Agents who took up the offer to buy shares at a 20% discount in Zoopla Property Group when it floated on the stock market in 2014 have enjoyed a windfall, having seen the value of those shares increase by over £15m over the past two and a half years.
ZPG member agents were all offered the opportunity to buy shares at £1.76 per share in June 2014 and those that elected to were given a further opportunity to buy more shares at the same price on the first anniversary.
Those who did so now look very shrewd, having seen the value of ZPG’s shares increase to £3.76 each, a gain of 114% (as measured on February 1).
Over 7.5m shares were purchased by ZPG members under its exclusive ‘member offer’, resulting in a gain of over £15m for those agents if they still hold those shares today.
Alex Chesterman, founder and CEO of ZPG, said: “We were delighted at the time that such a large number of our members took us up on the offer and, of course, are very pleased to have been able to deliver such a good return on investment for them.”
Zoopla held its AGM yesterday, announced to the London Stock Exchange, with a number of resolutions passed, the last of which was “to authorise a change of name of the company”. The resolution was overwhelmingly backed by a majority of 99.9%.
The name has now been duly changed, it was announced to the stock exchange this morning.
Zoopla Poperty Group Plc has, with immediate effect, changed its registered name to ZPG Plc.
The announcement says: “The name change to ZPG reflects the evolution and diversity of the business.”
The company’s ticker on the London Stock Exchange will change on Monday morning to LSE:ZPG.