Last checked at 22 Nov 2021 11:45
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Victoria PLC
('Victoria', the 'Company', or the 'Group')
Response to Press Speculation
The Board of Victoria PLC (the "Company") (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, notes the press speculation regarding possible discussions concerning a subsidiary of Belgian company, Balta Group NV ("Balta").
Whilst speculative details in the article are inaccurate, the Board can confirm that it is in discussions to potentially acquire a profitable, growing part of Balta's group that it believes possesses good synergy opportunities with Victoria's existing business. For the avoidance of doubt, the Board confirms that Victoria is not contemplating an acquisition of Balta as a whole.
There is, of course, no guarantee that any transaction will take place, but, if it did, terms would be in line with Victoria's usual acquisition criteria including being materially earnings accretive, and it could be funded entirely from the Group's existing resources and in line with the Board's financial policy.
A further announcement will be made in due course as appropriate.
The person responsible for arranging the release of this announcement on behalf of the Company is Michael Scott, Group Finance Director.
For more information contact:
Victoria PLC Geoff Wilding, Executive Chairman Philippe Hamers, Group Chief Executive Michael Scott, Group Finance Director
| +44 (0) 1562 749 610 |
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson, Phil Davies, Alex Bond
| +44 (0) 207 496 3095 |
Berenberg (Joint Broker) Ben Wright, Mark Whitmore, Tejas Padalkar
Peel Hunt (Joint Broker) Adrian Trimmings, Andrew Clark
Buchanan Communications (Financial PR) Charles Ryland, Chris Lane, Vicky Hayns, Tilly Abraham |
About Victoria
Established in 1895 and listed since 1963 and on AIM since 2013 (VCP.L), Victoria PLC, is an international manufacturer and distributor of innovative flooring products. The Group, which is headquartered in Kidderminster, UK, designs, manufactures and distributes a range of carpet, flooring underlay, ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring accessories.
Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands, the USA, and Australia and employs approximately 4,000 people across more than 26 sites. Victoria is the UK's largest carpet manufacturer and the second largest in Australia, as well as the largest manufacturer of underlay in both regions.
The Group's strategy is designed to create value for its shareholders and is focused on consistently increasing earnings and cash flow per share via acquisitions and sustainable organic growth. (Further information about Victoria can be found on its website, www.victoriaplc.com .)