Last checked at 12 Nov 2009 08:07
For Immediate Release
12 November 2009
Not for release, publication or distribution, in whole or in part, in, into or from the United States, Canada, Australia, Republic of Ireland, the Republic of South Africa or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. This announcement does not constitute an offer or invitation to purchase or subscribe for any securities.
M Winkworth PLC
Completion of IPO and Admission to trading on AIM
M Winkworth Plc ("Winkworth" or "the Company"), the holding company of Winkworth Franchising, a leading UK-based franchised estate agency, today announces the successful completion of its IPO and the admission to trading of its ordinary shares on the AIM Market of the London Stock Exchange ("Admission") under the ticker "WINK".
The Company has raised gross proceeds of £1.1m through the issue of 556,250 Ordinary Shares to institutional and certain other investors at a price of 80p (the "Offer Price") per Ordinary Share (the "Placing) and through a pre-IPO Fundraising of £698,000 at a price of 80p per Ordinary Share completed shortly before the Placing.
At Admission, the Company has 11,428,750 Ordinary Shares in issue giving the Company, based on the Offer Price, a market capitalisation of approximately £9.1m.
FinnCap acted as nominated adviser, broker and placing agent to the Company.
Dominic Agace, Chief Executive Officer of Winkworth, commented: "as the Company is already cash positive, the net proceeds of the offering will be available to fund further growth through acquisitions and organic expansion. We believe that the market for residential sales and lettings is improving and that with an increased UK market presence, Winkworth will be well placed to benefit from any market upturn."
The Admission Document in relation to the Company's Admission is available on the Company's website at www.winkworthplc.com.
Enquiries:
M Winkworth Plc Tel: 020 8576 5599
Dominic Agace (Chief Executive Officer)
Chris Neoh (Chief Financial Officer)
FinnCap (Nominated Adviser) Tel: 020 7600 1658
Matthew Robinson
Rose Herbert
Milbourne (Public Relations) Tel: 020 7920 2367
Tim Draper
Notes to Editors:
Winkworth is the holding company of Winkworth Franchising and is registered in the UK. Winkworth Franchising is a UK-based franchised estate agency, with 76 franchisees operating out of 86 offices. Its core business is the franchising of estate agency sales, residential lettings and property management services.
The original Winkworth business was established in Mayfair in 1835 and was operated by the Winkworth family. In 1967, the Winkworth business was purchased by Mann & Company, an estate agency business founded in 1891 and purchased in the late 1930s by the father of the current Non-executive Chairman, Simon Agace.
In 1974, the Winkworth business and its three offices (Curzon Street, Knightsbridge and Holland Park), were acquired from Mann & Company by Simon Agace who became sole Director and gained control of the Winkworth business.
Under Simon Agace's direction, Winkworth grew to eight owned offices by 1980 covering new areas such as St. John's Wood, Fulham, Battersea and Putney, creating an established identity for Winkworth in Central and West London.
Having observed the successful growth of the franchise model in the US, Simon Agace saw this as a means of securing talent within a business. In 1981, Simon began converting the eight wholly owned offices to franchises. The franchise concept was rarely used at this stage by estate agents in the UK. The concept provided an opportunity for Simon Agace's senior managers to own their own businesses while allowing Simon Agace to retain their skill and knowledge for the benefit of Winkworth.
The Group expanded the network at low cost through organic growth and, in 2001, Anthony Snarey, now a Non-executive Director, established the Sheffield franchise, giving the Group and brand its first exposure outside London.
Winkworth now has a network of 86 offices run by an experienced management team which has been responsible for the development of the Winkworth proposition.
In line with the Company's strategy to expand its franchise model into Europe, in 2004, five offices were acquired in Portugal and re-branded as Winkworth. In 2008, one franchise office was also acquired in France as a pilot for replicating the franchise model there.