PR Newswire
7 October 2024
Rightmove plc
Share buy-back programme
Rightmove plc – transactions in own shares
Rightmove plc (‘Rightmove’), announces that today it purchased 75,000 of its 0.1p ordinary shares at a volume weighted average price paid per share of 622.854p. The highest price paid per share was 630.800p and the lowest price paid per share was 620.800p. Rightmove purchased these shares through UBS AG London Branch.
The number of shares purchased represented 0.0095% of the voting rights attributable to the total ordinary shares in issue prior to such purchase. The purchased shares will be cancelled.
Since announcing a share buy-back programme on 28 December 2007, Rightmove has purchased in aggregate 519,201,789 ordinary shares.
The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 788,496,772. Rightmove holds 11,355,519 shares in treasury.
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (the ‘UK MAR’), the schedule below contains detailed information about the purchases made by UBS AG London Branch on behalf of the Company as part of the buyback programme.
Contact: Carolyn Pollard, Company Secretary
CompanySecretary@rightmove.co.uk
Schedule of Purchases – Individual Transactions
Number of shares purchased
Transaction price (per share)
Time of transaction
Quantity
Price
ExecutionTime
238
622.200
16:03:06
447
622.200
16:03:06
1004
622.600
16:00:06
1306
623.200
15:59:17
140
623.200
15:59:17
879
622.800
15:52:55
960
622.200
15:49:20
989
622.200
15:46:36
287
622.200
15:46:36
287
622.200
15:46:36
415
622.200
15:46:36
975
622.200
15:40:07
10
622.200
15:40:07
1007
622.200
15:35:12
1007
622.000
15:31:00
947
622.000
15:27:20
54
622.000
15:27:20
881
622.400
15:24:53
226
622.400
15:21:09
638
622.400
15:21:09
822
622.600
15:20:57
992
622.200
15:11:47
959
621.800
15:10:30
42
621.800
15:10:30
924
622.400
15:07:41
896
621.200
15:01:58
941
621.200
15:01:58
530
621.400
14:57:10
332
621.400
14:57:10
83
621.400
14:57:10
118
622.200
14:55:28
826
622.200
14:55:28
772
623.000
14:51:17
46
623.000
14:50:32
685
623.400
14:47:45
260
623.400
14:47:45
314
623.400
14:47:45
717
623.400
14:47:45
923
623.200
14:44:15
870
623.200
14:44:15
43
623.200
14:44:15
918
623.600
14:38:58
998
623.600
14:34:24
945
624.000
14:32:45
150
623.600
14:30:50
713
623.600
14:30:50
458
623.600
14:30:50
476
623.600
14:30:50
974
624.200
14:30:01
829
624.600
14:24:46
989
4 October 2024
Rightmove plc
Share buy-back programme
Rightmove plc – transactions in own shares
Rightmove plc (‘Rightmove’), announces that today it purchased 75,000 of its 0.1p ordinary shares at a volume weighted average price paid per share of 625.519p. The highest price paid per share was 629.400p and the lowest price paid per share was 619.200p. Rightmove purchased these shares through UBS AG London Branch.
The number of shares purchased represented 0.0095% of the voting rights attributable to the total ordinary shares in issue prior to such purchase. The purchased shares will be cancelled.
Since announcing a share buy-back programme on 28 December 2007, Rightmove has purchased in aggregate 519,126,789 ordinary shares.
The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 788,525,604. Rightmove holds 11,401,687 shares in treasury.
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (the ‘UK MAR’), the schedule below contains detailed information about the purchases made by UBS AG London Branch on behalf of the Company as part of the buyback programme.
Contact: Michelle Palmer, Assistant Company Secretary
CompanySecretary@rightmove.co.uk
Schedule of Purchases – Individual Transactions
Number of shares purchased
Transaction price (per share)
Time of transaction
Quantity
Price
Execution Time
1093
628.400
16:08:54
108
628.200
16:07:44
791
628.200
16:06:16
764
628.400
16:04:32
31
628.400
16:04:32
649
628.000
16:01:46
257
628.000
16:01:46
923
628.400
16:00:24
758
628.400
15:58:28
800
628.800
15:54:35
512
628.600
15:51:46
327
628.600
15:51:46
856
627.800
15:46:48
859
627.800
15:45:37
919
627.800
15:38:59
269
628.000
15:36:49
521
628.000
15:36:49
809
628.000
15:36:49
771
628.000
15:36:49
870
627.800
15:29:21
800
628.000
15:27:02
929
628.400
15:26:46
856
628.800
15:20:01
838
629.200
15:19:12
832
629.200
15:19:12
747
627.000
15:12:03
845
627.000
15:08:38
30
627.800
15:03:59
900
627.800
15:03:59
361
628.000
15:03:55
418
628.000
15:03:55
868
628.000
15:01:28
645
628.400
15:01:00
231
628.400
15:01:00
129
628.200
14:56:42
12
628.200
14:56:42
785
628.200
14:56:42
887
628.600
14:54:00
93
629.000
14:53:17
660
629.000
14:53:17
874
628.200
14:50:02
167
628.200
14:47:43
736
628.200
14:47:43
660
628.400
14:44:10
257
628.400
14:44:10
279
628.200
14:40:54
816
628.600
14:39:49
152
628.600
14:39:49
602
628.600
14:39:49
803
628.600
14:30:50
788
3 October 2024
Rightmove plc
Share buy-back programme
Rightmove plc – transactions in own shares
Rightmove plc (‘Rightmove’), announces that today it purchased 75,000 of its 0.1p ordinary shares at a volume weighted average price paid per share of 632.132p. The highest price paid per share was 638.000p and the lowest price paid per share was 625.400p. Rightmove purchased these shares through UBS AG London Branch.
The number of shares purchased represented 0.0095% of the voting rights attributable to the total ordinary shares in issue prior to such purchase. The purchased shares will be cancelled.
Since announcing a share buy-back programme on 28 December 2007, Rightmove has purchased in aggregate 519,051,789 ordinary shares.
The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 788,600,604. Rightmove holds 11,401,687 shares in treasury.
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (the ‘UK MAR’), the schedule below contains detailed information about the purchases made by UBS AG London Branch on behalf of the Company as part of the buyback programme.
Contact: Michelle Palmer, Assistant Company Secretary
CompanySecretary@rightmove.co.uk
Schedule of Purchases – Individual Transactions
Number of shares purchased
Transaction price (per share)
Time of transaction
Quantity
Price
Execution Time
408
626.600
16:07:53
774
626.600
16:07:52
614
626.600
16:07:52
770
625.400
16:03:10
532
626.000
15:59:41
348
626.000
15:59:41
864
627.800
15:56:01
918
628.400
15:54:52
628
627.800
15:49:23
302
627.800
15:49:23
918
627.600
15:46:06
179
629.400
15:40:45
750
629.400
15:40:45
927
629.600
15:36:32
1017
629.400
15:35:13
848
629.000
15:30:05
892
630.000
15:25:24
830
631.000
15:22:32
185
631.800
15:18:29
642
631.800
15:18:29
760
631.400
15:16:09
887
633.200
15:12:25
855
633.200
15:12:25
778
633.200
15:12:25
879
631.600
15:03:52
896
632.000
15:02:07
796
632.600
15:01:07
271
632.600
15:01:07
600
632.600
15:01:07
821
630.200
14:51:06
360
630.400
14:47:36
200
630.400
14:47:36
282
630.400
14:47:18
399
630.400
14:45:07
351
630.400
14:45:07
795
630.800
14:43:48
788
630.600
14:39:24
158
631.000
14:36:21
600
631.000
14:36:21
717
631.000
14:36:21
525
631.000
14:36:21
153
631.200
14:36:18
157
631.200
14:36:10
440
631.200
14:36:06
157
631.200
14:36:06
829
630.200
14:27:07
807
630.400
14:24:59
17
630.400
14:24:59
855
631.200
14:16:41
303
631.400
14:15:50
626
2 October 2024
Rightmove plc
Share buy-back programme
Rightmove plc – transactions in own shares
Rightmove plc (‘Rightmove’), announces that today it purchased 75,000 of its 0.1p ordinary shares at a volume weighted average price paid per share of 633.635p. The highest price paid per share was 636.800p and the lowest price paid per share was 631.000p. Rightmove purchased these shares through UBS AG London Branch.
The number of shares purchased represented 0.0095% of the voting rights attributable to the total ordinary shares in issue prior to such purchase. The purchased shares will be cancelled.
Since announcing a share buy-back programme on 28 December 2007, Rightmove has purchased in aggregate 518,976,789 ordinary shares.
The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 788,675,604. Rightmove holds 11,401,687 shares in treasury.
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (the ‘UK MAR’), the schedule below contains detailed information about the purchases made by UBS AG London Branch on behalf of the Company as part of the buyback programme.
Contact: Michelle Palmer, Assistant Company Secretary
CompanySecretary@rightmove.co.uk
Schedule of Purchases – Individual Transactions
Number of shares purchased
Transaction price (per share)
Time of transaction
Quantity
Price
Execution Time
354
632.000
16:08:02
136
632.000
16:08:02
864
632.200
16:07:02
876
632.600
16:06:12
238
632.600
16:05:12
640
632.600
16:05:12
232
632.600
16:05:12
674
632.600
16:05:12
70
631.600
16:00:12
123
631.600
16:00:12
600
631.600
16:00:12
811
631.600
16:00:12
871
632.000
15:58:12
204
632.000
15:56:29
642
632.000
15:56:29
10
632.400
15:52:52
600
632.400
15:52:52
240
632.400
15:52:52
389
632.600
15:51:47
502
632.600
15:51:47
1091
632.800
15:50:25
810
633.000
15:50:19
905
631.600
15:44:52
123
631.800
15:44:06
560
631.800
15:44:06
885
631.800
15:41:04
873
632.000
15:36:42
775
632.400
15:36:02
872
632.600
15:34:30
299
631.600
15:29:30
600
631.600
15:29:30
861
631.600
15:29:30
76
632.400
15:24:44
709
632.400
15:24:44
113
632.800
15:21:40
149
632.800
15:21:40
600
632.800
15:21:40
855
632.800
15:21:40
13
632.800
15:21:40
829
632.800
15:21:40
336
633.000
15:20:59
247
633.000
15:20:59
900
632.200
15:15:12
923
632.400
15:14:20
907
632.000
15:07:40
309
632.400
15:04:50
600
632.400
15:04:50
874
632.400
15:04:50
335
631.000
15:01:37
477
631.000
15:01:37
826
2 October 2024
RIGHTMOVE PLC
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
Rightmove 2017 Sharesave Plan grant of options
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Ruaridh Hook
2.
Reason for notification
a)
Position/status
Chief Financial Officer
b)
Initial Notification/Amendment
Initial notification
3.
Details of the issuer
a)
Name
Rightmove plc
b)
Legal Entity Identifier
2138001JXGCFKBXYB828
4.
Details of the transaction: section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of financial instrument
Identification code:
Ordinary Shares of 0.1p each
GB00BGT3G23
b)
Nature of transaction
Grant of an option over Ordinary Shares at an exercise price of £4.42 under the Rightmove 2017 ShareSave Plan. The option is exercisable for six months from 1 November 2027.
c)
Prices and volumes
Price
Volume
Total
GBP 4.42
1,259
GBP 5,564.78
d)
Aggregated information not applicable for a single transaction
Price
Volume
Total
e)
Date of transaction
30 September 2024
f)
Place of transaction
Outside a trading venue
Name and contact number for enquiries:
Carolyn PollardCompany Secretary
CompanySecretary@Rightmove.co.uk
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB00BGDT3G23
Issuer Name
RIGHTMOVE PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments
3. Details of person subject to the notification obligation
Name
Kayne Anderson Rudnick Investment Management, LLC
City of registered office (if applicable)
Los Angeles
Country of registered office (if applicable)
United States
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
27-Sep-2024
6. Date on which Issuer notified
30-Sep-2024
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.352490
4.795240
10.147730
80040306
Position of previous notification (if applicable)
5.354670
4.573510
9.928180
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB00BGDT3G23
42217799
0
5.352490
0.000000
Sub Total 8.A
42217799
5.352490%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
ADR
37822507
4.795240
Sub Total 8.B1
37822507
4.795240%
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Virtus Investment Partners, Inc
Virtus Investment Partners, Inc
0.000000
0.000000
0.000000%
Kayne Anderson Rudnick Investment Management, LLC
Kayne Anderson Rudnick Investment Management, LLC
5.352490
4.795240
10.147730%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
30-Sep-2024
13. Place Of Completion
Los Angeles, CA, USA
1 October 2024
RIGHTMOVE PLC
(the Company)
TOTAL VOTING RIGHTS
In accordance with the Disclosure Guidance and Transparency Rule 5.6.1, we notify the market that, as at 30 September 2024, the Company's issued share capital consisted of 800,152,291 ordinary shares of 0.1p each (Shares) of which 11,401,687 Shares are held by the Company in treasury.
The total number of voting rights in the Company as at 30 September 2024 is therefore 788,750,604 (Total Voting Rights).
The Total Voting Rights figure may be used by shareholders as the denominator to determine if they are required to notify their interest in voting rights, or a change to that interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
Contact details:
Carolyn Pollard, Company Secretary
CompanySecretary@rightmove.co.uk
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser: Norges Bank (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Rightmove plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 30/09/2024 Dealing disclosure (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” Yes, Rea Group Ltd2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: 0.1p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 17,869,278 2.27% (1) Relevant securities owned and/or controlled: (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 17,869,278 2.27%All interests and all short positions should be disclosed.
-Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit 0.1p ordinary Sale 37,292 6.2070 GBP(b) Cash-settled derivative transactions
Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit(ii) Exercise
Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit(d) Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable)4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? NO Date of disclosure: 01/10/2024 Contact name: Philippe Chiaroni Telephone number: +47 2407 3000Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
30 September 2024
Response to Rule 2.8 announcement from REA
The Board of Rightmove plc ("Rightmove" or the "Company") notes the announcement from REA Group Ltd ("REA") confirming that it does not intend to make a firm offer for Rightmove. As a result, REA is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers.
Through this process, the Board concluded that REA's proposals were unattractive and materially undervalued Rightmove, and as such could not be recommended to shareholders.
The Board is confident in Rightmove's prospects as the UK's No. 1 property platform:
- Rightmove's business model has proven itself able to deliver strong outcomes in all operating environments
- A clear strategy in place to deliver long term and profitable growth
- Well positioned to drive innovation and digitisation through the entire property transaction chain, powered by unrivalled market data and insights
- Together with the Core1 business, Strategic Growth Areas2 will deliver a higher-growth, more diversified business, and an even stronger platform
- The Board is confident that Rightmove's experienced and high-quality management team will continue to successfully drive the Group to create significant value for shareholders
Andrew Fisher, Chair, commented: "The Board of Rightmove is grateful to all of its shareholders who have engaged and shared views through this process. Rightmove is an amazing business with a very strong team and a clear strategy. We are confident that we will deliver significant future value for shareholders."
Enquiries:
Rightmove
Investor Relations
Investor.Relations@rightmove.co.uk
Sodali & Co (Financial Communications)
Elly Williamson
Rob Greening
Jane Glover
+44 207 250 1446 / rightmove@sodali.com
Notes:
1. Estate Agency and New Homes
2. Commercial Property, Rental Services and Mortgages
About Rightmove
Rightmove has the UK's largest selection of properties for sale and to rent, adds more listings than anyone else, and over 80% of all time spent on property portals is on Rightmove. Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen. People can search Rightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools. Customers include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents. Using the UK's largest housing datasets, we issue a number of regular reports to track housing market indicators: our monthly House Price Index (established 2002), our quarterly Rental Trends Tracker (established 2015), and a weekly Mortgage Rates Tracker (established 2023). Historical data is available on request. Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and is a member of the FTSE 100 index.
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser: Norges Bank (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Rightmove plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 27/09/2024 Dealing disclosure (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” Yes, Rea Group Ltd2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: 0.1p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 17,906,570 2.27% (1) Relevant securities owned and/or controlled: (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 17,906,570 2.27%All interests and all short positions should be disclosed.
-Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit 0.1p ordinary Sale 37,236 6.6335 GBP(b) Cash-settled derivative transactions
Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit(ii) Exercise
Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit(d) Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable)4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? NO Date of disclosure: 30/09/2024 Contact name: Philippe Chiaroni Telephone number: +47 2407 3000Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
30 September 2024
Rejection of Possible Offer Following Engagement with REA
As previously announced, the Board of Rightmove plc ("Rightmove" or the "Company") received a fourth proposal from REA Group Ltd ("REA") on 27 September 2024 (the "Latest Proposal").
Under the terms of the Latest Proposal, shareholders of Rightmove would receive, for each Rightmove share:
- 346 pence in cash and 0.0417 new REA shares, which implies an offer value of 780 pence based on the closing price of REA on 30 September 20241, and
- a dividend of 6 pence in cash (in lieu of any final dividend for the year ending 31 December 2024 to which Rightmove shareholders would ordinarily be entitled).
The Latest Proposal adds 5p in cash (excluding the dividend referred to above) and 5p in REA shares, implying an additional 10p in value (or 1.3%) when compared to the third proposal recently made by REA. The third proposal was rejected by the Rightmove Board on 24 September 2024, on the basis that it materially undervalued Rightmove and its future prospects.
The Board of Rightmove has fully reviewed the Latest Proposal with its financial and legal advisers. The Board has taken into consideration the views of its shareholders and also considered the representations from the Chair and management team of REA, as detailed below. The Board has concluded that the Latest Proposal remains unattractive and continues to materially undervalue Rightmove and its future prospects and that the Board cannot recommend the Latest Proposal to Rightmove shareholders.
Accordingly, the Board has unanimously rejected the Latest Proposal.
Since the commencement of the offer period on 2 September 2024, the Rightmove Board, together with its financial and legal advisers, has carefully considered the terms of each proposal put forward by REA. The Board's deliberations have taken into consideration, inter alia, the implied value proposition of these proposals for Rightmove shareholders and the mix of cash and REA shares being proposed. The Board's assessment of each proposal has centred on a comparison of the implied value of the proposal with its own view of the standalone value and future prospects of Rightmove.
The Board has also consulted with and taken into consideration the views expressed to it from across the full spectrum of its shareholder base. Throughout this process, the Board has remained focussed on the best interests of shareholders as a whole, with a view to following a course of action which, in its judgement, will promote the success of Rightmove and maximise shareholder value in the medium to long term.
The Board has unanimously concluded that the Latest Proposal is unattractive and materially undervalues Rightmove. The Board has concluded that shareholder interests would be better served through the execution of Rightmove's standalone strategic plan, with the multiple paths for long-term value creation which were laid out at the Capital Markets Day in November 2023.
The Rightmove and REA teams have known one another for many years, and have had numerous interactions, including discussions around strategy and best practice as recently as June. Rightmove has taken every phone call that REA has made since its interest was first made public, with a level of engagement which in Rightmove's view is customary and appropriate in the context of an unsolicited and unilateral series of approaches, made to a UK listed company, where the possible offeror is taking an incremental and iterative approach to price discovery.
Following the receipt of the Latest Proposal, Rightmove's Chair, Andrew Fisher, agreed to meet with Hamish McLennan, the Chair of REA. The purpose of this in-person meeting was to allow the Chair of REA an opportunity to present the Latest Proposal and engage in discussions with the Chair of Rightmove, ensuring that the Rightmove Board was fully appraised of all information of relevance to its ongoing deliberations. In addition, at REA's request, there was a further meeting including members of the executive teams of both companies. No information was presented in either meeting which was materially new or different to the information which has been previously presented publicly by REA. Furthermore, nothing was presented in either meeting which materially changed the Board's view of the Latest Proposal. In addition, the meetings confirmed Rightmove's confidence in its current strategy and execution within a UK context.
During these discussions REA requested an extension to the Put Up or Shut Up deadline and access to due diligence information, to allow it to consider a potential fifth proposal.
The Board considers that the considerable information on Rightmove's business, strategy and financial results in the public domain, existing knowledge of Rightmove within REA, and Rightmove's numerous engagements with REA, should be sufficient for REA to put forward a proposal capable of recommendation, within the 28-day period set out under the UK Takeover Code. The Put Up or Shut Up framework is designed to protect offeree companies from being subjected to an unnecessarily prolonged period of uncertainty cause by an offer period.
The Board has declined requests from REA to grant due diligence access as none of REA's proposals received to date has been at a sufficient level to grant such access. Without a compelling proposal, it would not be appropriate or in the best interests of Rightmove or its shareholders to provide confidential and commercially sensitive information to REA.
The Board remains confident in Rightmove's standalone prospects, as the clear leader in the UK property ecosystem, with momentum building towards its 2028 goals, as set out in the recent Capital Markets Day.
Rightmove, the UK's No.1 property platform for the last c.25 years, has an exciting strategy to drive long-term growth and returns. Rightmove is well positioned to drive digitisation through the entire transaction chain, powered by unrivalled market data and insights. Over 80% of traffic comes to Rightmove's platform direct and it benefits from more than 80% of share of time spent by customers on property portals.
Rightmove has significant technology capabilities, and is well placed to continue to innovate. With investment in technology and AI-enabled product teams, Rightmove has delivered 55% more technical releases in 2024 year-to-date compared to the equivalent period in 2023. Rightmove also benefits from the UK's largest, first party dataset of listings, lead generation and consumer interactions.
Andrew Fisher, Chair, commented:
"We respect REA and the success they have achieved in their domestic market. However, we remain confident in the standalone future of Rightmove. Rightmove has been the leading operator in the UK for over 20 years, and it has differentiated market presence, branding and technology, and very significant opportunities for future growth.
"The last few weeks have been very disruptive, as well as unsettling for our colleagues. To the extent REA wants to put forward a further proposal, I urge them to submit a best and final proposal ahead of today's 5pm PUSU deadline such that we can bring certainty to this process.
"Our world-class team is executing against our strategic plan, and continuing to drive innovation and accelerate growth to deliver compelling shareholder value."
This announcement is being made without the agreement or approval of REA. There can be no certainty that any offer will be made nor as to the terms on which any offer may be made.
Any offer for Rightmove is governed by the City Code on Takeovers and Mergers (the "Code"). Under Rule 2.6(a) of the Code, REA must, by not later than 5.00 p.m. on 30 September 2024, either announce a firm intention to make an offer for Rightmove in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, 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 Takeover Panel in accordance with Rule 2.6(c) of the Code.
A further update will be provided as and when appropriate.
Enquiries:
Rightmove
Investor Relations
Investor.Relations@rightmove.co.uk
UBS AG London Branch (Joint Financial Adviser and Sole Corporate Broker to Rightmove)
Craig Calvert
Christian Lesueur
Gaurav Banerjee
Meera Sheth
+44 (0)20 7567 8000
Morgan Stanley (Joint Financial Adviser to Rightmove)
Laurence Hopkins
Dominique Cahu
Ben Grindley
Nagib Ahmad
Sodali & Co (Financial Communications)
Elly Williamson
Rob Greening
Jane Glover
+44 (0)20 7425 8000
+44 207 250 1446 / rightmove@sodali.com
Based on AUD:GBP FX rate of 1.9311 as at 7:00am UK time on 30 September 2024.
Linklaters LLP is acting as legal adviser to Rightmove.
The person responsible for arranging the release of this announcement on behalf of Rightmove is Carolyn Pollard, Company Secretary.
Important notices relating to financial advisers
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as financial adviser to Rightmove and no one else in connection with the matters described in this Announcement. In connection with such matters, UBS, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to this Announcement or any other matter referred to herein.
Morgan Stanley & Co. International plc ("Morgan Stanley") is authorised by the Prudential Regulation Authority ("PRA") and regulated by the PRA and the Financial Conduct Authority ("FCA") in the United Kingdom, and is acting as financial adviser for Rightmove and for no one else in connection with the possible offer and will not be responsible to anyone other than Rightmove for providing the protections afforded to its clients or for providing advice in relation to the possible offer, the contents of this announcement or any other matters referred to in this announcement.
Publication on Website
A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Rightmove's website at plc.rightmove.co.uk by no later than 12 noon London time on 1 October 2024.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
27 September 2024
Further proposal from REA
On 27 September 2024, the Board of Rightmove plc ("Rightmove" or the "Company") received a fourth unsolicited, non-binding and highly conditional proposal from REA Group Ltd ("REA") regarding a possible cash and share offer to acquire the entire issued and to be issued ordinary share capital of Rightmove (the "Latest Proposal").
Under the terms of the Latest Proposal, shareholders of Rightmove would receive, for each Rightmove share:
- 346 pence in cash and 0.0417 new REA shares, which implies an offer value of 775 pence based on the closing price of REA on 27 September 20241, and
- a dividend of 6 pence in cash (in lieu of any final dividend for the year ending 31 December 2024 to which Rightmove shareholders would ordinarily be entitled).
As it has done throughout this process, the Board will consider the Latest Proposal together with its financial advisers and, in the meantime, shareholders are urged to take no action.
There can be no certainty that any offer will be made for the Company nor as to the terms on which any offer may be made.
Any offer for Rightmove is governed by the City Code on Takeovers and Mergers (the "Code"). Under Rule 2.6(a) of the Code, REA must, by not later than 5.00 p.m. on 30 September 2024, either announce a firm intention to make an offer for Rightmove in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, 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 in accordance with Rule 2.6(c) of the Code.
This announcement has been made without the consent of REA.
Enquiries:
Rightmove
Investor Relations
Investor.Relations@rightmove.co.uk
UBS AG London Branch (Joint Financial Adviser and Sole Corporate Broker to Rightmove)
Craig Calvert
Christian Lesueur
Gaurav Banerjee
Meera Sheth
+44 (0)20 7567 8000
Morgan Stanley (Joint Financial Adviser to Rightmove)
Laurence Hopkins
Dominique Cahu
Ben Grindley
Nagib Ahmad
Sodali & Co (Financial Communications)
Elly Williamson
Rob Greening
Jane Glover
+44 (0)20 7425 8000
+44 207 250 1446 / rightmove@sodali.com
Based on GBP:AUD FX rate of 1.946 as at 27 September 2024
Linklaters LLP is acting as legal adviser to Rightmove.
Important notices relating to financial advisers
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as financial adviser to Rightmove and no one else in connection with the matters described in this Announcement. In connection with such matters, UBS, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to this Announcement or any other matter referred to herein.
Morgan Stanley & Co. International plc ("Morgan Stanley") is authorised by the Prudential Regulation Authority ("PRA") and regulated by the PRA and the Financial Conduct Authority ("FCA") in the United Kingdom, and is acting as financial adviser for Rightmove and for no one else in connection with the possible offer and will not be responsible to anyone other than Rightmove for providing the protections afforded to its clients or for providing advice in relation to the possible offer, the contents of this announcement or any other matters referred to in this announcement.
Publication on Website
A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Rightmove's website at plc.rightmove.co.uk by no later than 12 noon London time on the business day following this announcement.
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser:
Norges Bank
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
Rightmove plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e) Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure
26/09/2024
Dealing disclosure
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”
Yes,
Rea Group Ltd
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
0.1p ordinary
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
17,943,806
2.27%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:
17,943,806
2.27%
All interests and all short positions should be disclosed.
-Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchase/sale
Number of securities
Price per unit
0.1p ordinary
Sale
111,821
6.7490
GBP
(b) Cash-settled derivative transactions
Class of relevant security
Product description
e.g. CFD
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
Number of reference securities
Price per unit
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security
Product description e.g. call option
Writing, purchasing, selling, varying etc.
Number of securities to which option relates
Exercise price per unit
Type
e.g. American, European etc.
Expiry date
Option money paid/ received per unit
(ii) Exercise
Class of relevant security
Product description
e.g. call option
Exercising/ exercised against
Number of securities
Exercise price per unit
(d) Other dealings (including subscribing for new securities)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
25 September 2024
Further possible offer for Rightmove
As previously announced, the Board of Rightmove plc ("Rightmove" or the "Company") received a third unsolicited, non-binding and highly conditional proposal from REA Group Ltd ("REA") regarding a possible cash and share offer to acquire the entire issued and to be issued ordinary share capital of Rightmove (the "Increased Proposal") on 22 September 2024.
The Increased Proposal was 341 pence in cash and 0.0422 new REA shares for each Rightmove ordinary share. Based on the closing price of REA on 24 September 20241, this revised proposal implied an offer value of 759 pence. From 30 August 2024 (the last business day before the offer period) to 24 September 2024, REA's share price has fallen by c.12%.
The Board considered the Increased Proposal, together with its financial advisers, and concluded that the Increased Proposal continues to be unattractive and materially undervalues the Company and its future prospects. Accordingly, the Board unanimously rejected the Increased Proposal on 24 September 2024.
Rightmove shareholders should take no action in respect of the Increased Proposal.
This announcement is being made without the agreement or approval of REA. There can be no certainty that any offer will be made nor as to the terms on which any offer may be made.
Any offer for Rightmove is governed by the City Code on Takeovers and Mergers (the "Code"). Under Rule 2.6(a) of the Code, REA must, by not later than 5.00 p.m. on 30 September 2024, either announce a firm intention to make an offer for Rightmove in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, 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 Takeover Panel in accordance with Rule 2.6(c) of the Code.
A further update will be provided as and when appropriate.
Enquiries
Rightmove
Investor Relations Investor.Relations@rightmove.co.uk
UBS AG London Branch (Joint Financial Adviser and Sole Corporate Broker to Rightmove)
Craig Calvert
Christian Lesueur
Gaurav Banerjee
Meera Sheth
+44 (0)20 7567 8000
Morgan Stanley (Joint Financial Adviser to Rightmove)
Laurence Hopkins
Dominique Cahu
Ben Grindley
Nagib Ahmad
Sodali & Co (Financial Communications)
Elly Williamson
Rob Greening
Jane Glover
+44 (0)20 7425 8000
+44 207 250 1446 / rightmove@sodali.com
Based on AUD:GBP FX rate of 0.5112 as at 24 September 2024
Linklaters LLP is acting as legal adviser to Rightmove.
The person responsible for arranging the release of this announcement on behalf of Rightmove is Carolyn Pollard, Company Secretary.
Important notices relating to financial advisers
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as financial adviser to Rightmove and no one else in connection with the matters described in this Announcement. In connection with such matters, UBS, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to this Announcement or any other matter referred to herein.
Morgan Stanley & Co. International plc ("Morgan Stanley") is authorised by the Prudential Regulation Authority ("PRA") and regulated by the PRA and the Financial Conduct Authority ("FCA") in the United Kingdom, and is acting as financial adviser for Rightmove and for no one else in connection with the possible offer and will not be responsible to anyone other than Rightmove for providing the protections afforded to its clients or for providing advice in relation to the possible offer, the contents of this announcement or any other matters referred to in this announcement.
Publication on Website
A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Rightmove's website at plc.rightmove.co.uk by no later than 12 noon London time on 26 September 2024.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
23 September 2024
Further Possible Offer for Rightmove
The Board of Rightmove plc ("Rightmove" or the "Company") notes the announcement from REA Group Ltd ("REA") earlier today and confirms that it received a third unsolicited, non-binding and highly conditional proposal from REA regarding a possible cash and share offer to acquire the entire issued and to be issued ordinary share capital of Rightmove (the "Increased Proposal").
This third non-binding proposal was 341 pence in cash and 0.0422 new REA shares for each Rightmove ordinary share. Based on the closing price of REA on 23 September 20241, this revised proposal implied an offer value of 761 pence.
This follows a second proposal of 341 pence in cash and 0.04 new REA shares for each Rightmove ordinary share which was rejected by the Rightmove Board on 18 September 2024. The Board will carefully consider the Increased Proposal, together with its financial advisers.
Andrew Fisher, Chair, commented:
"Rightmove is an exceptional company with a very clear strategy, a consistent track record of delivery and a strong management team. The Board is confident in the Company's short and long term prospects, and sees a long runway for continued shareholder value creation.
"Based on the implied value and structure of REA's first and second indicative non-binding proposals, we considered these proposals to be uncertain, highly opportunistic and unattractive. Accordingly, the Board unanimously rejected them.
"The Board will continue to act on behalf of our shareholders and respond to the most recent proposal in due course."
Rightmove shareholders should take no action in respect of the Increased Proposal.
This announcement is being made without the agreement or approval of REA. There can be no certainty that any offer will be made nor as to the terms on which any offer may be made.
Any offer for Rightmove is governed by the City Code on Takeovers and Mergers (the "Code"). Under Rule 2.6(a) of the Code, REA must, by not later than 5.00 p.m. on 30 September 2024, either announce a firm intention to make an offer for Rightmove in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, 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 Takeover Panel in accordance with Rule 2.6(c) of the Code.
A further update will be provided as and when appropriate.
Enquiries
Rightmove
Investor Relations Investor.Relations@rightmove.co.uk
UBS AG London Branch (Joint Financial Adviser and Sole Corporate Broker to Rightmove)
Craig Calvert
Christian Lesueur
Gaurav Banerjee
Meera Sheth
+44 (0)20 7567 8000
Morgan Stanley (Joint Financial Adviser to Rightmove)
Laurence Hopkins
Dominique Cahu
Ben Grindley
Nagib Ahmad
Sodali & Co (Financial Communications)
Elly Williamson
Rob Greening
Elizabeth Kittle
+44 (0)20 7425 8000
+44 207 250 1446 / rightmove@sodali.com
Based on GBP:AUD FX rate of 0.5125 as at 23 September 2024
Linklaters LLP is acting as legal adviser to Rightmove.
The person responsible for arranging the release of this announcement on behalf of Rightmove is Carolyn Pollard.
Important notices relating to financial advisers
UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as financial adviser to Rightmove and no one else in connection with the matters described in this Announcement. In connection with such matters, UBS, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to this Announcement or any other matter referred to herein.
Morgan Stanley & Co. International plc ("Morgan Stanley") is authorised by the Prudential Regulation Authority ("PRA") and regulated by the PRA and the Financial Conduct Authority ("FCA") in the United Kingdom, and is acting as financial adviser for Rightmove and for no one else in connection with the possible offer and will not be responsible to anyone other than Rightmove for providing the protections afforded to its clients or for providing advice in relation to the possible offer, the contents of this announcement or any other matters referred to in this announcement.
Publication on Website
A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Rightmove's website at plc.rightmove.co.uk by no later than 12 noon London time on 24 September 2024.
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB00BGDT3G23
Issuer Name
RIGHTMOVE PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments
3. Details of person subject to the notification obligation
Name
Kayne Anderson Rudnick Investment Management, LLC
City of registered office (if applicable)
Los Angeles
Country of registered office (if applicable)
United States
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
17-Sep-2024
6. Date on which Issuer notified
18-Sep-2024
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.354670
4.573510
9.928180
78308563
Position of previous notification (if applicable)
6.523800
4.402580
10.926380
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB00BGDT3G23
42234954
0
5.354670
0.000000
Sub Total 8.A
42234954
5.354670%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
ADR
36073609
4.573510
Sub Total 8.B1
36073609
4.573510%
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Virtus Investment Partners, Inc
Virtus Investment Partners, Inc
0.000000
0.000000
0.000000%
Kayne Anderson Rudnick Investment Management, LLC
Kayne Anderson Rudnick Investment Management, LLC
5.354670
4.573510
9.928180%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
18-Sep-2024
13. Place Of Completion
Los Angeles, CA, USA
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser:
Rightmove plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
REA Group Ltd
(d) Is the discloser the offeror or the offeree?
OFFEREE
(e) Date position held:
The latest practicable date prior to the disclosure
15 September 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
Rightmove plc
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates
Class of relevant security:
Ordinary shares and ADRs
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
Nil
-
Nil
-
(2) Cash-settled derivatives:
Nil
-
Nil
-
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
Nil
-
Nil
-
TOTAL:
Nil
-
Nil
-
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists:
N/A
Details, including nature of the rights concerned and relevant percentages:
N/A
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors' and other employee options) of any person acting in concert with the party to the offer making the disclosure:
Interests of connected advisers
Interests of Morgan Stanley & Co International plc (through Calvert Research and Management) in REA Group Ltd
Class of relevant security:
Ordinary NPV
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
3,902
0.003
Nil
Nil
(2) Cash-settled derivatives:
Nil
Nil
Nil
Nil
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
Nil
Nil
Nil
Nil
TOTAL:
3,902
0.003
Nil
Nil
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions)
NO
Supplemental Form 8 (SBL)
NO
Date of disclosure:
16 September 2024
Contact name:Carolyn Pollard
Telephone number:07967 588204
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser:
Rightmove plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
Rightmove plc
(d) Is the discloser the offeror or the offeree?
OFFEREE
(e) Date position held:
The latest practicable date prior to the disclosure
13 September 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
REA Group Ltd
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates
Class of relevant security:
Ordinary shares and ADRs
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
Nil
-
Nil
-
(2) Cash-settled derivatives:
Nil
-
Nil
-
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
Nil
-
Nil
-
TOTAL:
Nil
-
Nil
-
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists:
N/A
Details, including nature of the rights concerned and relevant percentages:
N/A
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors' and other employee options) of any person acting in concert with the party to the offer making the disclosure:
Name of director
Number of Rightmove plc ordinary shares held**
Percentage of total issued share capital (excluding treasury shares) (%)*
Johan Svanstrom
10,000
0.00
Alison Dolan
33,085
0.00
Andrew Fisher
20,000
0.00
Jacqueline de Rojas
1,880
0.00
* Percentages have been given to two decimal places.
** Excludes shares held under the SIP (see below).
Interests held as options or awards by directors of Rightmove plc in Rightmove plc ordinary shares
Johan Svanstrom
Share Plan
Number of relevant securities
Grant Date
Vesting Date
Exercise Price
Expiry Date
Save as You Earn
4,140
19 September 2023
1 November 2026
£4.48
30 April 2027
Performance Share Plan
186,170
10 March 2023
10 March 2026
Nil
10 March 2030
191,983
12 March 2024
12 March 2027
Nil
12 March 2031
Deferred Share Plan
75,661
12 March 2024
12 March 2026
Nil
12 March 2027
SIP***
600
21 December 2023
21 December 2026
Nil
Alison Dolan
Share Plan
Number of relevant securities
Grant Date
Vesting Date
Exercise Price
Expiry date
Performance Share Plan
21,839
17 September 2020
17 September 2023
Nil
17 September 2027
60,966
3 March 2021
3 March 2024
Nil
3 March 2028
104,400
2 March 2022
2 March 2025
Nil
2 March 2029
139,628
10 March 2023
10 March 2026
Nil
10 March 2030
143,987
12 March 2024
12 March 2027
Nil
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser: Norges Bank (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Rightmove plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 03/09/2024 Opening disclosure (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A” Yes, Rea Group Ltd2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: 0.1p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 18,055,627 2.29% (1) Relevant securities owned and/or controlled: (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 18,055,627 2.29%All interests and all short positions should be disclosed.
-Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit(b) Cash-settled derivative transactions
Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit(ii) Exercise
Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit(d) Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable)4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? NO Date of disclosure: 04/09/2024 Contact name: Philippe Chiaroni Telephone number: +47 2407 3000Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
2 September 2024
Rightmove plc
Rule 2.9 announcement of relevant securities in issue
In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, Rightmove confirms that there are 788,750,604 ordinary shares of 0.1 pence each in issue (excluding 11,401,687 shares held in treasury). The International Securities Identification Number (ISIN) for Rightmove's shares is GB00BGDT3G23.
Enquiries:
Investor Relations Investor.Relations@rightmove.co.uk
Sodali & Co rightmove@sodali.com
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
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