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16 Jan 2012 07:00
"International designers and manufacturers of innovative quality floorcoverings"
Issued on behalf of Victoria PLC by Citigate Dewe Rogerson
Date: Monday 16 January 2012 Immediate Release
Victoria PLC
("Victoria" or the "Company")
Invalid Requisition
The Board of Victoria notes the announcement by Alexander Anton, a former Chairman and Director of the Company made last Friday afternoon (15.03hrs 13 January 2012).
The Board confirms that, following the Company's announcement made on Friday 13 January 2012 relating to a formal sales process it received a purported requisition from Alexander Anton and New Fortress Finance Holdings Ltd requesting the Board to convene a General Meeting to consider the imposition of Mr Anton and three other Directors onto the Board whilst removing the current Independent Non- Executive Directors.
However, the Board is advised that the requisition is invalid as Alexander Anton holds less than 5 per cent of the Company's issued share capital and New Fortress Finance Holdings Ltd is not a registered shareholder. Therefore, neither party has the authority to requisition a General Meeting.
The Board unanimously believes that the commencement of the formal sales process announced will achieve the objective of realising maximum value for shareholders, whilst safeguarding the interests of all stakeholders.
Whilst the Board expects that Mr Anton's consortium will submit a valid requisition, the Company has currently set a deadline of the end of February 2012 for the announcement of any firm offer for the Company or its operating businesses. Consequently, the Board believes that it will be in a position to give all shareholders a real choice by the time of a General Meeting. There can be no certainty that any offer will be made for the Company or its operating businesses, or even proposed, or as to the level of any proposal or offer that may be made or that any such offer may be made prior to a General Meeting.
Shareholders are advised by the Board to take no action at this time. The Board will keep shareholders updated as appropriate.
All RNS announcements issued by the Company can be viewed on the Company's website: www.victoriaplc.com
Victoria PLC Office: +44 (0) 1562 749300 | Citigate Dewe Rogerson Mobile: +44 (0) 7785 703523 Tel: +44 (0) 121 362 4009 | Arden Partners Office: +44 (0)121 423 8900 |
Alan Bullock, Group Managing Director or | Fiona Tooley, Director | Steve Douglas Corporate Finance Director |
Ian Davies, Group Finance Director | ||
www.victoriaplc.com | ||
LSE: Premium Listing | ||
Ticker: VCP.L |
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