Board hits out at Victoria consortium
THE board of carpet manufacturer Victoria has again rounded on the rogue consortium bidding to take over the group.
In an interim management statement the current board said the consortium had failed to reveal its reason for trying to wrench control of the business and reiterated its earlier call to shareholders not to act in haste.
“This minority shareholder group is trying to take control of the company without telling the board or the majority of shareholders of their reasons for demanding change or their strategy for the business,” the company said.
“Furthermore, they are offering no financial consideration in exchange for control of the company.”
Victoria operates Holmfirth-based Westwood Yarns.
Following a request from HSBC Global Custody Nominee (UK) and the head of the consortium, former Victoria director and chairman Alexander Anton, the board has reluctantly agreed to stage a general meeting to consider the bidder’s proposals.
The consortium is proposing a resolution to replace the company’s existing non-executive directors – chairman Nikki Beckett and senior independent Peter Jensen – with Geoff Wilding, Sir Bryan Nicholson and Lady Katherine Innes Ker, together with Mr Anton himself. It is also proposing Lady Innes Ker as chairman.
The general meeting must take place before March 6.
In the trading update, Victoria said that in the 13-weeks from October 2 to December 31, business was up 3.5% compared with the same period the year previous.
