REG - Victoria PLC - Result of General Meeting

VictoriaAnnouncement

16/11/2020 13:20

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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