Substantial S'holder Update
Savills PLC
25 April 2005
25 April 2005
FOR IMMEDIATE RELEASE
Substantial Shareholder Update
Savills plc ('Savills' or 'the Company'), the international property advisor,
has today been notified that Trammell Crow Company ('TCC') have acquired
1,677,970 (2.76%) Ordinary Shares of Savills in the market for a total
consideration of £10.90m. When combined with the 6,018,000 (9.9%) Ordinary
Shares already owned by TCC, this now takes their holding to 7,695,970 Ordinary
Shares (representing 12.67% of the current issued share capital of Savills as at
25 April 2005).
In addition to this, TCC have today lodged a notice of exercise regarding the
option granted by Savills to TCC under a Deed of Option dated 9 May 2000 9 (the
'Deed'). TCC will, therefore, be subscribing for an aggregate of 5,243,229
Ordinary Shares at an exercise price of 701.28 pence per share (representing
120% of the average closing mid-market price of the Ordinary Shares as taken
over the preceding five days prior to exercise). The aggregate purchase
consideration is £36.77m. This will mean that their total holding after the
exercise will be 12,939,199 Ordinary Shares (representing 19.60% of the revised
issued share capital). Under the Deed TCC were permitted to acquire in total up
to 20% in the Company. No option to TCC now remains outstanding. Application
for the listing of the new shares will be made within the next five days.
Aubrey Adams, Chief Executive of Savills said: 'We have worked closely with TCC
over the past five years. Since 9 May 2003, TCC have had an option to increase
their stake to an agreed 20% which they are now exercising. The move by TCC
demonstrates their confidence in the strength of our business and the
opportunities for us in the global property market.'
ENDS
For further information, please contact:
Savills plc
Aubrey Adams (020 7409 9923)
Citigate Dewe Rogerson (0207 638 9571)
Simon Rigby
Sarah Gestetner
Notes to editors:
Savills plc is a leading international property services company with a full
listing on the London Stock Exchange. The company has undergone dynamic growth
in recent years establishing itself as a powerful player on the international
stage with offices and associates throughout the UK, Europe, Asia Pacific and
Africa. In addition, Savills' strategic alliance with a top US full service real
estate advisory company, Trammell Crow Company, in North America, means that
clients have access to a network of offices in the US and Canada.
Savills is the trading name for the property service subsidiaries of Savills plc
which advise on commercial, rural, residential and leisure properties. Other
services include corporate finance advice, fund management and a range of
property related financial services.
This information is provided by RNS
The company news service from the London Stock Exchange
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