Coronavirus impact: 23 Oct - what’s Victoria’s Chairman up to now?
Better known for its innovative flooring and carpets, this Kidderminster based flooring group is gaining a reputation for financial innovation as well
Victoria: what’s the Chairman up to now?AIM quoted flooring and carpet manufacturer Victoria (LON:VCP) appears to be up its old financial engineering tricks. First came news of a proposed £175m investment by Koch Industries in the Group to support “potentially exceptional acquisition possibilities”, this through a new issue of costly Convertible Preferred Shares. Now, bizarrely, comes news of a proposed share buy back. We struggle to understand why on the one hand this heavily indebted business needs new funding to support acquisitions, but on the other intends to use cash to buy back shares and reduce its ordinary share count. …