Key facts
- Winkworth has agreed to halt its legal spat for at least a month.
- The dispute involves chair Simon Agace and his wife attempting to oust the company's board, including Agace's son.
- Undertakings restrict Simon Agace from removing or appointing directors without seven days' written notice before September 10, 2026.
- Winkworth stated that discussions are ongoing with a view to resolving the matters.
- The company's share price rose 5.88% to 180p following the update.
Winkworth, a London-based estate agent, has agreed to pause its legal dispute with its chair, Simon Agace, for at least a month. The company initiated legal proceedings last week after Agace and his wife, Irene Ho Kim Lee, attempted to remove the company's board members, including Agace's son and the company's CEO, Dominic Agace.
Agace's wife, who holds a 34% voting stake, used her power at the company's May annual meeting to try and oust all directors except her husband. Simon Agace had also reportedly demanded a board overhaul and threatened a shareholder meeting to achieve this.
Under the current undertakings, Simon Agace is restricted from taking or encouraging steps to remove or appoint company directors without providing seven days' written notice and before September 10, 2026. Winkworth stated that discussions are ongoing to resolve the matters and that the company continues to operate as usual, with the executive team focused on its strategy.
Simon Agace previously served as Winkworth's chief executive for 30 years until 2004, when Dominic took over. The firm has been jointly run by the father and son since its flotation on the London Stock Exchange in 2009. Winkworth's share price rose 5.88% to 180p on Wednesday following the announcement, valuing the company at £23.2m.