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Victoria PLC declares special dividend of £2.92/share
10
Jul '14
Victoria PLC, the international designers, manufacturers and distributors of floorcoverings, is announces that all resolutions were duly passed at the General Meeting held.
 
As a result a special dividend of £2.92 per Existing Ordinary Share ("Special Dividend"), announced on 23 June 2014, will be paid on 25 July 2014 to shareholders on the register as at 18 July 2014.
 
Commenting on the General Meeting, Andrew Harrison, Senior Independent Non-Executive Director of Victoria PLC, said: "The Board is pleased that such an overwhelming number of shareholders have voted in favour of the resolutions and look forward to further building the business as well as delivering additional returns to shareholders in the future."
 
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.  
 
Camden has agreed with the Company that, upon termination of the Contract, it will, upon exercise of the call option under the Conditional Option Agreement, re-invest the entire cash amount in subscribing for New Ordinary Shares. This will result in the issue of 7,087,730 New Ordinary Shares to Camden, which will represent 50.00% of the enlarged issued share capital of the Company. Camden is considered by the Panel to be acting in concert with the existing Concert Party (the "Wider Concert Party"). The issue of the New Ordinary Shares will result in the Wider Concert Party having an aggregate interest in 8,683,281 Ordinary Shares representing 61.26% of the Enlarged Issued Share Capital.
 

Victoria PLC


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