9th Jan 2024 16:04
Leeds Group PLC - West Yorkshire, England-based textile manufacturing company - Says shareholders overwhelmingly pass resolution at general meeting in favour of the proposed USD657,000 sale of its subsidiary Hemmers-Itex Textil Import Export GmBH to Nooteboom Bidco BV, as agreed last month. Says 15.1 million shares voted in favour of the deal, with 127,000 against. Expects the sale to complete on or around January 31. Says the effect of the proposed sale will be that the company will no longer have any trading business or activities and will become a cash shell under AIM rules. As such, it must make an acquisition which constitutes a reverse takeover under AIM rules within six months of completion or be re-admitted to trading on AIM as an investing company. Failing that, its shares would then be suspended from trading. Notes admission to trading on AIM would be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.
Current stock price: 11.15 pence, down 11%
12-month change: down 20%
By Greg Rosenvinge, Alliance News senior reporter
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