Receipt of Requisition Notice

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
	[e-mail]
Equitory, Investor Relations	[e-mail]
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	[phone]

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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