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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
1.9 million owed £240 million in unclaimed energy credit – are you due a payout?Energy regulator Ofgem is urging home movers to check if they’ve got credit stuck in old accounts
-
More pensioners dragged into 60% tax trap – could you be caught?Frozen thresholds are pushing more older workers into paying income tax at levels much higher than the headline rate, new figures show. We look at why and how you can avoid being caught in the 60% tax trap.
