Randotte (No. 555) Ltd. announced an update on offer for Lees Foods plc (LEE.L).
The Randotte Directors confirmed that the current strategy does not include a disposal of the Lees business and undertake that the Lees business will not be sold to a third party in the 24 months following the Scheme becoming effective.
In the Scheme Document dated April 19, 2012, It was stated,
"The Randotte Directors have confirmed that they have no current plans to make any material change in the conditions of employment of the Lees group's management and employees following the Scheme becoming effective and have no current plans to change the current strategy of Lees, its fixed assets or the location of Lees' operational places of business."
The Randotte Directors also confirmed that no formal third party approaches or offers have been made for Lees since it admitted to trading on AIM in 2005.
On April 10, Randotte (No. 555) Ltd. announced the terms of a recommended proposal whereby Randotte will, subject to the consent of shareholders and the sanction of the Court, acquire the entire issued share capital of Lees Foods by means of a scheme of arrangement under Part 26 of the Companies Act.
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