DTZ shares almost worthless following debt admission

The property consultancy DTZ has seen its stock market value obliterated after admitting its shares are virtually worthless.

The company, which provides building management and sale advice, is trying to sell itself and almost succeeded in organising a deal with BNP Paribas this Summer.

Unfortunately the Euro crisis scuppered that transaction and now the firm has has had to admit its debt burden will make any final deal worthless to shareholders.

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In today's release it says: "Based on the valuation of DTZ derived from proposals received to date...and given the level of debt within DTZ, there is minimal value, if any, that may be attributed to the ordinary shares of DTZ."

As of 1105 UK time DTZ had lost 85% of its stock market value. Since the begining of the year it is down 93%.

BS