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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Land OF Leather | LSE:LAN | London | Ordinary Share | GB00B39TSN74 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.95 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 2437J Land of Leather Holdings plc 01 December 2008 Land of Leather Holdings plc 1 December 2008 Potential Offer Land of Leather Holdings plc ("Land of Leather" or the "Company") notes recent press speculation. The board of directors of Land of Leather announces it has received a number of unsolicited early stage expressions of interest from third parties which may or may not lead to an offer being made for the Group. These discussions are at a very preliminary stage and shareholders should be aware that there is no certainty that an offer will be forthcoming. The company has no debt and hence no requirement to pursue a sale of the business unless it realises shareholder value. A further announcement will be made in due course. Shareholders are advised to take no action at this stage. Interim Management Statement As has been reported conditions in the retail market are very challenging. For the 3 months ended 2nd November 2008, total sales orders declined by 47%, against very tough pre-credit crunch comparatives. Significant progress has been made on reducing costs and conserving cash, which remains the prime focus of the business. At 2 November 2008 the company was debt free and had cash balances of £6.9m including £4.5m held as security by Barclays Bank plc. Cash flow for the first quarter's trading was in line with the Board's expectations. As reported with the preliminary results in October 2008, the first half year will be particularly difficult due to the low opening sales order book, tougher sales comparatives and also the recent adverse currency movements. We expect market conditions to be challenging and uncertain for the remainder of 2008 and 2009 which includes the important January Sale period. As a result, the outcome for the financial year ending 2 August 2009 is extremely difficult to predict. Enquiries Clive Hatchard Land of Leather +44 (0)1474 543291 James White Hudson Sandler Financial and Corporate Communication +44 (0)20 7796 4133 James Grace / Patrick Robb Investec Bank (UK) Limited +44 (0) 207 597 5970 Investec Bank (UK) Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for Land of Leather and no one else in relation to the matters referred to in this announcement and will not be responsible to any person other than Land of Leather for providing the protections afforded to clients of Investec Bank (UK) Limited nor for providing advice in relation to the matters referred to herein. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the 'Code'), the Company confirms that it has in issue and admitted to trading on the London Stock Exchange plc, 34,936,097 ordinary shares of 10 pence nominal value each under the ISIN code GB00B39TSN74. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of the Company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company by the Company, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities''dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at . 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END OFDFDUEDSSASEDF
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