Victoria PLC Result of General Meeting (4589F)
November 16 2020 - 8:15AM
UK Regulatory
TIDMVCP
RNS Number : 4589F
Victoria PLC
16 November 2020
For Immediate Release 16 November 2020
Victoria PLC
('Victoria', the 'Company' or the 'Group')
Result of General Meeting: All Resolutions passed
Koch Equity Development Preferred Equity Investment
completed
The board of Victoria PLC (LSE: VCP) the international
designers, manufacturers and distributors of innovative flooring,
is pleased to announce that at the General Meeting held at noon
today, all of the Resolutions were duly passed.
All votes received in relation to resolutions at the General
Meeting are now available to view on the Company's website:
https://www.victoriaplc.com/preferred-equity-investment/
Koch Equity Development Preferred Equity Investment
As previously announced, on 30 October 2020 the Company signed a
conditional investment agreement whereby KED Victoria Investments,
LLC, an affiliate of Koch Equity Development, LLC, a wholly owned
subsidiary of Koch Industries, Inc., committed to invest a total of
GBP175 million by way of convertible preferred shares to be issued
by Victoria (the "Preferred Equity Investment"). GBP75 million will
be invested immediately; the balance at Victoria's request at any
time in the next 18 months.
The Preferred Equity Investment was conditional upon shareholder
approval and, following the passing of all resolutions at today's
General Meeting, the Company is pleased to announce the completion
of this transaction.
Executive Chairman Geoff Wilding commented:
"Firstly, I would like to thank shareholders for their support
with over 85% of shareholders voting and, of those, 99% voting in
favour of the investment by Koch Equity Development. This
investment will enable Victoria to accelerate its growth plans to
acquire up to GBP100 million of EBITDA, which will be truly
transformational for the company in terms of per share earnings and
cash flow."
- Ends -
For more information contact:
Victoria PLC
Geoff Wilding, Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 1562 749 610
N+1 Singer (Nominated Adviser and Broker)
Rick Thompson, Phil Davies, Alex Bond +44 (0) 207 496 3000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore (Corporate Broking)
Peel Hunt (Joint Broker)
Adrian Trimmings, Andrew Clark +44 (0) 203 207 7800
Buchanan Communications (Financial PR) +44 (0) 207 418 8900
Charles Ryland, Chris Lane, Tilly Abraham +44 (0) 20 7466 5000
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END
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