LONDON - Zentra Group plc, a UK residential developer, announced its transition from the London Stock Exchange (LON:LSEG)'s Main Market to the Aquis Stock Exchange Growth Market's Access Segment. This strategic move is aimed at aligning the company's size and objectives with a market that supports growth-focused businesses.
The transition to Aquis Stock Exchange is expected to provide Zentra with increased visibility and access to a more suitable investor base, facilitating sustainable growth and value creation. The company believes the new market positioning will better reflect its current stage and assist in its core residential sectors' success.
Zentra has also undergone a significant restructuring, discontinuing its co-living and in-house construction businesses to concentrate on high-quality residential apartments and houses. The company has sharpened its focus on two main areas: Zentra Living, targeting professional urban dwellers, and Zentra Homes, aimed at families seeking traditional housing.
The company's strategic realignment includes a restructuring of its debt and capital allocation. Zentra recently acquired a 30% stake in the One Victoria project in Manchester and sold a £7 million portfolio of completed properties. These moves are part of its efforts to reduce debt and strengthen the balance sheet.
Additionally, Zentra has signed a new service agreement with OH UK Holdings, where it will provide management and sales services. The agreement includes a management fee and a transaction fee for property sales.
Jason Upton, CEO of Zentra Group, expressed confidence in the company's new direction and its ability to address the housing needs in the North of England. He emphasized the importance of strategic partnerships and the company's focus on long-term shareholder value and contributions to alleviating the UK's housing shortage.
The company has stated that further updates will be provided in due course. This announcement is based on a press release statement.
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