Carpetmaker Victoria issues new shares to reward subsidiary boss

CARPET manufacturer Victoria has agreed to issue a clutch of new shares as an incentive reward for the managing director of one of its subsidiaries.

The Kidderminster group is issuing 15,384 new ordinary shares of 25p at 975p per share, representing its closing price on May 27, 2015.

The company said the issue amounted to £149,994, and the shares were being issued at the request of the MD of Globesign (t/a Westex Carpets) in lieu of part of his estimated cash earn-out payment for the financial year ended March 28, 2015.

Victoria said the award reflected the manager’s “commitment and belief in the company”.

The new shares are expected to be admitted to trading on the Alternative Investment Market on June 3. They will rank alongside the group’s existing shares.

Following admission, the company’s total issued share capital will comprise 14,572,862 ordinary shares.

Victoria acquired Yorkshire-based Globesign and its wholly owned subsidiary Westex Carpets in 2013 for an initial sum of £16m.