Purplebricks has set a date for a crunch vote over the future of its chairman.
It comes after shareholder Lecram Holdings used its 5.16% stake in the beleaguered online agent to call for a general meeting on removing chairman Paul Pindar and replacing him with industry stalwart Harry Hill.
A stockmarket update from Purplebricks said the meeting will be held on 19 December at 10am at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ.
The following two ordinary resolutions will be proposed to shareholders for consideration:
A resolution to remove Paul Pindar as a director of the company
A resolution to appoint Harry Hill as a director of the company
The statement from Purplebricks said: “Shareholders are urged to vote on the requisitioned resolutions. The Board unanimously recommends that you vote against both resolutions.”
“Paul Pindar has not participated in the recommendation as it relates to his own position as a director of the Company.
The agent said it believes it has the support of a number of shareholders, notably including Axel Springer, a 26.5% shareholder in the company, which has provided an irrevocable undertaking to vote against both resolutions.
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I’m still not sure Harry is the right guy unless they are looking to split the tech and lettings and sell those to other companies. Without lettings income (and it’s still a good level) the business has no value. It doesn’t do mortgages and legals are outsourced to simplify so the business is worthless.
The only way is down...
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