Non-Executive Director Resignations (7035Y)
05 Março 2012 - 11:21AM
UK Regulatory
TIDMVCP
RNS Number : 7035Y
Victoria PLC
05 March 2012
"International designers and manufacturers of innovative quality
floorcoverings"
Issued by: Citigate Dewe Rogerson
Date: Monday 5 March 2012 Immediate Release
Victoria PLC
Non-executive Director Resignations
Victoria PLC (the "Company" or "Victoria") announces with great
regret that it has today reluctantly accepted the resignations of
the Company's two Independent Non-executive Directors, Nikki
Beckett, Chairman and Peter Jensen, Senior Independent Director. As
a result, Ms Beckett and Mr Jensen have stepped down from the Board
and left the Company with immediate effect.
This decision was taken by Ms Beckett and Mr Jensen solely on
the basis that, following the expiry on Friday 2 March 2012, the
deadline for the lodging of proxies ahead of the planned General
Meeting tomorrow (6 March 2012), it was evident that the current
Board will not be in a position to overturn the Requisitioners'
demands, even though it is still possible that shareholders
attending the General Meeting may change their minds and vote
contrary to the proxy votes they have already lodged. Therefore, Ms
Beckett and Mr Jensen feel that at this point it is in the best
interests of the Company and all of its stakeholders that they
should stand down.
Collectively, the Board of Victoria has, since December 2011,
held a solid stance against the Requisitioners' demands, and it
strongly believes that it has acted and continues to act in a way
which it considers, in good faith, would be most likely to promote
the success of the Company for the benefit of shareholders as a
whole.
Alan Bullock, Group Managing Director, Victoria, speaking on
behalf of the Executive Board commented:
"It is with sadness that we as a Board and business have lost
two such talented and experienced independent directors enabling
the Requisitioners to gain control of the Board without still
telling the vast majority of shareholders their real strategy for
the business.
Through this requisition process, the Requisitioners have only
gained the support of a further 3% of votes. These additional votes
were, we believe, only garnered by the Requisitioners bringing
"inside" a further institutional shareholder and discussing the
Requisitioners' strategy for the business with them. It is a great
shame that the Requisitioners continue to keep the majority of
Victoria's shareholders in the dark as to their strategy.
"Despite the current Board having received the support of nearly
90% in number of those shareholders who have cast a proxy vote, we
have to reluctantly accept that the independent non-executive
directors would be required to step down from the Board at
tomorrow's General Meeting.
"I would like to take this opportunity to thank Nikki for her
support and advice over the last five years. Nikki is a recognised
and well respected business leader who added a wealth of experience
to the Board. We have all benefited from her business acumen since
she joined us; since Nikki took over the role as Chairman in 2010,
she has worked closely with the Executive Board on the development
and implementation of its transformational strategy.
"Likewise, we thank Peter for his contribution since 2010.
Although he has only been part of the team for a short time, his
clear and concise thinking has contributed to the Board's focus and
planning.
"Together, their comprehensive all-round understanding of
business will be missed by the Victoria team and on behalf of the
Board, operational teams, staff and all other stakeholders, I thank
them for their investment in Victoria and wish them well in the
future, both personally and professionally."
Enquiries to:
Victoria PLC Citigate Dewe Rogerson Arden Partners plc
Office: +44 (0) 1562 Mobile: +44 (0) Office: +44 (0) 121 423
749300 7785 703523 8900
Alan Bullock, Group Managing Office: +44 (0) Steve Douglas, Corporate
Director 121 362 4035 Finance Director
Fiona Tooley
www.victoriaplc.com
LSE; Premium Listing
Ticker: VCP.L
This information is provided by RNS
The company news service from the London Stock Exchange
END
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