Leeds director steps down ahead of cash shell's exit from AIM

(Alliance News) - Leeds Group PLC on Wednesday announced the resignation of Non-Executive Chair Jan Holmstrom.

The news accompanies the results of Leeds' annual general meeting in Manchester, where Leeds said all resolutions passed with a show of a hands. This follows yesterday's proposal for the former textile distributor, now a cash shell, to make an early exit from AIM prior to automatic cancellation.

Director Johan Claesson will replace Holstrom.

Leeds also re-appointed MacIntyre Hudson LLP (MHA) as auditors at a fixed rate of remuneration. MHA was the subject of scrutiny earlier this year when the Financial Reporting Council imposed sanctions on the accounting firm, and the Financial Conduct Authority censured it for substandard client asset reports.

Leeds was suspended from trading in September and its shareholders will vote on a proposal to re-register as a private company on December 11.

Leeds shares were last quoted at 6.25 pence.

By Holly Munks, Alliance News reporter

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