Articore Group Limited (ASX: ATG), owner of online marketplaces Redbubble and TeePublic where independent artists sell designs on various products, has announced that its board will recommend shareholders vote against all resolutions proposed by Martin Hosking and Richard Cawsey at the upcoming Extraordinary General Meeting (EGM). The requisitioning shareholders seek to remove the entire existing board and install their own four candidates. Articore Group owns and operates the leading global online marketplaces, Redbubble.com and TeePublic.com. The Group’s community of passionate creatives sell uncommon designs on high-quality, everyday products.
The Articore board has determined that the proposed changes are not in the best interests of the group or its shareholders, citing unnecessary disruption, cost, and risk. The board highlights that the company is demonstrating positive momentum under its renewed leadership team, pointing to the recent appointments of Robin Mendelson as Chair and Vivek Kumar as Group CEO. These appointments are part of an ongoing reform program that began in 2023 to enhance the board’s global marketplace experience, aligning with Articore’s international footprint, where over 90% of revenue is generated outside Australia.
The board emphasizes its commitment to maintaining an effective and independent governance structure and has commenced a process to appoint an Australian-based non-executive director. The board also notes the progress made since the renewal announcement five weeks ago, including reaffirming FY25 guidance, launching a strategic review, and appointing an Interim CFO. According to the board, under Vivek Kumar’s leadership, the business is stabilising and showing tangible results, including the highest first half-year gross profit margin for the combined marketplaces, as announced in February 2025.
The board believes that holding an EGM is unnecessary and expensive, particularly with the Annual General Meeting scheduled shortly. They state that the requisitioning shareholders have not articulated their future strategy or explained how the board changes would benefit the group. The board has made multiple attempts to engage with the requisitioning shareholders to find a resolution that avoids the EGM, but these efforts have been unsuccessful. The board unanimously recommends that shareholders vote against all resolutions, stating that the proposal to remove the entire board would eliminate critical continuity and expertise at a pivotal time for the group.
