Activist investor and Purplebricks critic Lecram Holdings has increased its shareholding in the beleaguered online agent to 5%.
The position means it can technically call a general meeting of the company.
A stockmarket update this afternoon showed Lecram Holdings increased its stake in Purplebricks from 4.18% to 5%.
Adam Smith and his investment vehicle Lecram Holdings have been building up their holding in Purplebricks to 5% - the point at which he could call a general meeting on urgent matters affecting the business - since the summer.
Smith has also written to Purplebricks chairman Paul Pindar to urge him to resign amid the company’s tumbling share price and cash burn, claiming action is need to “restore the credibly of the company with investors.”
The letter called for Pindar to be replaced by someone with “necessary experience and skills to address urgently the company’s continuing cash burn and operating performance with thin residential estate agency sector.”
Purplebricks’ share price has declined by 85% since it went public in 2015.
The online agent has tried to address concerns about its share price performance and made two senior board appointments ahead of its annual general meeting last month
It appointed former Leaders Romans Group chief executive Adrian Gill and ex-Zoopla marketing officer Gareth Helm.
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The battle heats up! The question is why there is such a battle for a firm whose most recent figures were, even according to its CEO, not good enough. And that was being very understated.
What is the end goal?
The only way PB will survive is to reinvent itself, become a conventional High Street agent, and buy its way out of trouble with acquisitions.
Otherwise, I'm afraid it's sharemissery for all investors in its current guise.
I imagine there's a view to force some form of JV with a National Agent that actually has a chance to inject a degree of Estate Agency expertise' .But that just my opinion.
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