The international designers,manufacturers and distributors of innovative floorcoverings,announces that it is posting to shareholders a circular concerning additional resolutions to be proposed at the AGM being held on August 13 2012.
The Company announced on 8 August 2012 that it had appointed David Garman and Roger Hoyle(the'New Directors')as new independent non-executive directors to the Board.
The circular sets out the background to the appointment of the New Directors.They were appointed,as has been previously announced,as a consequence of the failure to agree the terms of an incentive scheme for the benefit of certain former directors of the Company,Alexander Anton,Geoffrey Wilding and Sir Bryan Nicholson,which resulted in the relationship between those former directors and the rest of the Board deteriorating rapidly.This culminated in the appointment of the New Directors and the resignation of the former directors on 8 August 2012.
Shareholders should also be aware that both of the executive Directors,Alan Bullock and Barry Poynter,will retire by rotation at the AGM and resolutions are being proposed for their re-election.It is vital for the well-being of the Company,and in the best interests of all Shareholders,that there continues to be a strong and experienced executive team at Victoria.
The Board is of the opinion that the re-election of David Garman and Roger Hoyle is in the best interests of Shareholders as a whole and accordingly unanimously recommends that all Shareholders vote in favour of their re-election at the Annual General Meeting on 31 August 2012.
The Board is also of the opinion that the re-election of Alan Bullock and Barry Poynter is in the best interests of Shareholders as a whole and accordingly unanimously recommends that all Shareholders vote in favour of their re-election at the AGM.
Source:
http://www.furniture-magazine.com/furnitureindustrynews.asp?newsID=5377
