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TODAY'S OTHER NEWS

Purplebricks share price dips ahead of today's AGM

The Purplebricks share price dropped by 1% to 108p yesterday as investors prepare for today's Annual General Meeting.

The hybrid agency's market value has recovered somewhat recently, reaching 132p on September 10, but has dipped again since.

After launching at 100p in 2015, the firm's share price peaked at 498.5p in July 2017, before dropping to a low of 90p in May 2019.

Today’s AGM has been attracting attention as it has been reported that the agency faces a shareholder revolt over bonuses being paid to senior management.

Over the weekend, the Sunday Times reported that the shareholder advisory service ISS has urged investors to vote against the management's financial statements.

ISS said this is due to the agency's management awards not being subject to any performance hurdles.

Purplebricks responded by saying that its executives are not 'especially well paid' and that it needs to 'attract and retain the appropriate calibre of individual'.

The agency has also had to contend with speculation around its pricing structure following several hints from chief executive Vic Darvey that it may be considering a no sale, no fee option.

Earlier this week, it emerged that beleaguered fund manager Neil Woodford has reduced his stake in Purplebricks even further to just 15.53%.

German publisher Axel Springer is now the agency's largest shareholder, with a stake of over 26%.

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