StockMarketWire.com - Flooring retailer Victoria said it would buy back £29.9 million of its shares following an agreement for Koch Equity Development to become a significant investor in the company.

Victoria said it would purchase off-market some 8.5 million of its shares, representing 6.82% of its issued share capital, at £3.50 per share.

The company cited its strong cash position for the move, which it said would be further enhanced by Koch Equity's investment.

Victoria also announced that Koch Equity has agreed to buy another 9.97% stake in the company for £43.8 million, in addition to the £175 million preferred share investment announced on Thursday.


At 9:43am: [LON:VCP] Victoria PLC share price was +42p at 470p



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