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£56.4 million Acquisition of Tulloch Homes & Placing raising £22 million

Singer Capital Markets is delighted to have acted as Nominated Adviser, Placing Agent, Bookrunner & Broker to Springfield Properties plc (‘SPR’) on its £56.4 million Acquisition of Tulloch Homes & oversubscribed Placing raising £22 million.

The Company also announces an oversubscribed Placing of 15,714,286 new ordinary shares at a price of 140 pence per Placing Share raising gross proceeds of £22 million by way of an Accelerated Bookbuild process. The net proceeds will be used to fund the Acquisition by repaying part of a bridging finance facility with Bank of Scotland that will partially finance the initial cash consideration for the Acquisition.

The Directors believe the Acquisition will accelerate the growth of Springfield and enhance the Company’s foothold in an area of high demand in Scotland, in line with the Company’s strategy of expanding via acquisition and into new territories to accelerate growth. The Acquisition is to be funded by the net proceeds of the Placing.

Innes Smith, CEO of Springfield, commented:

“This is another great acquisition for Springfield – and our third since coming to the market in 2017.
Tulloch Homes has an excellent reputation for building high-quality homes in the Scottish Highlands in and around Inverness. This is an area of high demand where we have been organically building a presence in recent years.

As a result, it will significantly strengthen our foothold in an area of strategic importance and accelerate our growth, being earnings enhancing from the current year. We welcome all of the Tulloch Homes employees to the Springfield group and we look forward to working together to continue to grow our business.”

About Springfield Properties plc

Springfield Properties plc is a leading housebuilder in Scotland delivering private and affordable housing. Springfield builds new homes for sale in great locations including Ardersier, Dundee, Elgin, Gartcosh, Nairn, Perth and more.

Ticker: SPR

Market Cap: £165.58 million*

Website: Click here

*As at 21/12/2021