Result of Requisitioned General Meeting

Purplebricks

19/12/2022 11:45

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RNS Number : 1865K  Purplebricks Group PLC  19 December 2022

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
(http://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 (mailto:mark@m7communications.co.uk)
                                                                 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

 

 

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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