A representative of major Purplebricks shareholder Axel Springer has stood down from the online agent’s board.
It comes as the beleaguered brand is exploring a sale of its business.
Axel Springer SE, which has a 26.5% stake in Purplebricks, has been considered as a potential acquirer of the brand.
Ait Voncke was named as its representative on the Purplebricks board in July 2022 but a stock market update this morning said that following the agent’s strategic review, Axel Springer has been considering the regulatory and governance expectations around equality of information between shareholders during an offer period.
After reviewing the position, Axel Springer said it has concluded that it will not maintain a board representative for the time being.
Ait has stood down from his position as a director of the company with effect from 6 March 2023, for the time being.
Axel Springer retains a contractual right to appoint a representative to the board of Purplebricks at its discretion, the update said.
Voncke said: "Axel Springer is fully supportive of the strategic review and formal sale process being undertaken by the Purplebricks board. We are confident this review and process will benefit stakeholders and support the long term growth of the business."
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Is this why they didn't back what was a very credible suggestion by Lecram Holdings, to replace Paul Pindar with Harry Hill, who had the experience turn the business around ? It look like Axel Springer are wanting to buy it cheaply - poor shareholders !
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