TIDMLSL
RNS Number : 2135E
LSL Property Services PLC
05 July 2021
LSL Property Services plc
5 July 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION.
LSL Property Services plc ("LSL")
ANNOUNCEMENT OF PUBLICATION OF SHAREHOLDER CIRCULAR
INCLUDING NOTICE OF GENERAL MEETING
Further to the announcement made on 23 April 2021 by LSL
regarding the formation of a joint venture with Pollen Street
Capital ("PSC") to establish Pivotal Growth Limited ("Pivotal
Growth"), LSL has today published a shareholder circular, which has
been approved by the Financial Conduct Authority ("Circular"), to
convene a general meeting of LSL's shareholders ("Shareholders") to
vote on the resolution included in the Circular (the "General
Meeting").
The purpose of the General Meeting is to seek Shareholder
approval for LSL to receive uncapped proceeds of sale arising on a
potential future disposal of its investment in Pivotal Growth
pursuant to a provision of the joint venture agreement whereby LSL
can be required by PSC to sell its shareholding in certain
circumstances (known as the "drag along" provision) ("Resolution").
The Resolution is conditional on, among other things, the approval
of Shareholders by a simple majority of votes cast.
Shareholders should read the Circular carefully as it contains
important information and LSL's board of directors ("Board")
unanimously recommends that all Shareholders vote in favour of the
Resolution. The Directors who hold shares in LSL have irrevocably
undertaken to vote in favour of the Resolution and any other
resolution that may be proposed at the General Meeting, in respect
of their own beneficial holdings of, in aggregate, 6,829,684
ordinary shares (representing approximately 6.49 per cent of the
Company's share capital in issue on 2 July 2021, being the latest
practicable date prior to release of this announcement.
Shareholders who have elected for printed shareholder
communications will shortly receive a hard copy of the Circular.
All other Shareholders will be sent a notification, either by a
letter or by email, that the Circular is available on LSL's
website.
As set out in the Circular, a General Meeting will be held at
Marsh & Parsons, 80 Hammersmith Road, London W14 8UD on 22(nd)
July 2021 at 12 noon to allow Shareholders to vote on the
Resolution.
Whilst at the date of posting of the Circular LSL believes that
the General Meeting will be held in person, due to the ongoing
uncertainty relating to COVID-19 it is possible that the General
Meeting arrangements (as set out in the Circular) may need to
change to reflect any further COVID-19 related developments or
restrictions imposed over the next few weeks. Up to date
information and any changes to the arrangements will be made
available on LSL's website: at lslps.co.uk.
Given the ongoing uncertainty around the COVID-19 restrictions,
Shareholders are encouraged to appoint the Chair of the meeting as
their proxy to the meeting, ensuring that should the circumstances
arise where no Shareholders other than the minimum number of
Shareholders required to ensure that the meeting is quorate are
permitted to attend, Shareholders can be sure of their votes being
included.
Publication of this announcement on website
The letter to Shareholders and the Circular which incorporates
the Notice of the General Meeting will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The letter to Shareholders and the Circular (including the
Notice of the General Meeting) are also available for inspection on
LSL's website: lslps.co.uk.
For the avoidance of doubt, the contents of these websites and
any websites accessible from hyperlinks on these websites are not
incorporated into and do not form part of this announcement.
The person responsible for making this announcement on behalf of
LSL is Sapna Bedi FitzGerald, Company Secretary.
For further information, please contact:
David Stewart, Group Chief
Executive Officer
Adam Castleton, Group Chief
Financial Officer
------------------------------------
LSL Property Services plc investorrelations@lslps.co.uk
------------------------------------
Ben Stoop
------------------------------------
George Fry
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Numis Securities Limited +44 (0) 207 260 1000
------------------------------------
Helen Tarbet
------------------------------------
Sophie Wills
------------------------------------
Buchanan (for LSL) 0207 466 5000 / LSL@buchanan.uk.com
------------------------------------
About LSL Property Services plc
LSL is one of the largest providers of services to mortgage
intermediaries, specialist mortgage and protection advice to estate
agency and new build customers and valuation services to the UK's
biggest mortgage lenders, completing GBP32.6bn of mortgages in
2020. It represents approximately 9% of the total purchase and
remortgage market with around 2,600 financial advisers. PRIMIS was
named Mortgage Network of the Year by both Moneyfacts and Mortgage
Introducer in their 2020 awards, as well as Best Network 300+ ARs
by Mortgage Strategy.
e.surv is one of the UK's largest providers of surveying and
valuation services, supplying seven out of the ten largest lenders
in the UK, employing over 500 operational surveyors, and performing
over 500,000 valuation and surveys per annum for key lender
clients. It was named Best Surveyor/Valuer at the 2020 Mortgage
Strategy awards.
LSL operates a network of 226 owned and 130 franchised estate
agency branches, with brands that include Your Move, Reeds Rains
and Marsh & Parsons. For further information please visit LSL's
website: lslps.co.uk
PRIMIS is the trading style of First Complete Limited, Personal
Touch Financial Services Limited and Advance Mortgage Funding
Limited which are all authorised and regulated by the Financial
Conduct Authority.
Sponsor Notice:
Numis Securities Limited ("Numis Securities"), which is
authorised and regulated in the UK by the Financial Conduct
Authority, is acting exclusively as sponsor to LSL and no one else
in connection with the matters described in this announcement and
is not advising any other person and, accordingly, will not be
responsible to anyone other than LSL for providing the protections
afforded to clients of Numis Securities nor for providing advice in
relation to the matters described in this announcement.
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