Victoria PLC Appointment of Non-Executive Director (7700Z)

TIDMVCP

RNS Number : 7700Z

Victoria PLC

22 May 2019

 
For Immediate Release  22 May 2019 
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Victoria PLC

('Victoria', the 'Company', or the 'Group')

Appointment of Non-Executive Director

The Board of Victoria PLC (LSE: VCP), the international designers, manufacturers and distributors of innovative floorcoverings, is pleased to announce the appointment of Mr. Zachary Sternberg to the Board as Non-Executive Director of Victoria PLC, with immediate effect.

Mr Sternberg is the co-founder of The Spruce House Partnership, a private investment partnership based in New York with $3 billion of assets under management, which seeks to invest alongside and support management teams that are focussed on growing the per share value of their companies over the very long-term. Spruce House has a 14.8% shareholding in Victoria PLC.

Geoff Wilding, Executive Chairman of Victoria PLC, said:

"Spruce House has one of the best long-term investment records I know of and I am delighted to welcome Zach to the Board of Victoria. He brings his extensive knowledge of capital markets as well as his perspective as a material shareholder and he strongly supports the Group's strategy, which is designed to maximise the per share value of Victoria over the long term through both organic and acquisitive growth."

Mr Sternberg commented:

"Under the leadership of Geoff and the Executive team, Victoria has built on its over 100-year legacy to become one of the largest and fastest growing flooring businesses in Europe. Geoff's record of growing cash flow per share over 40% annually since becoming Chairman is truly remarkable. Spruce House looks forward to continuing to support Victoria over the long-term as it takes advantage of the extraordinary opportunity to grow its existing operations and acquire companies across Europe's very fragmented flooring industry."

Mr Sternberg is currently a director at the following companies:

   --    SHP Ltd, Director 
   --    Cimpress N.V., Non-Executive Director 

Mr Sternberg has held no further directorships during the previous five years. He graduated in accounting from The Wharton School, University of Pennsylvania.

The Company confirms that there is no other information which is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

Mr Sternberg is indirectly interested in 14.8% of Victoria by virtue of the Spruce House holding.

About Victoria PLC

Victoria is a 124-year-old flooring company that, in the last six years, has undergone transformational change, reflecting its mission statement, "To create wealth for shareholders". The Company has built scale by making high-quality acquisitions and then leveraged that scale to extract operational and financial synergies. Revenues have increased during this period by a factor of 10x, with operating margins increasing from less than 5% to over 16%. Total shareholder return over the six-year period has been 2,900%.

About The Spruce House Partnership

The Spruce House Partnership, founded in 2006, is a New York-based private investment partnership with over $3 billion of equity capital. Spruce House is committed to investing in and partnering with a small group of both public and private owner-operated businesses to support building companies for the long-term across a range of industries. Spruce House is backed by some of the most respected university endowments and largest family foundations and offices globally, whose research budgets and philanthropic work are direct beneficiaries of Spruce House's long-term investment results.

For more information contact:

 
Victoria PLC 
 Geoff Wilding, Executive Chairman 
 Philippe Hamers, Group Chief Executive 
 Michael Scott, Group Finance Director                         [phone] 
Cantor Fitzgerald Europe (Nomad and Joint Broker) 
 Rick Thompson, Phil Davies, Will Goode (Corporate Finance) 
 Caspar Shand-Kydd (Sales), Andrew Keith (Equity Sales)        [phone] 
 Berenberg (Joint Broker) 
  Ben Wright, Mark Whitmore, Laura Fine (Corporate Broking)    [phone] 
Buchanan Communications 
 Charles Ryland, Vicky Hayns, Maddie Seacombe, Tilly Abraham   [phone] 
 

The person responsible for arranging the release of this information is Michael Scott, Group Finance Director of the Company.

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END

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May 22, 2019 02:01 ET (06:01 GMT)