March 26, 2018 / 9:51 AM / 5 months ago

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

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” Source text for Eikon: Further company coverage:

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