- Flooring retailer Victoria has announced the completion of the Koch Equity Development preferred equity investment after all resolutions were passed at its general meeting.

The company previously announced on 30 October 2020 that it had signed a conditional investment agreement whereby KED Victoria Investments, an affiliate of Koch Equity Development which is a wholly owned subsidiary of Koch Industries, committed to invest a total of £175 million by way of convertible preferred shares to be issued by Victoria.

Victoria said £75 million will be invested immediately, with the balance at its request at any time in the next 18 months.

The preferred equity investment was conditional upon shareholder approval and, following the passing of all resolutions at its general meeting today (16 November), the company has announced the transaction’s completion.

Executive chairman Geoff Wilding said: 'Firstly, I would like to thank shareholders for their support with over 85% of shareholders voting and, of those, 99% voting in favour of the investment by Koch Equity Development.

'This investment will enable Victoria to accelerate its growth plans to acquire up to £100 million of EBITDA, which will be truly transformational for the company in terms of per share earnings and cash flow.'

At 1:28pm: [LON:VCP] Victoria PLC share price was 0p at 437.5p

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