Receipt of Requisition Notice

Purplebricks

09/11/2022 07:00

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RNS Number : 7550F  Purplebricks Group PLC  09 November 2022

This announcement contains inside information for the purposes of article 7 of
Regulation 596/2014 as amended and transposed into UK law in accordance with
The European Union (Withdrawal) Act 2018 ("UK MAR").

 

9 November 2022

 

Purplebricks Group plc

("Purplebricks", the "Company" or the "Group")

 

Receipt of Requisition Notice

 

On 8 November 2022, the Board of Directors (the "Board") of Purplebricks
received a letter from Huntress (CI) Nominees Limited, acting for and on
behalf of Lecram Holdings Limited, seeking to requisition a general meeting of
the Company (the "Requisition").

The Board is in the process of reviewing the legal validity of the Requisition
with its advisers and will make further announcements regarding the convening
of a general meeting in due course.

The Requisition proposes that shareholders be asked to consider resolutions to
remove Paul Pindar as a director of the Company, and to appoint Harry Douglas
Hill as a director of the Company. It suggests that Harry Hill, if appointed,
is made Chairman of the Board by the other directors of the Company.

The Board reaffirms its support for Paul Pindar as a director of the Company
and Chairman of the Board and believes that Paul has the continued support of
a number of major shareholders. This includes Axel Springer SE, a 26.5%
shareholder in the Company, which has confirmed it remains supportive of Paul
and intends to vote against the proposed resolution for his removal as a
director of the Company.

The Board is firmly of the view that the Board changes proposed by the
Requisition are not in the best interests of the Company or its shareholders.
Within the Company's FY22 results announcement, published on 2 August 2022, a
clear plan was set out to improve business performance, return to positive
cash flow and profitability, and build a scalable business model. The Board
considers that Lecram Holdings Limited's decision to lodge the Requisition is
disruptive when the Company and its executive team are focused on delivery of
this turnaround plan.

The Board recognises that having the right blend of skills and capabilities
within the Board is beneficial to support the executive team and is key to
delivering the performance improvement. On 1 October, Adrian Gill and Gareth
Helm, both highly experienced executives with property and marketing
expertise, joined the Board as non-executives. Dominique Highfield was also
recently appointed as CFO on 1 November. Following these appointments, the
Company is benefitting from the leadership of a well-functioning and capable
Board, with a clear plan to improve performance and support from its major
shareholders, including Axel Springer SE.

Further announcements will be made as appropriate.

 For further information, please contact:
 Purplebricks
 Helena Marston, Chief Executive Officer
 Peter Hewer, Director of Corporate Affairs                      + 44 (0)7709 326261
                                                                 peter.hewer@purplebricks.com (mailto:peter.hewer@purplebricks.com)

 Equitory, Investor Relations                                    investors@purplebricks.com    (mailto: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

 MHP Communications
 Alan Tovey                                                      +44 (0)7833 437044

 

The person responsible for arranging for the release of this announcement on
behalf of the Company is Dominique Highfield, Chief Financial Officer.

 

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.

 

 

 

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