Edition:
United States

Germany's Axel Springer To Make 125 Mln Stg Investment In Purplebricks


Monday, 26 Mar 2018 05:43am EDT 

March 26 (Reuters) - Purplebricks Group Plc ::STRATEGIC INVESTMENT FROM AXEL SPRINGER OF APPROXIMATELY £125 MILLION INCLUDING A £100 MILLION SUBSCRIPTION FOR NEW SHARES.INVESTMENT TO ACCELERATE ROLLOUT IN US, SUPPORT ENTRY INTO NEW MARKETS.‍GROUP REVENUES FOR FULL YEAR EXPECTED TO SHOW AROUND 100 PER CENT. YEAR-ON-YEAR GROWTH​.AXEL SPRINGER WILL OWN APPROXIMATELY 11.5 PER CENT. OF PURPLEBRICKS' SHARE CAPITAL FOLLOWING TRANSACTION.AXEL SPRINGER AGREED CONDITIONALLY TO SUBSCRIBE FOR 27.8 MILLION NEW SHARES AT A PRICE OF 360 PENCE PER ORDINARY SHARE.INTENDS TO ALLOCATE APPROXIMATELY £50 MILLION OF SUBSCRIPTION PROCEEDS TO US ROLLOUT.PURPLEBRICKS - UK UNDERLYING SOFTNESS AND ADVERSE WEATHER IN FEB, MARCH RESULTED IN REVENUES FOR YEAR EXPECTED TO BE ABOUTY 5 PERCENT BELOW CO CONSENSUS​."BEGINNING TO SEE EXPECTED SPRING MARKET ACTIVITY BUILDING EVEN THOUGH BACKDROP OF RELATIVE MARKET SOFTNESS PERSISTS". 

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