Home / Knowledge / News / Textiles / Victoria Plc declares special dividend of £2.92/share
Victoria Plc declares special dividend of £2.92/share
23
Jun '14
Victoria PLC, the international designers, manufacturers and distributors of innovative floorcoverings, announces, subject to shareholder approval, a proposed special dividend of £2.92 per Existing Ordinary Share ("Special Dividend").
 
In February 2013 Victoria's shareholders approved the terms of a contract for differences which was subsequently entered into by the Company on 19 April 2013 (the "Contract"). The payment of the Special Dividend will entitle Camden Holdings Limited ("Camden"), the owner of the Contract to terminate the Contract, which will oblige the Company to make a cash payment pursuant to the terms of the Contract ("Cash Amount").  Camden is a company owned by The Camden Trust of which Mr. Wilding, Executive Chairman, is the settlor and a discretionary beneficiary.
 
For reasons set out in the circular to Shareholders dated 20 June 2014 ("Circular"), the Company is seeking the approval of Shareholders to issue New Ordinary Shares to Camden as it has agreed with the Company that it will re-invest the entire Cash Amount in subscribing for the New Ordinary Shares. This will result in no net cash payment by the Company under the Contract (the "Proposal"). Following the subscription for the New Ordinary Shares in connection with the Proposal, Camden will be interested in Ordinary Shares representing 50 per cent. of the enlarged issued share capital and voting rights of the Company.
 
The Takeover Code applies to the Company and as such the Shareholders are entitled to the protection afforded by the Takeover Code.
 
The Takeover Panel has agreed, subject to the approval of the Independent Shareholders on a poll at the General Meeting, to waive the obligation for Camden to make a general offer (Rule 9 of the Takeover Code) that would otherwise arise as a result of the issue of the New Ordinary Shares pursuant to the Proposal.
 
The Independent Directors, having consulted with Cantor Fitzgerald, the Nominated Adviser of the Company, consider that the terms of the Proposal and the terms of the Conditional Option Agreement are fair and reasonable insofar as the Company's Shareholders are concerned.


Must ReadView All

Textiles | On 23rd Aug 2017

US govt initiates Section 301 investigation of China

The US government has initiated an investigation of China under...

Apparel/Garments | On 23rd Aug 2017

BRC welcomes clarity on goods flow during Brexit

British Retail Consortium (BRC) has welcomed the greater clarity that ...

Textiles | On 23rd Aug 2017

Pakistan minister seeks ideas to boost textile sector

The Pakistani Government will come out with short- and long-term...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search