Shareholders in Purplebricks staged a significant revolt against the online estate agency’s chairman yesterday after an activist called for his removal.
Lecram Holdings called on shareholders to replace Paul Pindar with the Rightmove founder Harry Hill after presiding over a “catastrophic decline” in the share price.
The UK-based activist secured support from 28 per cent of investors voting on a motion to remove Pindar at the extraordinary general meeting. Lecram’s motion to appoint Hill as director was supported by 41 per cent of voting shareholders. Purplebricks’ executives acknowledged that there was a “significant proportion” of shareholders backing the proposals and will now launch a consultation with shareholders to gather feedback on the vote.
Lecram, which has built up a 5.16 per cent interest in Purplebricks,
