Instore’s independent directors are continuing to warn shareholders not to accept Seaham Investment’s 5p-a-share offer.

The independent directors are reiterating that Seaham’s offer “significantly undervalues” the chain.

Seaham now owns a majority 51 per cent stake in Instore after acquiring a 20.4 per cent stake from Tradegro last week, when it was also revealed that Instore’s chief executive Peter Burdon will stand down in July 2009.

As a condition of Seaham’s acquisition of the stake, three Tradegro directors stepped down from their posts as members of Instore’s board earlier this month.

Last week Instore revealed a 1.9 per cent dip in like-for-like sales for the 19 weeks to July 11, although group sales climbed 0.3 per cent on last year.