Purplebricks has issued a statement saying that 99.98 per cent of its shareholders have backed the new investment to expand its services.
At a general meeting held in London the overwhelming support was given to the previously-announced investment of some £125m by Axel Springer, one of Europe’s leading digital publishing houses.
This included a £100m subscription for new shares at a price of 360p.
“The Board believes that this is a major strategic advance for the Company and that Axel Springer’s expertise and funding should enable Purplebricks to achieve its strategic goals and global ambition more quickly and effectively” says the statement.
As previously announced, the investment will be used to accelerate the hybrid agency’s roll-out in the US, support entry into new markets, and fund technological innovation and expand Purplebricks’ existing service offering.
Following completion of the transaction, Axel Springer own approximately 11.5 per cent of Purplebricks’ share capital.
Axel Springer is listed on the Frankfurt Stock Exchange with a market capitalisation in excess of €7 billion and has a portfolio of media, marketing and advertising channels including European property portals SeLoger, Immowelt and Immoweb.
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Perhaps it could expand its services to include ’sales progression’ or proof checking adverts to ensure they say ‘you have a 50/50 chance of losing your money’ if we don’t sell your house! Just an idea!
Another poorly informed comment. Do you work in estate agency?
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