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Criticism of consortium with takeover bid for Victoria
THE board at carpet manufacturer Victoria has criticised a minority shareholder group which it says is trying to take control of the company.
The Midlands-based business, which spins yarn at its mill in Holmfirth, West Yorkshire, put itself up for sale after an alleged control tussle.
It recently told shareholders a consortium led by its former chairman Alexander Anton planned to call for a meeting to replace the company’s independent non-executive directors with its own candidates.
Earlier this year, Victoria said it had appointed advisers BDO to conduct a formal sale process after some shareholders said they want it to consider fresh options.
The company said in a statement released today: “The minority shareholder group is trying to take control of the company without telling the board or the majority of the shareholders of their reasons for demanding change or their strategy for the business.
“Furthermore, they are offering no financial consideration in exchange for control of the company.”
The company wants a firm offer by the end of February
It added: “The directors are most grateful to all those shareholders and other stakeholders who have expressed their support to them and the business whilst these matters are resolved.”
Meanwhile, today’s interim management statement reported that total group revenue in the period October 2 to December 31, 2011, was up by 3.5 per cent compared to the same period last year, but 0.7 per cent down when based on the same currency rate.
The statement read: “Victoria’s UK business has continued to see growth in its sales through the John Lewis Partnership, the insurance replacement market and the contract market, which have more than off-set any weakness seen in general retail sales.
“Pleasingly, Victoria’s sales in the UK were up strongly in the period by 11.2 per cent and, when combined with our sales to Ireland, which are now reported upon as part of the UK operation, still showed a gain of 4.1 per cent on constant currency terms.”
The group’s Australian operation saw sales down by 3.9 per cent in local currency terms.
The compay said 2012 trading to date in both the UK and Australia have been in line with management expectations.
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Wednesday 23 May 2012
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