Purplebricks takes over £1 rescue from Sir Charles Dunstone

Sir Charles Dunstone has been named the new owner and CEO of Purplebricks. A huge majority of Purplebricks shareholders have voted in favor of his £1 rescue of the online estate agent.

In a meeting held this morning, the shareholders of Purplebricks accepted Strike’s offer, an agent supported by Dunstone’s Freston Ventures. If the deal had not been accepted, there was a chance that the company would have gone into administration.

The only other party that publicly declared interest in Purplebricks was Lecram Holdings. It is one of the largest and loudest investors. However, it withdrawn its speculative offer at the eleventh hour earlier this week.

Strike pays £1 for most of Purplebricks assets, but also takes on all of the company’s liabilities. This includes what Dunstone (founder of Carphone Warehouse, TalkTalk) says is a possible fine related to historic anti-money laundering failings. “[Purplebricks] reported it, but it is not a significant amount,” he said. “It is factored in our numbers, that we will have to pay for it and settle it. But we do not think it’s a huge amount.”

The final trading day for Purplebricks has been scheduled for 15th June. After the deal has been approved, the final day of trading in Purplebricks shares will be June 15.

the long-suffering Purplebricks shareholder will receive any cash remaining in the shell, up to £5.5million.

Helena Marston has resigned as Purplebricks’ former chief people officer. She was promoted to Chief Executive in the spring of last year.

Post Disclaimer

The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.

This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.

The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.