22nd Oct 2020 17:44
Victoria PLC - Worcestershire-headquartered flooring firm - Agrees to receive an up to GBP175 million investment from KED Victoria Investments LLC, an affiliate of Kansas-based chemicals firm Koch Industries Inc.
An initial investment of GBP75 million in Victoria from KED will be made through preferred shares, followed by a further investment of GBP100 million up to 18 months after the first tranche.
Following initial tranche, KED will be granted warrants to subscribe for up to 12.4 million shares priced at GBP3.50 each.
"The board believes that the investment from KED will have significant positive attributes for shareholders and lenders. In particular, the future M&A transactions that the proposed investment will finance, and the consequent anticipated growth in Ebitda, are expected to reduce the company's senior leverage ratio and improve the company's credit rating over time," Victoria stated.
Victoria has also proposed to buyback 8.5 million shares at GBP3.50 each from Invesco.
Current stock price: 428.00 pence
Year-to-date change: down 0.5%
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Victoria