Purplebricks chairman Paul Pindar has survived an attempt by activist investor Lecram Holdings to oust him.
The activist investor, which has a 5% stake in the online agent, had demanded a meeting to call for Pindar to be replaced by industry stalwart Harry Hill.
The meeting was held this morning and while 28.2% backed removing Pindar, 71.7% voted against the motion.
Just 41.8% backed appointed Hill as chair, with 58.2% opposed.
Helena Marston, chief executive of Purplebricks, said: “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."
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If just 8.3% more voted for Harry, then he would have won the separate resolution to appoint him as a director. Given the huge shareholding that Axel Springer has, it would seem to me that Paul has had a bloodied nose here. To me and I play a lot of chess, Helena Marston (aka Liz Truss) is playing out an endgame with very few pieces left, even less moves and only one conclusion.
Purely as a spectator, I find this fascinating and a bizarre decision. With results (in both share price and 'profit') being so poor for so long, mystified that shareholders aren't screaming for change. The decision to pass on Harry Hill's considerable knowledge and expertise is bizarre- but I am sure there are many agents up and down the country relieved that PB has not secured his considerable expertise. With everyone predicting a tough 2023 for the sales market, I'm intrigued to see what they will do to turn the juggernaut around.
The rhetoric seems borrowed from politicians. Easy promises but clear evidence that they have no idea how to stop the rot.
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