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Foxtonsshares rose slightly as its chairman resigned amid repeated investor rebellions amid claims the real estate agent had failed to take advantage of the stamp duty holiday.
Ian Barlow, who became chairman in March 2020, will step down by the end of the year once a successor is appointed following long-standing hostility from Hosking Partners, the largest shareholder in the company with an 11.2 percent stake.
Hosking wrote to Barlow last month to highlight concerns about the Foxton stock price, which is down a third from pre-pandemic levels despite the stamp duty holiday triggering a sales boom residential.
Catalist Partners, which owns a 2% stake in Foxtons, accused the company of failing to capitalize on the price hike.
Josh Ponniah, shareholder partner, said: “We hope the company takes this opportunity to complement the board of directors with specific industry expertise and the entrepreneurial spirit needed to ensure Foxtons is able to restore market share lost since 2015, continue to grow in new areas. , leverage its technological advantage and realize the untapped potential that we see in the business.
Barlow blamed the real estate agent’s poor performance on market uncertainty and said the company was able to improve in the coming months.
Foxtons has said he is leaving after approaching nine years as a director because the time has come for a new president to implement his turnaround strategy. Shares closed 0.1p higher to 59.1p.
Meanwhile, bookmaker shares plummeted after online gaming company 888 said the reopening of stores and pubs is pushing its customers away from online betting.
The Gibraltar-based company said average daily incomes in the UK have fallen 20% year-over-year since retail and leisure venues reopened on May 17.
Online gambling has been one of the recipients of global stay-at-home orders, with 888 in March reporting a 50% increase in UK revenue in 2020 as “the attractiveness and popularity of the online gambling have increased dramatically â€. However, the idea that the pandemic fueled the gaming boom may come to an end as the lifting of restrictions caused 888 shares to slide from 27p to 386p.
Other betting actions have also taken a hit with the owner of Ladbrokes Entain down from 62p to £ 18.07. Beat, which was formed from the merger of Paddy Power and Betfair, also fell 255 pence to £ 133.75.
However, the surge in mining stocks has shaken the FTSE 100 up from 50.14 to 7,151.02 points.
the FTSE 250 Also rose 74.88 points to 22,970.24, boosted by PageGroup shares, which jumped 17p to 592.5p after the recruitment giant raised its annual profit forecast to £ 135million.
Amid the ongoing Opec + dispute, oil prices fluctuated throughout Wednesday’s trading day, with Brent crude falling to $ 72.96 by the day’s end. The British pound ended the day at $ 1.3797.
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