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Godfrey Hirst Takes Strategic Stake In Feltex

Godfrey Hirst Takes Strategic Stake In Feltex

Godfrey Hirst Australia Pty Limited (“Godfrey Hirst”) announced that at close of market today it had acquired a shareholding of approximately 5.83% in Feltex Carpets Limited (“Feltex”) through on-market purchases over the last few days, and during a market stand, which ended at 5.00pm today.

Godfrey Hirst said that it does not intend to stand in the market on Wednesday, and also re-confirmed that it does not intend making an Offer under the Takeovers Code for the remaining shares of Feltex.

Godfrey Hirst Finance Director, Jim Walsh said that the acquisition of the shareholding gave Godfrey Hirst a strategic stake in Feltex, and was the first step in what would probably be a long process. He also noted that since Godfrey Hirst’s announcement today, no other potential bidders appear to have come forward.
“We are looking to enter into discussions with the Feltex Board, about a possible merger, but given the current serious difficulties Feltex is facing, any merger would be subject to the receipt of further information on the company’s current financial and operating status,” he said.

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