Countrywide shareholders opposed to Alchemy fundraise – On 22 October 2020, Countrywide announced a proposed recapitalisation that included an equity raising of approximately £90m fully underwritten by Alchemy Partners. However, discussions with shareholders have indicated insufficient support for this proposal in its current form, but also a recognition of the need for new capital and a readiness among shareholders to invest in the company.
The board is continuing to engage with all major shareholders to explore all potential options to deliver a sustainable capital structure for the company and to maximise shareholder value. These include:
- a capital raise to be underwritten by Alchemy Partners on amended terms
- the indicative approach received from Connells Limited (as announced on 9 November); and
- a capital raise from existing shareholders.
Changes to the Board
Countrywide also announces today that Peter Long has stepped down from his role as executive chairman and has retired as a director with immediate effect. In addition, Countrywide has anounced the appointment of Philip Bowcock as interim CEO with immediate effect.1 Mr Bowcock was previously CEO of William Hill Plc, overseeing a business with significant high street presence, leading it through a retail and digital transition. Mr Bowcock will lead the discussions with major shareholders towards stabilising the capital structure, and discussions with Alchemy Partners and Connells in relation to their proposals.
Further, Paul Creffield, group managing director, has indicated his intention to retire from the company with effect from 24 November 2021. Mr Creffield will retire as a director at the end of March 2021, following which he will remain available for the remainder of his notice period in order to support a smooth transition process.
David Watson, currently deputy chairman and senior independent non-executive director, has begun a search for a new independent chair to succeed Mr Long. In the interim, Mr Watson is stepping up as acting non-executive chairman, and Natalie Ceeney CBE, currently non-executive director and chair of the Remuneration Committee, will become senior independent non-executive director.