Walker Greenbank PLC
29 March 2000
Walker Greenbank plc
The Board of Walker Greenbank plc has noted the statement made
today by its former Chief Executive, Mr Charles Wightman. It
wishes to emphasise that the proposed acquisitions by Walker
Greenbank of the Standfast / Barracks and Weavestyle
businesses from Courtaulds plc are considered by the Board,
which has received financial advice from its adviser, KPMG
Corporate Finance, to be in the best interests of the group
and in line with its strategy for growth.
The Board is deeply concerned that Mr Wightman has made a
highly conditional and public announcement of a possible
takeover approach. He has made absolutely no contact with the
Board; it comes just 8 months following a previous tentative
approach from parties associated with Mr Wightman. The Board
has never received any evidence that Mr Wightman is capable of
making a serious offer that can be put to shareholders and
considers that his actions are not in the best interests of
the Company and its shareholders.
The Company's advisers are seeking clarification of Mr
Wightman's position. In the meantime, the Board urges
shareholders to ignore Mr Wightman's public statements.
For further information contact:
Aidan Connolly, Chief Executive, Walker Greenbank plc
Tel: 01442 234666
John Rudofsky, Citigate Dewe Rogerson,
Tel: 020 7638 9571