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The Board of Victoria (AIM:VCP), a manufacturer, supplier and distributor of design-led flooring, is delighted to announce that it has agreed to acquire the entire issued share capital and shareholder indebtedness of Interfloor Group Limited ("Interfloor"), the UK market-leading manufacturer of carpet underlay and related accessories, for a total enterprise value of £65.0 million from Milestone Capital, Hutton Collins Partners, and management (the "Acquisition"). As part of this transaction, Victoria is also pleased to advise that Cantor Fitzgerald Europe has placed 2,504,223 new ordinary shares of 25 pence each in the capital of the Company (the "Vendor Placing Shares") at a placing price of 1230 pence per Ordinary Share (the "Placing Price". £30.8 million has been raised by the sale of the Vendor Placing Shares (the "Vendor Placing") to fund the cash consideration due to the sellers under the Acquisition. Cantor Fitzgerald Europe has placed a further 402,633 new ordinary shares (the "Firm Placing Shares"), at the Placing Price, on behalf of the Company, to raise a further £4.95 million (the "Firm Placing"). The net proceeds of the Firm Placing will be used by the Group to part fund the Acquisition. In addition, Cantor Fitzgerald Europe has conditionally placed 711,035 new ordinary shares (the "Conditional Placing Shares"), at the Placing Price, on behalf of the Company to raise £8.75 million (the "Conditional Placing"). The Conditional Placing is being undertaken to satisfy the significant institutional demand identified in response to the Acquisition. The net proceeds of the Conditional Placing will be used by the Group to augment working capital. The 3,617,891 new ordinary shares, representing the Vendor Placing Shares, the Firm Placing Shares and the Conditional Placing Shares (together the "Placing Shares"), are being placed with certain existing and new institutional investors (the "Placing"). The Board believes that the Acquisition will: - be immediately and materially earnings enhancing for the enlarged Group; - be complementary to the Group's other subsidiary businesses; - continue Victoria's strategy of growing its business with earnings enhancing acquisitions; and - enable Interfloor to deliver strong longer term growth as part of the enlarged Group. For the year ended 30 May 2015, Interfloor recorded net sales of £72.29 million and EBITDA of £10.02 million. Geoff Wilding, Chairman of Victoria PLC commented: "We believe that Interfloor, as the market-leader, will be an excellent addition to the Group, bringing the complementary established underlay brands of Tredaire and Duralay in alongside our growing portfolio of well-respected carpet and hard-flooring brands. In the UK, Interfloor and Victoria sh
"The announcement of Victoria’s proposed acquisition of Interfloor represents a step change in the development of the company for three core reasons. Operationally, it provides an important component within the company’s offering to the floor covering market in the UK. Financially, the price is consistent with previous acquisitions, offering the chance for material earnings and cash flow enhancement. Finally, it is being funded with a considerable proportion of equity which directly addresses the institutional market’s demand. Following the Quest acquisition in August 2015, Victoria appeared substantially undervalued; with Interfloor, the potential upside has increased again. For these reasons, we are in the process of reviewing our forecasts..."
Looking good , Carpetright also doing well
Now over £7, should reach £10 quite quickly especially if good news is revealed. I expect a few will sell at £10, I will hold as I am sure this is going places.
Reiteration - £7 by half year, £100 by end of year. Carpetright flying aswell - excuse the pun
Onwards and upwards 14-Jan-15 Cantor Fitzgerald Buy 520.00 650.00 Reiteration
We are flying - £7+ by this time next year, when the full year profits from the acquisitions are added.
I agree completely, bought in after the special div and made a very nice raise. Reading around the company only shows positives
Yes, a great company to be in at the moment (look at my previous posts). All acquisitions will be earnings enhancing and i do not think it will stop here. Get on board but DYOR
GW is turning it around. https://www.youtube.com/watch?v=XRXt2A7inIU
Positive - Interesting to see how the market reacts - No div this year, understandable after the £2.92 special div. http://uk.advfn.com/news/UKREG/2014/article/63408842
Results will be out before the end of the month. Time to top up, if you have any of the special divi left !! But DYOR
Hope this helps - all very confusing - also look on my ADVFN board (Victoria plc new board) http://www.iii.co.uk/tools-research/knowledge-centre/dividend-dates-explained
does this mean if I bought shares at 09:16 on the 16th July I will benefit from the special dividend?
I worked in a stockbrokers both in the back office and later as a dealer. Not being on the register does not deny you the benefit of the dividend. HL will have a department who's specific purpose is to claim dividends for clients who held the shares but were not registered before the company went ex-dividend. They will contact the selling broker and claim it on your behalf. Have a chat with them just to remind them of the position
Are the shares a good value? The company made a healthy profit of £4.5m and is capitalised around £14.25m at the current price...and yet is giving away £20.7m (7.09m shares x 292p) in special divi? Must have a lot of dough sitting around.
Normally have to purchase around 3 days before the specified date, catches loads of people out, kind of sneaky really!!
What exactly are you talking about ?
I haven't spoken to them no, I misread the rns because it says the divi will be payable to those on the register on the 18th of July and thought that buying shares today would put you on that register but ive been told that was yesterday which explains the massive drop..
ilfc4life - did you phone HL up and they confirmed that if you bought today you would be eligible ? ta n