The investment group which today withdrew an offer to buy Purplebricks says it did so because "the financial condition of Purplebricks was found to be significantly worse than expected."
Lecram Holdings has a five per cent share in the agency and on Friday it indicated it was about to make an offer of 0.5p per Purplebricks share in cash.
But this morning Purplebricks - without the consent of Lecram - revealed to shareholders that no such offer was forthcoming.
Now Lecram has this afternoon issued a bombshell statement of its own, explaining its actions. The statement says:
"Further to the announcements made by Purplebricks Group plc ("Purplebricks"), on 26 May 2023, that it had received an indicative offer proposal from Lecram to acquire the entire issued and to be issued share capital of Puplebricks, Lecram Holdings Limited today confirms that it has decided not to proceed with its indicative offer proposal and therefore it is not intending to make an offer. The reason leading to Lecram's decision not to proceed is, principally, that the financial condition of Purplebricks was found to be significantly worse than expected."
Lecram Holdings has long been a critic of the strategy of the agency’s leadership.
Over the weekend Purplebricks' board said it did not consider the Lecram proposal reflected an improvement on the proposed £1 sale to the rival online agency Strike, “particularly as regards anticipated return to shareholders and certainty for the company's other stakeholders”.
Now, with 48 hours before shareholders vote on the future of Purplebricks, it looks likely that the deal will go ahead with Strike - if that agency has not been deterred by the Lacram statement.
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Tik Tok....
Is it Lecram or Lacram ?
As Liam Neeson once heard down the other end of the phone "Good Luck"
Finances are worse than expected. I think that applies to most of us ha ha ha.
No doubt the board continue to enjoy healthy salaries during this debacle of their making.
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