Octopus Investments
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Latest property news
Martin & Co brush off Belvoir merger offer, citing EweMove success
Martin & Co parent company The Property Franchise Group (TPFG) has today confirmed that it is rejecting yesterday’s Belvoir merger offer, citing the success of its hybrid arm EweMove, and its strong dividend performance. “The Board is confident in delivering further growth and returns to TPFG shareholders through both capital appreciation and its progressive dividend policy and sees no merit in any further discussions with Belvoir,” a statement from its board says. The statement also says the offer significantly undervalues TPFG, does not add any premium to TPFG’s shares, and that the cash offer would be funded through a new credit facility, “significantly increasing the level of debt in the enlarged group”. TPFG also says the company’s dividends to its shareholder have been stronger than Belvoir’s over the past three years, and that the extra debt would put this “under pressure”. TPFG also says that its EweMove business, which it bought last year in a £15m deal, puts it in a stronger position than Belvoir, which does not have an online or hybrid business. “We are pleased to report that [EweMove] has performed in line with management expectations since the half year and has been cash generative during this period,”…
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Latest property news
Venture capital group that backed Zoopla sells its last ZPG shares
Octopus Investments, the venture capital firm that backed the start-up of Zoopla in 2009, has sold its last stake in what is now ZPG plc, it has been revealed. Its Octopus Titan VCT, which claims to be the largest venture capital trust in the UK, invested in Zoopla via its Zenith investment vehicle from 2013 onwards in preparation for a flotation on the London Stock Exchange. This took place in June 2014, valuing ZPG at £919 million. Since then Octopus Titan has been slowly selling its remaining interests in ZPG as the portal’s share price has peaked and troughed, particularly over the past 18 months. During this period the ZPG share price has risen from £2.10p to £3.83p a share, an increase of 82%. Octopus Investments said that it has now realised its last remaining investment in ZPG after a more recent surge in ZPG’s share price following the announcement that it has bought Hometrack for £120 million. “The board is delighted that it has been part of Zoopla’s success story and that shareholders have benefitted investment in the first billion dollar business to have been backed by a venture capital trust,” says a statement from Octopus Titan. The biggest major…
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