Issue of Equity

RNS Number : 9686H

Victoria PLC

20 March 2015

 

20 March2015

Victoria PLC

('Victoria' or the 'Company')

Issue of Equity

Victoria PLC, (LSE: VCP) a manufacturer, supplier and distributor of design-led carpets and floorcoverings, announces the issue of 114,421 new ordinary shares of 25 pence each in the Company ("Ordinary Shares") at 760 pence per share, being the closing price on 19 March 2015. The Ordinary Shares are being issued to certain senior management of the 3 businesses acquired by Victoria in the last 15 months namely, the Whitestone Weavers group of companies, the Abingdon group of companies and Globesign Limited (and its wholly owned subsidiary Westex Carpets Limited). Application has been made to the London Stock Exchange for the admission of the 114,421 Ordinary Shares which are expected to be admitted to trading on the AIM Market of the London Stock Exchange ("AIM") on 26 March 2015 ("Admission"). 

30,000 Ordinary Shares will be issued in lieu of part of the £2.271m deferred cash consideration payable on 31 March 2015 to the vendors in connection with the acquisition of the Whitestone Weavers Group as previously announced on 14 January 2015.  A further 43,421 Ordinary Shares will be issued to the senior management of Westex amounting to £330,000, being in lieu of part of their estimated cash earn-out payment for the current financial year. A further 41,000 Ordinary Shares, are also being subscribed for by the senior management of the Abingdon Flooring Limited.

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission, the Company's total issued share capital will comprise 14,556,579 Ordinary Shares. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 

Geoff Wilding, Executive Chairman of Victoria commented:

"I am delighted that the successful senior management teams of our three recent acquisitions are demonstrating their long-term commitment - and their confidence in Victoria plc's future - by further increasing their investment in the Group at this stage of its development."

For more information contact:

Victoria PLC Geoff Wilding	[phone]
Cantor Fitzgerald Europe Rick Thompson, David Foreman, Michael Reynolds (Corporate Finance) David Banks, Tessa Sillars(Corporate Broking)	[phone]
MHP Nick Denton                                                       Vicky Watkins	[phone]

 

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