Hunters and The Property Franchise Group have confirmed that they are in early-stage talks about a takeover deal.

The Property Franchise Group (TPFG) is hoping to add Hunters, chaired by Conservative MP Kevin Hollinrake, to its portfolio of high-profile chains, which includes Ellis & Co, EweMove, Martin & Co and Parkers.

Hunters, founded in 1992 by Hollinrake, has more than 200 branches across the country.

News about a potential takeover deal broke on Thursday night.

Glynis Frew, chief executive of Hunters, told Sky News: “As a leading national estate agency group with significant growth ambitions, it is routine for Hunters to consider new opportunities on an ongoing basis, any number of which may or may not come to fruition.”

TPFG now has until 1 January to confirm its offer formally.

Statements re. possible offer: 

Hunters 

Hunters Property plc (“Hunters” or the “Company”) notes the recent media speculation and confirms that it has received a preliminary approach from The Property Franchise Group plc (“TPFG”) regarding a possible offer for the entire issued and to be issued share capital of Hunters. 

The approach is preliminary, and the terms remain subject to ongoing discussion and to due diligence by both Hunters and TPFG.  Accordingly, there can be no certainty that an offer will be made nor as to the terms of any offer, if made.

A further announcement will be made when appropriate.

In accordance with Rule 2.6(a) of the Code, TPFG is required, by not later than 5.00 p.m. on 1 January 2021, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.  This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.

For the purposes of Rule 2.5(a) of the Code, this announcement has been made with the consent of TPFG.

The person responsible for arranging the release of this announcement on behalf of Hunters is Ed Jones (Chief Financial Officer).

The Property Franchise Group

The Company notes the recent press speculation regarding Hunters Property Plc (“Hunters”) and confirms that, in accordance with its strategy to expand its franchise network through acquisition, it is in early contemplation of a possible offer to acquire the entire issued and to be issued share capital of Hunters.

Whilst the Company has made a preliminary approach to the board of Hunters, there can be no certainty that any firm offer will be made for Hunters, nor as to the terms on which any offer might be made.

In accordance with Rule 2.6(a) of the Code, TPFG has until 5.00pm on 1 January 2021, being 28 days following this announcement, to either announce a firm intention to make an offer for Hunters in accordance with Rule 2.7 of the Code or announce that they do not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

A further announcement will be made when appropriate.

In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, the Company confirms that, as at the close of business on 3 December 2020, being the last business day prior to the date of this announcement, it had 25,822,750 ordinary shares of 1 penny each in issue admitted to trading on the AIM market of the London Stock Exchange.  The Company holds no ordinary shares in treasury.  Accordingly, the total number of voting rights in TPFG is 25,822,750.  The International Securities Identification Number (‘ISIN’) for the Company’s ordinary shares is GB00BH0WFH67.

The person responsible for arranging the release of this announcement on behalf of TPFG is David Raggett, Chief Financial Officer.