29th Jul 2014 10:56
LONDON (Alliance News) - Victoria PLC, which designs, manufactures and distributes floorcoverings, Tuesday said that it will issue 7.1 million shares to Camden Holdings Ltd after the termination of a contract for differences between the two, making it the single largest shareholder in the company.
The termination comes one week after Victoria said that Camden had exercised its rights to terminate the contract.
Camden is a company owned by The Camden Trust. Executive Chairman Geoff Wilding is the settler and a discretionary beneficiary of the trust.
In June Victoria said it would pay a GBP2.92 per share special dividend, and at the same point unveiled the plan to issue shares to Camden, as opposed to a cash payment.
In April, Victoria entered the contract for differences with Camden. The payment of the special dividend entitled Camden to terminate the contract, meaning that Victoria would be obliged to pay out in cash. However, Camden agreed to re-invest the whole amount back into Victoria.
Victoria shares were Tuesday quoted down 6.3% at 148.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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