The Market Herald will change its name to The Market Limited, after shareholders voted in favour of a rebrand following a tumultuous period for the company.
The Market Herald will change its name to The Market Limited, after shareholders voted in favour of a rebrand following a tumultuous period for the company.
The HotCopper parent company and Gumtree owner unveiled details of its plan, which includes a rebranding of The Market Herald website to The Market Online, in a presentation released to market ahead of this morning’s AGM.
The change was first floated early in October as a resolution in The Market Herald’s AGM notice of meeting, though no further details were provided.
Chairman Alec Pismiris said in his AGM address that the name change represented “a milestone moment” for the company, following its acquisition of classifieds business Gumtree group last year.
“The name change is a natural progression following the acquisition of the Gumtree group and the subsequent restructure of the global organisation,” he said.
The company’s AGM presentation said The Market Online would be an “independent financial market news platform” within the capital markets group of its business alongside Canadian financial portal Stockhouse and the HotCopper discussion board.
The Market Herald name was used only once across the 20-page presentation, and the name change was endorsed by more than 96 per cent of voting shareholders.
Shareholders were less supportive of the company’s 2023 remuneration report, which received a strike when 43.55 per cent of voting shareholders voted it down.
The shareholder vote is not binding in isolation, though a consecutive strike next year would allow shareholders to remove the board.
Today’s AGM follows an up and down year for The Market Herald, which received a declaration of unacceptable circumstances from the Takeovers Panel in May relating to a lack of disclosure of the association between substantial shareholders – David and Gavin Argyle – in marketing materials for two entitlement offers undertaken late in 2022 and early in 2023.
The panel found the Argyles “became associated for the purpose of controlling or influencing the composition of TMH’s board or the conduct of its affairs” during the period.
Former managing director Jag Sanger resigned from TMH in December 2022, following an attempt by the board to oust him.
In July, after the Takeovers Panel findings were handed down, the Market Herald started legal action against Mr Sanger alleging he used corporate money for personal use.
Mr Sanger started his own court action against the company in September, alleging dismissal in contravention of a general protection under the Fair Work Act. Court hearings are ongoing.
The company revealed it had returned to profitability the same month. It also engaged high profile consultant Alison Gaines, of Gaines Advisory, to assist its search for two new directors, including a new chair.
Mr Pismiris said the recruitment campaign was well underway.
“I am pleased to report that Gaines Advisory has made significant progress and has short listed several outstanding candidates that have been interviewed,” he said.
“I anticipate the successful candidates will be selected by the board and announced shortly.”
The Market Herald’s board currently comprises Gavin Argyle and Mr Pismiris, as well as company secretary Ben Donovan and executive director Twila Jensen.
Ms Jensen was re-elected with 66.4 per cent of the vote at today’s meeting.
TMH shares closed up 20 per cent to 24c today.
