DTZ Holdings pl, parent company of the DTZ Group of worldwide property advisers, is pleased to announce that it has acquired a further 12.5% of Zadelhoff Participaties BV Shares from Goedland Beheer B.V. This transaction increases the DTZ Group holding in Zadelhoff Participaties BV to 70%.
Zadelhoff Participaties is a corporate partner in DTZ Zadelhoff Netherlands which has a substantial market share in the Dutch commercial agency and property management sector.
The consideration shall be Â£1,504,453 (â‚¬ 2,425,569) of which Â£469,538 (â‚¬ 756,300) will be paid in shares, the number of shares to be determined by the average price over a forty day period and the balance in cash will be paid on 1 August 2002.
Application will be made to The Financial Services Authority and The London Stock Exchange for the new shares issued to be admitted to the Official List and traded on The London Stock Exchange. These shares will not rank for any interim dividend to be declared by the Board of DTZ plc on the profits for the year ending 30 April 2002 but will otherwise rank pari passu with the existing ordinary shares in the capital of the company.
Mark Struckett, Chief Executive, DTZ Holdings plc comments: 'This acquisition integrates further our position in the important strategic market of the Netherlands and strengthens further our overall position in Continental European property markets'
(source: DTZ International)