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BRIEF-Countrywide announces placing of up to 21.6 mln new ordinary shares
March 9, 2017 / 8:15 AM / 9 months ago

BRIEF-Countrywide announces placing of up to 21.6 mln new ordinary shares

March 9 (Reuters) - Countrywide Plc

* Non pre-emptive placing of up to 21.6 million new ordinary shares in company

* In 2016, uncertainty caused by EU referendum result in UK alongside UK stamp duty changes led to falling volumes in residential property transactions

* Countrywide paused all M&A activity after Q1 of 2016 and initiated significant cost cutting

* Estimated run rate reductions of £10 million already embedded and a further £9 million expected in 2017

* Company is seeking to return leverage to long-term target levels

* Working towards leverage of approximately 2.0x in 2017 and 1.5x to 2.0x in longer term Source text for Eikon: Further company coverage:

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