Last checked at 3 Mar 2021 07:00
03 March 2021
LSL Property Services plc ("LSL")
Related Party Transaction
LSL Property Services plc ("LSL") has agreed the option price for the acquisition of the remaining 5% interest in Group First Ltd ("Group First") having initially invested in the company in 2016.
The option price has been agreed by way of a variation to the 2016 put and call option agreement, with Stephen Partridge and Ian Bush (the option holders) which results in the transactions being smaller related party transactions for each of the option holders and falls within the provision of Listing Rule 11.1.10R, requiring this announcement to be released.
The option price has been set at £1.4m with the transaction expected to complete in July 2021. Completion is subject to certain conditions being satisfied and no further adjustments to Group First's 2020 accounts. The acquisition will be through LSL's wholly owned subsidiary, your-move.co.uk Limited.
The variation relates to the timing of the determination of the option price and the date for the completion of the acquisition of the shares including payment of the option price.
For further information, please contact investorrelations@lslps.co.uk