BLV.L Regulatory News (BLV)

For Immediate Release 22 November 2013

BELVOIR! the lettings specialistBELVOIR LETTINGS PLC

(the "Company" or "Belvoir")

Successful Placing to raise £5.35 million

Posting of Circular to Shareholders and

Notice of General Meeting

Belvoir Lettings plc (AIM: BLV), one of the UK's largest lettings franchises, is pleased to announce that Cantor Fitzgerald Europe has conditionally placed on behalf of the Company 3,343,750 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a placing price of 160 pence per Ordinary Share (the "Placing"). The Placing will raise £5.35 million before expenses and is to a number of new as well as existing institutional investors.

Highlights

· Placing of 3,343,750 Ordinary Shares (the "Placing Shares") raising gross proceeds of £5.35 million.

· Placing price of 160 pence per Ordinary Share (the "Placing Price") represents a 8.6 per cent. discount to the closing price of 175 pence per Ordinary Share on 21 November 2013.

· 1,003,125 of the Placing Shares (the "Firm Placing Shares") are expected to be admitted to trading on AIM on 27 November 2013, whilst 2,340,625 of the Placing Shares, being conditional, inter alia, on shareholder approval, (the "Conditional Placing Shares") are expected to be admitted to trading on AIM on 17 December 2013.

· Net proceeds from the Placing will enable the Company to continue to expand and support its franchisee acquisition programme, expand its presence by creating more corporate outlets, maintain the franchisee recruitment policy and use opportunities arising from the acquisition programme to assist future proposed growth of the network.

· A general meeting of the Company (the "General Meeting") is to be held at Buchanan Communications Limited at 107 Cheapside, London EC2V 6DN at 10.00 a.m. on Monday, 16 December 2013.

Dorian Gonsalves, Chief Executive Officer of Belvoir commented:

"On behalf of the Board of Belvoir I am delighted to announce this successful placing which will enable us to pursue actively our growth ambitions as we continue to expand Belvoir and look to further accelerate our speed of growth. Additionally, I would like to welcome all of our shareholders who have supported this placing, a number of which are new institutional shareholders to Belvoir, whilst thanking our existing shareholders for their continuing support."

For further details:

www.buchanan.uk.com

Details of the Placing

The Company is proposing to raise £5.35million (before expenses) by way of a placing of 3,343,750 new Ordinary Shares at the Placing Price. The Firm Placing Shares will represent approximately 5 per cent. of the issued share capital of the Company (as enlarged by the Firm Placing Shares), and the Placing Shares (comprising the Firm Placing Shares and the Conditional Placing Shares) will represent approximately 14 per cent. of the issued share capital of the Company (as enlarged by the Firm Placing Shares and the Conditional Placing Shares). Following admission to trading on AIM ("Admission") of the Firm Placing Shares, the Company will have 21,669,792 Ordinary Shares in issue and following Admission of the Conditional Placing Shares this number will further increase to 24,010,417 Ordinary Shares in issue. These figures may be used by shareholders of the Company, from Admission of both the Firm Placing Shares and the Conditional Placing Shares, respectively, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

The Placing Price represents a discount of approximately 8.6 per cent. to the closing price of 175 pence per Ordinary Share on 21 November 2013, being the last dealing day prior to the date of this announcement.

The Placing of the Firm Placing Shares will utilise the existing shareholder authorities put in place at the last annual general meeting of the Company to allot on a non-pre-emptive basis 1,003,125 Placing Shares (raising gross proceeds of £1,605,000 at the Placing Price). Therefore, the Placing of the Firm Placing Shares is not conditional on the resolution being passed at the General Meeting. However, the Placing of the Firm Placing Shares is conditional, inter alia, on:

· the conditions in the placing agreement between the Company and Cantor Fitzgerald Europe (the "Placing Agreement") relating to the Placing of the Firm Placing Shares being satisfied or (if applicable) waived and the Placing Agreement not having been terminated in accordance with its terms prior to Admission of the Firm Placing Shares; and

· Admission of the Firm Placing Shares becoming effective by no later than 8.00 a.m. on 27 November 2013 (or such later time and/or date as the Company and Cantor Fitzgerald Europe may agree, but in any event not later than 8.00 a.m. on 11 December 2013). Admission of the Firm Placing Shares is expected to occur before the holding of the General Meeting.

The Placing of the Conditional Placing Shares s conditional, inter alia, on:

· the passing of the resolution at the General Meeting;

· the conditions in the Placing Agreement relating to the Placing of the Conditional Placing Shares being satisfied or (if applicable) waived and the Placing Agreement not having been terminated in accordance with its terms prior to Admission of the Conditional Placing Shares; and

· Admission of the Conditional Placing Shares becoming effective by no later than 8.00 a.m. on 17 December 2013 (or such later time and/or date as the Company and Cantor Fitzgerald Europe may agree, but in any event not later than 8.00 a.m. on 24 December 2013).

The Placing Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission of the Firm Placing Shares and the Conditional Placing Shares, respectively, and will otherwise rank on Admission pari passu in all respects with the Company's existing Ordinary Shares as at the date of this announcement. The Placing Shares are not being made available to the public and are not being offered or sold in any jurisdiction where it would be unlawful to do so.

Recommendation

The directors of the Company unanimously believe that the Placing is in the best interests of the Company and its shareholders as a whole and recommend Shareholders to vote in favour of the resolution to be proposed at the General Meeting, as they intend to do or procure to be done in respect of their own beneficial holdings of 9,767,713 Ordinary Shares in aggregate, equivalent to approximately 47.3 per cent. of the current issued share capital of the Company as at the date of this announcement.

Notice of General Meeting

The Placing of the Conditional Placing Shares is conditional upon, inter alia, the passing of the resolution to be proposed at the General Meeting. Accordingly, a notice convening the General Meeting to be held at Buchanan Communications Limited at 107 Cheapside, London EC2V 6DN at 10.00 a.m. on 16 December 2013 has today been posted to shareholders, together with the circular which sets out further details of the Placing (the "Circular").

Copies of the Circular are also available on the Company's website at www.belvoirlettingsplc.com.