Wednesdayite can confirm that we have late this afternoon received by email from Mr Sheard a copy letter dated today (11th July 2008) from the bidder's Swiss based lawyers which we have immediately sent onto our legal advisers for their consideration.

It is hoped that this communication and any subsequent telephone/other necessary clarification will enable us to move forward on the matter of the bid received from Mr Sheard on 1 July.

We would re-iterate that despite claims in certain quarters, we are not blocking any bid or frustrating any ballot and can only proceed once our respective advisers are satisfied that the bid is legally verified in accordance with UK law and regulations.