PRESS RELEASE 35 (18/09/2012)
3. The respective business plans and strategy. Any analysis of the position of the company shows that in general the company has been poorly performing for some time and is not giving a reasonable return on the assets employed. This is particularly so of the UK operations (most of the profits seem to arise in Australia).
Some information on the likely respective strategies to improve matters are given in the two circulars, although of course these may be subject to change, particularly as any new management team learns more about the business. They do not differ enormously in scope. In essence, it would appear that the Concert Party’s strategy may be somewhat more aggressive in style in terms of restructuring of the business and disposing of underperforming assets. This is to be expected given their proposed incentive scheme which might stimulate more action.
Therefore we recommend:
1. Shareholders who support a more aggressive approach to improving the performance of the company should vote “FOR” all the resolutions on the General Meeting agenda (i.e. support the Concert Party).
2. Those shareholders who would be happy for the company to continue more in its current form and under the existing management should vote “AGAINST” all the resolutions on the General Meeting agenda.
All shareholders in Victoria Plc should ensure they can and do vote as it is likely to be a very close vote.
If shareholders are undecided which side to support, they should attend the General Meeting on the 3rd October in Birmingham to hear more, and so they can put questions to the respective parties before voting (there is likely to be a poll).
For further information, please contact:
Roger W. Lawson,
ShareSoc Telephone: 020-8467-2686
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About the UK Individual Shareholders Society (ShareSoc)
ShareSoc represents and supports individual investors who invest in the UK stock markets (and who own as much as 30% of the shares in UK public companies in aggregate). We are a mutual association controlled by our members with “not-for-profit” articles and incorporated as a company limited by guarantee. The organisation is financed by member subscriptions, donations from supporters and by the services it provides to members. Associate Membership of ShareSoc is free and is open to everyone with an interest in stock market investment. More information on ShareSoc can be obtained from our web site at www.sharesoc.org .