The Board of Quicks notes the recent announcement by Guinness Peat Group plc tendering for up to 3,650,000 ordinary shares in order to increase its holding up to approximately 29.9 per cent at a maximum price of 85 pence per share.
In light of the above, the Board has decided to announce that it has received an indicative approach from another party to acquire the Company at a level above 85p per share.
Discussions are at a preliminary stage and it is not clear whether the approach will lead to any offer being made for the Company.
The Board also wishes to make reference to the announcement made on behalf of Warren Holdings Limited (“Warren”) on 5 November 2001 and subsequently amended on 8 November 2001 and 9 November 2001 relating to the acquisition of 10,000,772 shares in Quicks representing approximately 25.2 per cent of the issued share capital of the Company.
In response to enquiries made by the Company under Section 212 of the Companies Act the Board has been informed that the beneficial holder of the Warren stake is a discretionary trust for the family of C D Bramall Deceased.