Countrywide has this morning revealed that its special general meeting of shareholders to agree the sale of its commercial arm will now not be held as scheduled on December 23.
A statement to the City at 7am said that “for logistical reasons” the meeting would now be held between Christmas and New Year, on December 27.
The delay is thought to have been agreed to ensure proxy votes by shareholders are not delayed in the Christmas post.
The troubled estate agency group says this delay should not hold up the timetable for the confirmed sale of Lambert Smith Hampton which should still be completed by the end of the calendar year - providing shareholders give the go-ahead.
At the end of last week Countrywide surprised the industry by describing LSH as "non-core” and saying it would be sold privately for £38m.
The cash from the sale would “significantly improve Countrywide's capital structure following receipt of gross cash proceeds of £38 million and allow the Countrywide Group to materially reduce its net debt.”
In addition to the sale agreement of Lambert Smith Hampton and a share consolidation process, Countrywide revealed that it had agreed an amended credit facility with its lenders.