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Leeds Group PLC on Friday said it conditionally agreed to sell its subsidiary Hemmers-Itex Textil Import Export GmBH to a subsidiary of Nooteboom Bidco BV. The West Yorkshire, England-based textile manufacturing company said it will put the planned £657,000 sale to its shareholders at a general meeting on January 9. Notably, the sale would make Leeds Group a cash shell as it would no longer have any trading business or activities. Leeds Group shares jumped 24% to 11.75 pence each on Friday morning in London. Leeds Group explained that Hemmers has been loss making for a number of years, posting a pretax loss of £793,000 for financial year 2023 that ended on May 31, widened from £781,000 a year prior. ‘The board believes that the proposed sale is in the best interests of the company, shareholders and Hemmers and will recommend shareholders vote in favour of the proposed sale. Certain major shareholders, representing 54.24% of the company’s shares, have indicated that they will vote in favour of the proposed sale,’ Leeds Group said. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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