Victoria bidders urge support from shareholders

THE rogue consortium bidding to seize control of Worcestershire carpet manufacturer Victoria has issued a statement urging shareholders to back its campaign.

In the statement, former Victoria chairman Alexander Anton said: “Like you, we are shareholders in Victoria and have a very substantial interest in the long term success of Victoria. After years of vastly reduced dividends and with the undisturbed share price1 still trading at a 49.5% discount to the net asset value, a fresh impetus and approach is needed to create real long term value for all the company’s shareholders.”

The consortium said that in order to make this happen it was seeking to replace the current chairman Nikki Beckett and non-executive director Peter Jensen with Katherine Innes Ker as chairman, and Alexander Anton, Geoff Wilding, and Sir Bryan Nicholson as non-executive directors.

“These proposed new directors have a track record of creating substantial value for shareholders, and the right business acumen, complementary skills and industry contacts to take the business forward. We therefore ask that you join us in VOTING FOR the resolutions,” added the statement.

“Contrary to the company’s pejorative characterisation of our group as representing only a ‘minority’ of shareholders, shareholders owning approximately 46% of Victoria’s total issued share capital have already given written support to VOTE FOR these board changes.

“As fellow shareholders with a vested interest in seeing value maximised for your shares, we ask for your support too.”