Shareholders plan revolt against Purplebricks

September 29, 2019
Share this Post: 

Hybrid property platform, Purplebricks, seems to be experiencing a shareholder revolt in the coming weeks as the company's annual general meeting (AGM) because of bonuses paid to senior management.

The Sunday Times says the shareholder advisory service ISS is urging investors in the troubled hybrid agency to vote against the management’s financial statements at its AGM. 

ISS says the firm's management incentive awards are not “subject to any performance hurdles.”  

Purplebricks told the Sunday Times that it needed to “attract and retain the appropriate calibre of individual” and that its executives were “not especially well paid.”

Former Chief Executive Michael Bruce is reported to have received £273,000 last year: documents going to shareholders are likely to include details of other payments to past and present executives at the agency.

Long term investors in the agency will have seen a roller coaster share price ride - most recently in a broadly downwards direction.

Having launched to the London Stock Exchange at 100p a share almost four years ago, in December 2015, the price reached its highest ever level of 498.5p in late July 2017 before a long slide downwards; it recently closed at 111.8p.

Earlier this month the beleaguered Fund Manager Neil Woodford reduced his interest in the company from 19.25 percent to 17.64 percent. As recently as early June Woodford owned almost 29 percent.

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.

Property Portal Watch Madrid Summit 2019

Read more

September 29, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick