bailey, Richard Goode and David Stewart have stepped down from the Board.
Martin Samworth, Non-executive Chairman of Fletcher King plc, commented: "Completion marks an important point in the Company's evolution. The transaction provides continuity for FKS and greater alignment for its management team, while the Company retains a meaningful economic interest during the transition.
"The new Board will now focus on evaluating complementary property-related investment and acquisition opportunities, including those arising from technology, data and artificial intelligence, with a disciplined approach to capital allocation and long-term shareholder value."
Paul Andrews, Managing Director of Fletcher King Services Limited, commented: "Completion gives the management team a direct ownership interest in Fletcher King and provides a strong platform for the next stage of the business. Our priority is to maintain continuity for clients and staff, protect the relationships and expertise that underpin the business, and continue to grow Fletcher King as an independent, people-led property services firm.
"We are pleased to have completed the transaction and look forward to building on the established strengths of the business over the coming years."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENQUIRIES:
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Fletcher King Plc Martin Samworth / Robert Dickman
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Tel: 020 7493 8400 |
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Cairn Financial Advisers LLP Nominated Adviser Liam Murray / Jo Turner / Edward Downes
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Tel: 020 7213 0880 |
Forward Looking Statements
Certain statements in this announcement are forward-looking statements relating to the Company's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, management. They are subject to a number of risks, uncertainties and other factors which could cause actual results, performance or achievements of the Company to differ materially from any outcomes or results expressed or implied by such forward-looking statements. Undue reliance should not be placed on such forward looking statements. They are made only as of the date of this announcement and no representation, assurance, guarantee or warranty is given in relation to them including as to their accuracy, completeness, or the basis on which they are made.
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