Shareholder sells £60m Rightmove shares
Mortgage lender HBOS has sold its entire stake in Rightmove, raising about £59m through a secondary placing of 16.2m shares or around 13% of the online property group.
UBS and Numis handled the sale, which works out at about 365p per share.
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Rightmove floated in 2006 with four major backers: HBOS, Connells, Countrywide and Royal Sun Alliance and has done well subsequently, though its latest update cautioned if the housing market continues to deteriorate it cannot dodge the impact.
The housing market currently is "very poor" it said, adding "If housing market problems result in a decline in the number of estate agents over a protracted period, together with a decline in the number of new developments commenced, there will be an adverse impact on the Rightmove business".
