Call to oust carpet firm non-execs ‘is invalid’

The Midlands-based business, which spins yarn at its mill in Holmfirth, put itself up for sale on Friday.

That was followed by a request from shareholders, claiming to represent 46 per cent of the company’s shares, for a general meeting and vote.

New Fortress Finance Holding and former Victoria chairman Alexander Anton want to remove Victoria’s two non-executive directors, chairman Nikki Beckett and Peter Jensen, replacing them with Katherine Innes Ker, Geoff Wilding, Alexander Anton and Sir Bryan Nicholson.

The proposed directors said they are “gravely concerned” at the possible sale, adding it will not maximise value for shareholders.

Yesterday, Victoria said the meeting request is “invalid as Alexander Anton holds less than five per cent of the company’s issued share capital and New Fortress Finance Holdings Ltd is not a registered shareholder”.

“Therefore, neither party has the authority to requisition a general meeting,” it said.

However, Victoria added it expects Mr Anton’s consortium to submit a valid requisition soon.

It said starting the sale process will achieve “maximum value for shareholders, whilst safeguarding the interests of all stakeholders”.

Victoria has set a deadline of the end of February for formal offers for the business.