Wickes pounds 50m rights issue this week
Sunday 08 December 1996
The equity issue, which will be underwritten by merchant bank advisers Warburg, will pave the way for a relisting of the group's shares in January.
The group also plans to dispose of its European operations in Holland, Belgium and France to refocus on its core UK operation and has already been in talks with potential buyers.
Non-executive directors Sanford Kaplan and Sanford Sigoloff, who are close to former chairman and chief executive Henry Sweetbaum, are expected to resign shortly to complete a near near clean sweep of the board.
Wickes sources say, however, that this week will bring no news of a successor to current chairman Michael von Brentano, who has already indicated a wish to step down after the refinancing is complete.
Ten days ago Wickes appointed Bill Grimsey as new chief executive and Nigel Whittaker, formerly with Kingfisher, as a new non-executive director.
The move followed news of a Serious Fraud Office investigation into the affair, which involved duping Wickes' auditors about the true nature of rebates from suppliers.
The SFO has yet to begin interviewing current and former staff, including Mr Sweetbaum and former buying director Les Rosenthal.
The SFO has sweeping powers to compel people to give evidence under Section 2 of the Criminal Justice Act.
Any such evidence, however, unless it is corroborated elsewhere, cannot be used in a court of law.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...