Victoria board bows to pressure on general meeting
THE board of Worcestershire-based carpet manufacturer Victoria has bowed to pressure from the consortium bidding to take control of the company and agree to hold a general meeting to examine its proposals.
In a statement, the Victoria board said it had now received a valid request from the consortium requiring the firm to convene a general meeting.
It had previously claimed there was insufficient shareholder support to warrant the move.
The request has been received from HSBC Global Custody Nominee (UK) Ltd and the head of the consortium, former Victoria director and chairman Alexander Anton.
The consortium is proposing a resolution to replace the company’s existing non-executive directors – chairman Nikki Beckett and senior independent Peter Jensen – with Geoff Wilding, Sir Bryan Nicholson and Lady Katherine Innes Ker, together with Mr Anton himself.
A previous statement said the consortium was proposing Lady Innes Ker as chairman, although no reference to that is made in the current announcement.
On the basis the request is not withdrawn, the company is required, no later than February 7, 2012, to post a notice to all shareholders convening the general meeting. The meeting will take place no later than March 6, 2012.
Last week, the company announced that it had appointed BDO to commence formal sale proceedings, with the objective being to realise maximum value for shareholders.
Victoria has set a deadline of the end of February for any firm offer to be announced.
“Consequently, the board believes it will be in a position to give all shareholders a real choice by the time of the general meeting,” it said in its latest statement.
In the meantime, the board has advised shareholders not to support the consortium’s proposals until they have received a formal notice of the meeting and the board is in a position to report on the outcome of the formal sale process.
