London Stock Exchange welcomes Springfield Properties plc to AIM
Springfield Properties (AIM: SPR) is delighted to join AIM through the placing of 23,584,906 new Ordinary Shares at 106 pence per share, having raised £25 million before costs and expenses. On Admission, the Company had a market capitalisation of £87 million.
Springfield Properties is an award winning housebuilder focused on developing a mix of private and affordable (i.e. in partnership with a local authority or housing association) housing in Scotland. Since 1988 it has developed over 4,000 homes and currently operates on 29 active sites with 33 planned future sites in its land bank. Through its 'Choices' and 'It's included' programmes, Springfield Properties offers a high quality, differentiated product and it specialises in developing difficult sites – both of which have given the business a strong reputation and contributed to a track record of profitability throughout the Scottish housing market cycle.
The proceeds of the placing will be used to support the growth of the business – in particular, through the development of five large Village sites, which include housing as well as infrastructure and amenities such as schools, shops, restaurants and health facilities.
Sandy Adam, Executive Chairman of Springfield Properties Plus, said:
"I am delighted that we have been able to bring £25m of investment into Scotland. This will support an increase in the number of homes we build and create new jobs. The level of support shown by our new investors on our admission to AIM is gratifying. It is a real endorsement of the work our employees have put into building a strong and growing business. I would like to thank our new investors for their faith in our company and its staff.
Springfield is poised to play a significant part in the delivery of the many new homes needed across Scotland. Our investment in the infrastructure of new Villages will accelerate our building of new homes, private and affordable, in new communities. The Scottish Government's aim of building 50,000 affordable homes by 2021 has created an opportunity which underpins the growth of our affordable housing business. We welcome our new shareholders, and look forward to updating them and the wider market as we develop our pipeline of projects and position Springfield as a leading housebuilder in Scotland."
Nplus1 Singer Advisory LLP is Springfield Properties' Nominated Adviser and Broker. Other advisers include Pinsent Masons LLP (legal adviser), PKF Littlejohn LLP (reporting accountant) and Luther Pendragon Ltd (financial PR adviser).