Victoria PLC Appointment of Non-Executive Director (7700Z)
May 22 2019 - 2:01AM
UK Regulatory
TIDMVCP
RNS Number : 7700Z
Victoria PLC
22 May 2019
For Immediate Release 22 May 2019
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Victoria PLC
('Victoria', the 'Company', or the 'Group')
Appointment of Non-Executive Director
The Board of Victoria PLC (LSE: VCP), the international
designers, manufacturers and distributors of innovative
floorcoverings, is pleased to announce the appointment of Mr.
Zachary Sternberg to the Board as Non-Executive Director of
Victoria PLC, with immediate effect.
Mr Sternberg is the co-founder of The Spruce House Partnership,
a private investment partnership based in New York with $3 billion
of assets under management, which seeks to invest alongside and
support management teams that are focussed on growing the per share
value of their companies over the very long-term. Spruce House has
a 14.8% shareholding in Victoria PLC.
Geoff Wilding, Executive Chairman of Victoria PLC, said:
"Spruce House has one of the best long-term investment records I
know of and I am delighted to welcome Zach to the Board of
Victoria. He brings his extensive knowledge of capital markets as
well as his perspective as a material shareholder and he strongly
supports the Group's strategy, which is designed to maximise the
per share value of Victoria over the long term through both organic
and acquisitive growth."
Mr Sternberg commented:
"Under the leadership of Geoff and the Executive team, Victoria
has built on its over 100-year legacy to become one of the largest
and fastest growing flooring businesses in Europe. Geoff's record
of growing cash flow per share over 40% annually since becoming
Chairman is truly remarkable. Spruce House looks forward to
continuing to support Victoria over the long-term as it takes
advantage of the extraordinary opportunity to grow its existing
operations and acquire companies across Europe's very fragmented
flooring industry."
Mr Sternberg is currently a director at the following
companies:
-- SHP Ltd, Director
-- Cimpress N.V., Non-Executive Director
Mr Sternberg has held no further directorships during the
previous five years. He graduated in accounting from The Wharton
School, University of Pennsylvania.
The Company confirms that there is no other information which is
required to be disclosed pursuant to Schedule 2 paragraph (g) of
the AIM Rules for Companies.
Mr Sternberg is indirectly interested in 14.8% of Victoria by
virtue of the Spruce House holding.
About Victoria PLC
Victoria is a 124-year-old flooring company that, in the last
six years, has undergone transformational change, reflecting its
mission statement, "To create wealth for shareholders". The Company
has built scale by making high-quality acquisitions and then
leveraged that scale to extract operational and financial
synergies. Revenues have increased during this period by a factor
of 10x, with operating margins increasing from less than 5% to over
16%. Total shareholder return over the six-year period has been
2,900%.
About The Spruce House Partnership
The Spruce House Partnership, founded in 2006, is a New
York-based private investment partnership with over $3 billion of
equity capital. Spruce House is committed to investing in and
partnering with a small group of both public and private
owner-operated businesses to support building companies for the
long-term across a range of industries. Spruce House is backed by
some of the most respected university endowments and largest family
foundations and offices globally, whose research budgets and
philanthropic work are direct beneficiaries of Spruce House's
long-term investment results.
For more information contact:
Victoria PLC
Geoff Wilding, Executive Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 15 6274 9610
Cantor Fitzgerald Europe (Nomad and Joint Broker)
Rick Thompson, Phil Davies, Will Goode (Corporate Finance)
Caspar Shand-Kydd (Sales), Andrew Keith (Equity Sales) +44 (0) 20 7894 7000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, Laura Fine (Corporate Broking) +44 (0) 20 3207 7800
Buchanan Communications
Charles Ryland, Vicky Hayns, Maddie Seacombe, Tilly Abraham +44 (0) 207 466 5000
The person responsible for arranging the release of this
information is Michael Scott, Group Finance Director of the
Company.
This information is provided by RNS, the news service of the
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END
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