1st Oct 2014 08:32
LONDON (Alliance News) - Victoria PLC Wednesday said it has issued 100,000 new shares at 323.5 pence a share to various sellers of the Abingdon Flooring business it recently acquired.
In a statement, the carpets and floor-coverings manufacturer said the shares were not part of the consideration it paid for Abingdon, but were being taken as an investment by the various sellers, "reflecting their confidence in the future of the company".
The price of the shares issued was the closing price for Victoria shares on September 30.
Victoria announced on Tuesday that it had bought carpet manufacturer Abingdon for an initial cash consideration of GBP7.7 million, and deferred payments of GBP4.5 million if annual performance targets for increased earnings before interest and taxation are achieved over a three year period.
Victoria shares were up 5.1% at 340.00 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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