Result of General Meeting

RNS Number : 1823W

Filtronic PLC

15 November 2010

 



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Filtronic plc ("Filtronic") - result of general meeting and

level of acceptances in relation to offer for Isotek (Holdings) Limited ("Isotek") 

On 28 October 2010, Filtronic plc announced that it had published the formal offer document, prospectus and circular in connection with the offer for the entire issued and to be issued share capital of Isotek (the "Offer").

The Offer was subject to a number of conditions, including, inter alia, (i) acceptance from Isotek Shareholders holding not less than 90 per cent of the Isotek Shares to which the Offer relates; (ii) a resolution being passed by Filtronic Shareholders approving the Acquisition; and (iii) admission of the Consideration Shares to the Official List of the UKLA and to trading on the London Stock Exchange's main market for listed securities ("Admission").

Level of acceptances in relation to Offer

As at 5.00p.m. (London time) on 12 November 2010, being the first closing date of the Offer, Filtronic had received valid acceptances in respect of 14,688,331 Isotek Shares, representing approximately 98.7 per cent. of the fully diluted share capital of Isotek.

This total includes acceptances received in respect of 14,195,040 Isotek Shares, representing, in aggregate, 95.3 per cent. of the fully diluted share capital of Isotek, which were subject to irrevocable undertakings obtained by Filtronic from certain Isotek Shareholders.

The Offer will remain open for acceptance until 5.00 p.m. on 30 November 2010, at which point it will close. Filtronic will send notices to any non-accepting Isotek Shareholders exercising its rights under sections 974 to 991 (inclusive) of Companies Act 2006 to acquire compulsorily any outstanding Isotek Shares not already acquired or agreed to be acquired.

General meeting of Filtronic

Filtronic is pleased to announce that all resolutions proposed at the general meeting of Filtronic held today (including resolutions to approve the acquisition by Filtronic of Isotek) were duly passed by Filtronic Shareholders. 

Filtronic is therefore pleased to announce that the Offer is unconditional in all respects subject to Admission. Application has been made for up to 18,550,000 Consideration Shares to be admitted to listing on the Official List of the UKLA and to trading on the London Stock Exchange. It is expected that 18,299,847 Consideration Shares, which rank pari passu in all respects with the existing Filtronic Shares, will be admitted to listing on the Official List of the UKLA and to trading on the London Stock Exchange at 8.00 a.m. on 16 November 2010. Application will be made to list the remaining Consideration Shares upon their issue following closure of the Offer on 30 November 2010 and after the compulsory acquisition of any remaining Isotek shares.

Enquiries

Filtronic plc	01325 301111
Howard Ford, Chairman
Hemant Mardia, CEO
Mike Brennan, CFO
Panmure Gordon (UK) Limited	020 7459 3600
Dominic Morley
Stuart Gledhill
Walbrook PR Limited	020 7933 8787
Paul McManus

 

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