Activist investor gets wish as Purplebricks confirms date of General Meeting to oust chairman

Harry Hill

Purplebricks has just published its circular to shareholders and Notice of General Meeting of the Company, in response to the requisition notice received from Huntress (CI) Nominees Limited, acting for and on behalf of Lecram Holdings Limited (“Lecram”), as announced on 9 November 2022.

Lecram Holdings Limited, beneficial owner of a 5.16%% stake in Purplebricks, wrote to the Board of the Company earlier this month to request a General Meeting where it will propose that Paul Pindar, chairman of Purplebricks, is removed and Harry Hill, former chairman and CEO of Countrywide and co-founder of Rightmove, is appointed to the Board.

The General Meeting (“GM”) will be held at 10am on 19 December 2022 at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ.

 The following two ordinary resolutions will be proposed to shareholders for consideration at the GM:

 ·      A resolution to remove Paul Pindar as a director of the Company; and

 ·      A resolution to appoint Harry Hill as a director of the Company.

The statement issued by the online estate agency says ‘shareholders are urged to vote on the requisitioned resolutions. The Board unanimously recommends that you VOTE AGAINST both resolutions. Paul Pindar has not participated in the recommendation as it relates to his own position as a director of the Company.

‘Notice of the GM and the Circular, which contains the reasons why shareholders should vote against the requisitioned resolutions, together with a letter from Lecram, are being posted to shareholders today and will shortly be available on the Company’s website at: www.purplebricksplc.com/investors/shareholder-information/shareholder-meetings

‘The Company believes it has the support of a number of shareholders, notably including Axel Springer, a 26.5% shareholder in the company, which has provided an irrevocable undertaking to vote against both resolutions.’

 

Purplebricks investment brings Axel Springer ‘nothing but losses’

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12 Comments

  1. forwardthinker

    Not sure whoever is onboard can stop the PB ship sinking.

    The comments on their FB advertisements are damning, laughable in fact makes for good entertainment.

    Used to know individual PB agents, but many have gone, think mostly to EXP, so what quality of agents do they have left in their company? That’s what it boils down to, that’s what the board are relying on.

    Totally needs a revamp and overhauling. Do investors have the patience for that? Big shame! 🙂

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  2. Robert_May

    Unless Harry has some magic beans or money tree saplings there’s very little  even he can do.

     

    FSBO is now a crowded space; pay to list isn’t competing  for instruction  with NSNF traditional agency, it’s now the expensive option  that’s having to sell against really cheap to list and free to list competitors.

     

    Stuck in the middle between full service agents and ‘how on earth does that stack up?’ services  I cannot see any change  Harry could implement that would make the difference necessary to make the model viable.

    Its not the chairman that’s the problem its the business model.

     

     

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  3. IheartRE

    No one can fix the mess that is Purple Bricks.

    Built on a foundation of greed along with smoke and mirrors…

    On the same foundation was Boomin Built, just no dopey Axel Springer sucker this time.

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    1. Robert_May

      You can’t call Axel Springer dopey, they’re not. They trusted advice from people who got carried away with the whole notion and dream of disruption. It was group-think that left people like me as the little boy at the back of the crowd pointing out the flaws

      Michael told everyone what he was doing right at the start; he got a high profile investor to convince the sheep investors they were going to miss out. What people didn’t understand was the project wasn’t about  disruption but about the  opportunity to turn £1 into £5 and to get out before it became10 pence

       

       

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      1. IheartRE

        Hi Robert,

        I appreciate that you want to stick up for Axel, but I’m not sure why you don’t think it was a dopey move?

        I’m absolutely sure Boomin was the same endgame and it would seem that you’re in agreement on that part.

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        1. Robert_May

          I don’t want or need to stick up for them. The people at the top trusted others to tell them if this was a sound investment or not.

          Axel Springer aren’t daft which is what you posted first, the investment was ill advised and I’ve been saying that since 2014

           

          Re Boomin I never understood enough about it

           

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          1. Gangsta Agent

            I think the Bruce brothers saw an easy target in Axel Springer, someone who was keen to invest and then used that as the worm on the hook to get the other investors in knowing they were going to sell off the shares they gave themselves before running for the hills.

            Boomin was to be the same plan until the industry and investors saw through their dastardly scheme and it went to S**t.

             

             

             

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          2. IheartRE

            No worries Robert. I’m happy to agree to disagree with you about Axel’s intelligence at the top 😉

            It’s possible it was a bit like the way FIFA operates behind closed doors too. Maybe someone at Axel should investigate that.

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  4. Certus

    Big mistake for Harry Hill to take this job and spoil his reputation. The other Harry Hill on the other hand is perfect, his level of stupid comedy fits perfect.

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  5. londoneye

    Harry is one of the most respected people I know in the business. Why he would want to join this company is a mystery. He’s a winner.

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    1. IheartRE

      Well if he can “Turn it around” he’d be a magician. He must have been offered so much money upfront he couldn’t refuse. Heck, for 10 million quid I’d do it too. There’s no chance, but that’s the price if you want me to have a crack… 😀

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    2. jan-byers

      For money – is why we all work

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