Business
Formal sales process-commencement of Offer period
Formal sales process-commencement of Offer period.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 5222V Victoria PLC 13 January 2012 \n\n \n\"International designers and manufacturers of innovative quality floorcoverings\"\n \nIssued on behalf of Victoria PLC by Citigate Dewe Rogerson\nDate: Friday 13 January 2012 Immediate Release\n \nVictoria PLC \n(\"Victoria\" or the \"Company\")\n \nFormal sales process\nand\n commencement of Offer period\n \nOn 21 December 2011, the Board of Victoria PLC (the \"Board\") announced that a consortium was threatening to requisition the Company to convene a General Meeting (\"General Meeting\") at which the consortium would be seeking the replacement of all of the Company's current Independent Non-Executive Directors and replacing them with its own preferred candidates. \n \nThe Board has been discussing its strategy for the business with a wide range of itsshareholders. Whilst the Board remains confident that it already has in place a strong commercial and transformational strategy which has not yet been fully unveiled to stakeholders due to commercial sensitivities, it has become apparent during shareholder discussions that a number of shareholders, whilst supportive of the Board and its strategy, would like the Board to explore the option of accelerating the realisation of shareholder value.\n \nConsequently, the Board announces that it has appointed BDO LLP to conduct a formal sale process of the Company or its operating businesses with the objective of realising maximum value for shareholders, whilst safeguarding the interests of all stakeholders. \n \nThe Company is conducting the formal sale process as set out below.\n \nAny interested party will be required to enter into a non-disclosure agreement with the Company on reasonable terms satisfactory to the Board and on the same terms, in all material respects, as the other interested parties, before being permitted to participate in the process. The Company intends to release an information memorandum next week to those participants. It is intended that those parties who sub...