LONDON (Alliance News) - Belvoir Lettings PLC said a group of directors and managers agreed to subscribe for shares in the company's placing at a price of 112 pence per share on Tuesday.
Finance Director Louise George acquired 17,857 shares, which doubles her shareholding to 35,107 shares.
Non-Executives Andrew Borkowski and Nick Leeming each acquired 8,929 shares, which takes their shareholdings to 24,544 and 24,427 shares respectively.
The company also said Chairman and Chief Executive Officer Mike Goddard sold 580,357 shares at the placing price for GBP650,000 gross.
Belvoir Lettings on Tuesday said it has raised GBP2.5 million in the share placing, which will partly fund its conditional agreement to buy independent UK lettings franchise Northwood GB Ltd for GBP22.0 million.
In the placing, which took place on Tuesday morning, 2.2 million shares raised proceeds of GBP2.5 million. The placing shares represent 6.6% of Belvoir's enlarged share capital, the company said.
Belvoir said, on completion of the deal, it would be the largest property franchise group in the UK.
The stock was up 6.5% at 124.60p Tuesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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