Countrywide’s sale of commercial arm Lambert Smith Hampton and its proposed share consolidation will now be put to a meeting of shareholders after Christmas.
The meeting will be held on December 27, not December 23 as announced earlier. The delay is said to be for “logistical reasons”.
Countrywide’s shares yesterday closed 1% up, at 5p.
Purplebricks shares went down to just over 100p – the price at which it launched on the stock exchange – after dropping about 3.5% during yesterday’s trading.
Comments (2)
So no-one at CWD thought that asking God knows how many shareholders/investors to attend a meeting in one on the busiest cities in the world 2 days before Christmas with every street/car park/railway/underground station/airport crammed to bursting point might prove a logistical challenge? What planet do these people live on no wonder this business is dropping off a cliff it seems clear to me that the BODS are just either totally inept or really just don’t give a stuff. A laughing stock now and unless some strong minded business focused individuals are brought in pretty quickly things are going to get an awful lot worse.
Typical decision by CWD’s BODS.
The Directors have responded positively to shareholders who have advised us that hauling themselves into the City 2 days before Xmas is inconvenient we have moved it to 2 days after which should put off even the most ardent from attending .
No doubt wishing to avoid scrutiny over the proposed sale of prime asset Lambert Smith Hampton for a rock bottom price doing not enough to reduce the overall indebtedness and cutting a large slice off revenue
Trying to justify the unjustifiable -” No synergy ” , “We will probably get referrals by the new owner Captured a good price
This is what they said when they paid a hefty sum for the ES group a few years back
“We are on a mission to build the nation’s most progressive commercial property agency, and are investing in areas where we believe we can add value for our clients. Bringing ES Group into the Lambert Smith Hampton fold is aligned with this objective, enabling us to enter important markets and fast track our investment in priority services. ”
August 2018 when they raised £125m by major share dilution shafting shareholders
“The overall effect of the Capital Refinancing Plan will be to give the Group the time and flexibility to rebuild the business and execute its strategy and turnaround with a more sustainable financial structure. “That time proved to be less than 15 months .They should have gone for £160m.
I guess they couldn’t say we blown it again Banks have got their hands around our necks and their fingers up our nose and we had to sell something so LSH fitted the bill even though a rock bottom price