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Victoria PLC (VCP)

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Monday 16 November, 2020

Victoria PLC

Result of General Meeting

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 £175 million by way of convertible preferred shares to be issued by Victoria (the "Preferred Equity Investment"). £75 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 £100 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

 

Buchanan Communications (Financial PR)

Charles Ryland, Chris Lane, Tilly Abraham

+44 (0) 203 207 7800

 

 

+44 (0) 207 418 8900

 

 

+44 (0) 20 7466 5000

 

 

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