Bovis Homes Group Plc - Completion of Acquisition
Bovis Homes Group PLC
Completion of Acquisition of the Linden Homes and Partnerships & Regeneration businesses of Galliford Try plc, Change of Name, Bonus Issue and Consideration Shares Issue
Completion of Acquisition
Bovis Homes Group PLC ("Bovis Homes" or "the Company") is pleased to announce that it has completed the acquisition of Galliford Try plc's ("Galliford Try") Linden Homes and Partnerships & Regeneration businesses (the "Target Businesses") (the "Acquisition").
Greg Fitzgerald, CEO of Bovis Homes, said:
"I am delighted that we have completed the exciting and transformational acquisition of the Linden Homes and Partnerships & Regeneration businesses of Galliford Try plc.
The combination of these businesses with Bovis Homes creates a top five housebuilder in the UK with the capacity to deliver over 12,000 homes per year in the medium term. It also gives us a leading position in the high-growth, more resilient partnerships market. Within the enlarged business, our commitment to ensuring the highest levels of build quality and customer satisfaction will remain central to everything we do.
We would like to thank all shareholders for their engagement in this process and look forward to delivering the clear strategic and financial benefits of this combination.
Finally, I would like to extend a very warm welcome to all our new colleagues and thank everyone collectively for their continued hard work and focus on our customers during this busy period."
Bovis Homes is also pleased to announce that, with effect from completion, Graham Prothero, who was the Chief Executive Officer of Galliford Try, has been appointed as Chief Operating Officer of the Company. Biographical details of Graham Prothero and details of his other appointments are contained in the Prospectus published in connection with the Acquisition on 7 November 2019.
Change of Name
It was announced on 7 November 2019 that the Company would assume a new corporate name as part of the integration process of the Target Businesses. The Company is pleased to announce that it will today make an application to the Registrar of Companies to change its name to Vistry Group PLC. This new corporate name will be used for both the enlarged Group's housebuilding and partnerships businesses. The enlarged housebuilding business will operate with both the Bovis Homes and Linden Homes brands, maximising the opportunities from dual-branding.
The 5,665,723 ordinary shares of £0.50 each to be issued to shareholders on the Company's register of members as at 6.00 p.m. on 2 January 2020 pursuant to the bonus issue announced on 7 November 2019 (the "Bonus Issue") are expected to be admitted to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. on 3 January 2020.
Consideration Shares Issue
The 63,739,385 new ordinary shares of £0.50 each issued to the shareholders of Galliford Try in part consideration for the Acquisition (the "Consideration Shares") are expected to be admitted to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. on 3 January 2020. Recipients of Consideration Shares are not entitled to shares under the Bonus Issue.
In accordance with the FCA Disclosure Guidance and Transparency Rules ("DTR"), subsequent to the Consideration Shares Issue and Bonus Issue, the Company's issued share capital consists of 217,742,860 ordinary shares. There are no ordinary shares held in treasury. Therefore, the total number of voting rights in the Company is 217,742,860.
This figure, 217,742,860, may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTR.