10 April 2012 – recommended offer
Randotte (No. 555) Limited, of which the Lees Foods directors Clive Miquel, David Simson, Albert Croll, Nadia Millar and Klaus Perch-Nielsen are all directors, is planning to acquire the company at a price of 230p per share.
We feel that this is somewhat disappointing since there are no independent directors in Lees Foods and in effect nobody to fight for a higher price for minority shareholders. Nevertheless, the offer of 230p will still ensure a profit for anyone who has followed our tip and the proceeds can be reinvested into another opportunity. It looks highly likely that the offer of 230p will be successful but in the meantime HOLD rather than selling in the market.