Victoria PLC Proposed Acquisition of Globesign Limited (9220T)
26 Novembro 2013 - 5:01AM
UK Regulatory
TIDMVCP
RNS Number : 9220T
Victoria PLC
26 November 2013
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO
SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS
OR REGULATIONS.
26 November 2013
Victoria PLC
('Victoria', the 'Company' or the 'Group')
Proposed Acquisition of Globesign Limited
Posting of Re-Admission Document and
Notice of General Meeting
Victoria PLC (AIM: VCP), a manufacturer, supplier and
distributor of design-led carpets and other floorcoverings, is
pleased to announce the proposed acquisition of the entire issued
share capital of UK carpet manufacturer Globesign Limited
("Globesign") and its wholly owned subsidiary, Westex Carpets
Limited ("Westex"), for initial cash consideration of GBP16.0
million and further deferred consideration payable on achievement
of certain annual and triennial profit targets ("Acquisition"). No
shares in the Company are being issued in respect of the
Acquisition and there will be no changes to Victoria's board of
directors.
The Board believes, as a result of the Acquisition, the Enlarged
Group will benefit from a strengthened senior management team, with
a clear and focused strategy for further turnaround and growth. The
Directors expect the Acquisition to be accretive to underlying
earnings per share of the Company.
The Acquisition constitutes a reverse takeover under Rule 14 of
the AIM Rules for Companies and is therefore subject to shareholder
approval. Accordingly, the Company has today posted a re-admission
document in respect of the Acquisition together with notice of a
general meeting of shareholders in the Company to be held at the
offices of Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ at
10am on 13 December 2013. The admission document is also available
at the Company's website: www.victoriaplc.com.
Geoff Wilding, Executive Chairman of Victoria PLC,
commented:
"Westex is one of the finest carpet manufacturers in the UK and
I am very pleased Victoria has been able to reach an agreement with
the directors, all of whom will be staying with the business for a
minimum period of five years.
"As a result there will not be any changes to the existing
sales, production and administrative operations at Westex following
the Acquisition. Westex will continue to operate its own brands
within the Victoria PLC group, maintaining the same level of high
quality service for its customers."
Ends
Enquiries:
Victoria PLC +44 (0) 1562 749
Geoff Wilding 300
Cantor Fitzgerald Europe
Rick Thompson, David Foreman (Corporate
finance)
Richard Redmayne (Corporate broking) +44 (0) 20 7894 7000
MHP
Nick Denton
Vicky Watkins +44 (0) 20 3128 8100
Notes to Editors
Overview of Victoria PLC
Victoria PLC, with its head offices in Kidderminster,
Worcestershire, is a well-established international manufacturer
and distributor of carpets and floorcoverings to the mid to
high-end residential and commercial sectors through its three
geographical divisions in the UK, Australia and Canada.
Overview of Globesign Limited
Globesign is a private limited company based in Cleckheaton,
West Yorkshire, controlled and owned by the Vendors, which has a
wholly owned subsidiary called Westex Carpets. The principal
activity of Westex is the manufacture and sale of carpets. The
business operates from two dedicated manufacturing locations which
include the spinning and dyeing of yarn and the manufacture of a
wide range of carpet types and colours.
Revenue and profit before taxation of Globesign has increased
from GBP14.3 million and GBP3.1 million respectively during the
year ended 27 February 2010 to a record GBP17.5 million and GBP3.7
million respectively during the year ended 2 March 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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