3 Jul 2014 10:53
For immediate release
3 July 2014
Recommended offer by Le Bas Investment Trust Limited ("LBIT")
for Tex Holdings plc ("Tex" or the "Company")
Results of Court Meeting and General Meeting
The Company announces that, at the Court Meeting held earlier today, Scheme Shareholders did not vote by the requisite majority to approve the Scheme to implement the recommended Offer for the acquisition of the Company by LBIT. Accordingly, the Special Resolution, which was required to be passed as a condition of the Offer, was not put to the vote at the General Meeting.
The Offer was conditional on the approval of the Scheme by a majority in number of the Scheme Shareholders present and voting, either in person or by proxy, representing 75 per cent. or more in value of the Scheme Shares held by those Scheme Shareholders at the Court Meeting. As a result of the Scheme not receiving the requisite approval the Offer has now lapsed.
At the Court Meeting, a poll was conducted on the proposed resolution and the results are detailed below:
Number of Scheme Shareholders who voted | Number of Scheme Shares voted | Percentage of Scheme Shares voted | |
For | 74 | 1,023,617 | 53.28 |
Against | 34 | 897,670 | 46.72 |
Total | 108 | 1,921,287 | 100.00 |
Mr David Redhead, Independent Non-Executive Director of Tex Holdings plc: "Following the result of today's Court Meeting, the Non-Executive Directors and Executive Management plan to continue to run the Company's business to support its employees, pensioners and shareholders."
Tex intends to announce its interim results for the six months ended 30 June 2014 by the end of August 2014.
Tex confirms it is not in discussions with any other party regarding a potential offer for the Company. Accordingly, the Company is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.
A copy of this announcement will be made available on the Company's website www.tex-holdings.co.uk.
Capitalised terms not otherwise defined shall have the same meanings as set out in the Scheme circular dated 9 June 2014.
Enquiries
Tex Holdings PLC
Chris Parker Tel: +44(0) 1473 830 144
Westhouse Securities
Richard Baty / Robert Finlay Tel: +44(0)20 7601 6100