19 Dec 2022 11:45
19 December 2022
Purplebricks Group plc
("Purplebricks" or the "Company")
Result of Requisitioned General Meeting
Purplebricks, the UK's leading tech-led estate agency business, announces that at its general meeting held at 10.00am today, 19 December 2022, the resolutions proposed by Lecram Holdings Limited (Lecram) to remove Paul Pindar as Chairman and appoint Harry Hill to the Board of Directors have been rejected by the Company's shareholders.
The final voting position is shown below (inclusive of proxy votes cast prior to and at the general meeting). The full text of the resolution is contained in the Notice of General Meeting published on 23 November 2022, which is available on the Company's website at www.purplebricksplc.com.
Resolution | FOR | %age FOR | AGAINST | %age AGAINST | Total Votes Cast (excluding Withheld) | Withheld |
To remove Paul Pindar as a director of the Company | 57,255,048 | 28.29% | 145,123,092 | 71.71% | 202,378,140 | 14,670,650 |
To appoint Harry Hill as a director of the Company | 90,696,215 | 41.80% | 126,290,411 | 58.20% | 216,986,626 | 62,164 |
The directors acknowledge that whilst both votes were rejected, there was a significant proportion of shareholders that voted in their favour. The directors will continue to engage with shareholders to ensure there is full alignment on the strategy, objectives and most importantly its delivery and, as required under the QCA Corporate Governance Code, will explain any different action it will take as a result of the vote at its full year results.
Helena Marston, CEO, commented:
"I want to reassure all shareholders that we understand their concerns. Our past performance has not been good enough. But we have a new team, with an agreed plan that is being delivered at pace. The operational changes implemented over the last four months will be clear for all to see at our final results, in terms of a substantially improved cash and profit performance. We take nothing for granted and we are fully committed to driving improved performance, higher standards and value for all stakeholders.
"The housing market will be what it will be in 2023 but we have a value driven customer proposition, right sized our cost base by £17m, and laid the foundations for a more balanced business with the recent launch of new revenue streams and a plan to grow our lettings business. There is a big opportunity for Purplebricks and we want the opportunity to deliver it."
Enquiries For further information, please contact: | |
Purplebricks | |
Mark Reed, M7 Communications | + 44 (0) 7903 089 543 mark@m7communications.co.uk |
| investors@purplebricks.com |
| |
Zeus (Nominated Adviser and Broker) | |
Jamie Peel, Andrew Jones, James Hornigold (Investment Banking) | + 44 (0)20 3829 5000 |
Ben Robertson (Corporate Broking) | + 44 (0)20 3829 5000 |
About Purplebricks
Purplebricks is a leading technology-led estate agency business, based in the UK. Purplebricks combines highly experienced and professional Local Property Partners and innovative technology to help make the process of selling, buying or letting more convenient, transparent and cost effective. Purplebricks shares are traded on the London Stock Exchange AIM market.