Savills admits 27.7 million shares after acquisition
UK real estate firm issues additional shares following a strategic acquisition, increasing its share capital.
Savills plc said on Monday it had admitted 27.7 million new ordinary shares to trading on the London Stock Exchange following a corporate acquisition.
The UK-based real estate services group did not disclose the acquisition target in its filing. The newly issued shares, representing roughly 3.5% of existing share capital, will be admitted to the premium segment of the main market.
The admission follows a placing completed in late June, under which the company raised funds to support the acquisition. Savills said the additional shares were allotted to the seller as consideration for the deal.
The move increases Savills' total issued share capital but does not alter the company's overall market valuation, as the shares were issued in exchange for the acquisition rather than new capital.
Shares in Savills were last seen trading at 1,250 pence, down 1.2% on the day, in line with broader weakness in UK real estate stocks.
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