M Winkworth sues chair over alleged plans to oust board

M Winkworth PLC has launched legal proceedings against Non-Executive Chair Simon Agace, which City AM reported was over an alleged scheme by the latter and his wife to oust its board, including his son.

The London-based real estate agency franchisor said in its announcement on Friday that the High Court of Justice, Business & Property Courts of England & Wales proceedings relate to alleged breaches of confidentiality, certain provisions of M Winkworth and Agace's 2009 relationship agreement, and his associated duties as a director under the Companies Act 2006.

However, City AM reported later on Friday morning that Agace's alleged breach of contract involved a plan between him and his wife, Irene Ho Kim Lee, to remove the current board.

This included Agace's son, M Winkworth's Chief Executive Officer Dominic Agace.

City AM "understands" that Lee used her 34% voting rights to attempt to oust all board members besides Chair Agace at the firm's annual general meeting in May.

Agace, meanwhile, has since May "demanded to overhaul the board and replace its members with those of his choosing and said he will hold a shareholder meeting to oust board members if his demands are not met," City AM added.

M Winkworth said it had started court proceedings after taking independent legal advice.

It also said it has applied for interim injunctive relief to prevent Agace from making changes to the composition of its board, and from using or disclosing the company's confidential information. It added that it is seeking "information concerning the disclosure of its confidential information to third parties."

M Winkworth told City AM it is "unable to comment further" while the legal proceedings are ongoing.

Shares in M Winkworth closed down 1.4% at 175.00 pence on Friday in London. They have fallen by 15% over the past 12 months.

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