LDEH made an approach for Highland Timber after it had entered a sale and purchase agreement with FIM, leaving the decision on the future of the company in the hands of shareholders at an emergency general meeting covened June 26.

And with the potential of a substantially higher offer in the pipeline, shareholders at the EGM rejected the cash consideration, with 90.9% of proxy votes going against the FIM deal.

However, prior to the meeting, Highland Timber chairman Ron Williams stressed that “there is no firm commitment by LDEH in their letter to shareholders to act as set out…or indeed at all” should a sale become viable.