LSL Property Services plc

5 July 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.

LSL Property Services plc ("LSL")

ANNOUNCEMENT OF PUBLICATION OF SHAREHOLDER CIRCULAR

INCLUDING NOTICE OF GENERAL MEETING

Further to the announcement made on 23 April 2021 by LSL regarding the formation of a joint venture with Pollen Street Capital ("PSC") to establish Pivotal Growth Limited ("Pivotal Growth"), LSL has today published a shareholder circular, which has been approved by the Financial Conduct Authority ("Circular"), to convene a general meeting of LSL's shareholders ("Shareholders") to vote on the resolution included in the Circular (the "General Meeting").  

The purpose of the General Meeting is to seek Shareholder approval for LSL to receive uncapped proceeds of sale arising on a potential future disposal of its investment in Pivotal Growth pursuant to a provision of the joint venture agreement whereby LSL can be required by PSC to sell its shareholding in certain circumstances (known as the "drag along" provision) ("Resolution"). The Resolution is conditional on, among other things, the approval of Shareholders by a simple majority of votes cast.

Shareholders should read the Circular carefully as it contains important information and LSL's board of directors ("Board") unanimously recommends that all Shareholders vote in favour of the Resolution. The Directors who hold shares in LSL have irrevocably undertaken to vote in favour of the Resolution and any other resolution that may be proposed at the General Meeting, in respect of their own beneficial holdings of, in aggregate, 6,829,684 ordinary shares (representing approximately 6.49 per cent of the Company's share capital in issue on 2 July 2021, being the latest practicable date prior to release of this announcement. 

Shareholders who have elected for printed shareholder communications will shortly receive a hard copy of the Circular. All other Shareholders will be sent a notification, either by a letter or by email, that the Circular is available on LSL's website.

As set out in the Circular, a General Meeting will be held at Marsh & Parsons, 80 Hammersmith Road, London W14 8UD on 22^nd July 2021 at 12 noon to allow Shareholders to vote on the Resolution.

Whilst at the date of posting of the Circular LSL believes that the General Meeting will be held in person, due to the ongoing uncertainty relating to COVID-19 it is possible that the General Meeting arrangements (as set out in the Circular) may need to change to reflect any further COVID-19 related developments or restrictions imposed over the next few weeks. Up to date information and any changes to the arrangements will be made available on LSL's website: at lslps.co.uk.

Given the ongoing uncertainty around the COVID-19 restrictions, Shareholders are encouraged to appoint the Chair of the meeting as their proxy to the meeting, ensuring that should the circumstances arise where no Shareholders other than the minimum number of Shareholders required to ensure that the meeting is quorate are permitted to attend, Shareholders can be sure of their votes being included. 

Publication of this announcement on website

The letter to Shareholders and the Circular which incorporates the Notice of the General Meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The letter to Shareholders and the Circular (including the Notice of the General Meeting) are also available for inspection on LSL's website: lslps.co.uk.

For the avoidance of doubt, the contents of these websites and any websites accessible from hyperlinks on these websites are not incorporated into and do not form part of this announcement.

The person responsible for making this announcement on behalf of LSL is Sapna Bedi FitzGerald, Company Secretary.

 For further information, please contact:

About LSL Property Services plc

LSL is one of the largest providers of services to mortgage intermediaries, specialist mortgage and protection advice to estate agency and new build customers and valuation services to the UK's biggest mortgage lenders, completing £32.6bn of mortgages in 2020. It represents approximately 9% of the total purchase and remortgage market with around 2,600 financial advisers. PRIMIS was named Mortgage Network of the Year by both Moneyfacts and Mortgage Introducer in their 2020 awards, as well as Best Network 300+ ARs by Mortgage Strategy.

e.surv is one of the UK's largest providers of surveying and valuation services, supplying seven out of the ten largest lenders in the UK, employing over 500 operational surveyors, and performing over 500,000 valuation and surveys per annum for key lender clients. It was named Best Surveyor/Valuer at the 2020 Mortgage Strategy awards.

LSL operates a network of 226 owned and 130 franchised estate agency branches, with brands that include Your Move, Reeds Rains and Marsh & Parsons. For further information please visit LSL's website: lslps.co.uk

PRIMIS is the trading style of First Complete Limited, Personal Touch Financial Services Limited and Advance Mortgage Funding Limited which are all authorised and regulated by the Financial Conduct Authority.

Sponsor Notice:

Numis Securities Limited ("Numis Securities"), which is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively as sponsor to LSL and no one else in connection with the matters described in this announcement and is not advising any other person and, accordingly, will not be responsible to anyone other than LSL for providing the protections afforded to clients of Numis Securities nor for providing advice in relation to the matters described in this announcement.