NEWS UPDATE: Major Shareholder Withdraws Proposal To Buy Purplebricks

Purplebricks has announced that a recent proposal by its 5% shareholder, Lecram Holdings, to purchase the business, has been withdrawn.

Statement regarding Lecram Holdings Limited

Purplebricks announces, further to the announcement on 26 May 2023 outlining an indicative proposal from Lecram Holdings Limited (“Lecram”) to acquire the entire issued, and to be issued, share capital of the Company (the “Proposal”), Lecram have informed the Board that they have withdrawn their Proposal and at the current time do not intend to make an offer for Purplebricks.

With regard to the proposed sale of business and assets to Strike Limited (the “Proposed Sale”), the Board continues to recommend the Company’s shareholders vote in favour the resolutions being proposed at its general meeting to take place on 2 June 2023 in order to implement the Proposed Sale.

This announcement has been made without the consent of Lecram.

Lecram, which owns a more than 5% stake in the beleaguered firm, called for the removal of chairman Paul Pindar last year, and the appointment of property industry expert Harry Hill.

A spokesman commented last week, at the time of the proposal: “Lecram has been engaged with the board of Purplebricks for nearly a year in an attempt to avert the situation that has now occurred and we believe our offer gives shareholders the certainty of cash now, rather than vague promises from a discredited board of something more somewhere down the line.”

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