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Flowtech Fluidpower (FLO)

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Wednesday 05 June, 2019

Flowtech Fluidpower

Results of Voting AGM - 5 June 2019 and TVR

RNS Number : 2293B
Flowtech Fluidpower PLC
05 June 2019
 

NEWS RELEASE

Issued on behalf of Flowtech Fluidpower plc

Wednesday, 5 June 2019

Immediate Release

 


FLOWTECH FLUIDPOWER PLC

("Flowtech Fluidpower" the "Group" or "Company")

 

Results of Voting at Annual General Meeting

 

 

Flowtech Fluidpower plc ('the Company') announces that all resolutions contained in the Notice of Annual General Meeting dated 8 May 2019, previously circulated to the Company's shareholders were passed by way of a show of hands at the Annual General Meeting ('AGM') of the Company held earlier today (5 June 2019). The full text of each of the resolutions as set out in the Notice of AGM.  Details of the proxy voting instructions lodged prior to the AGM for each resolution (all of which were passed on a show of hands) are shown in the table below.

Number of shareholders in attendance: 5

RESOLUTIONS

TOTAL PROXY VOTES RECEIVED

(excluding votes withheld)

TOTAL FOR AND AT DISCRETION

TOTAL AGAINST

TOTAL WITHHELD

ORDINARY BUSINESS:





Resolution 1

To receive the Company's Annual Report and Accounts, Strategic Report and Directors' and Auditors' Reports for the year ended 31 December 2018.

29,777,336

29,771,047

 

6,289

 

0

Resolution 2

To approve the final dividend for the year ended 31 December 2018 of 4.04 pence per Ordinary Share.

29,777,336

29,769,726

 

7,610

 

0

Resolution 3

To re-appoint Russell Cash as a Director of the Company.

29,777,336

29,759,783

 

16,089

 

1,464

 

Resolution 4

To re-appoint Bill Wilson as Director of the Company.

29,777,336

29,767,506

 

8,366

 

1,464

 

Resolution 5

To re-appoint Bryce Brooks as a Director of the Company.

29,777,336

29,767,506

 

8,366

 

1,464

 

Resolution 6

To re-appoint Malcolm Diamond as a Director of the Company.

29,777,336

29,759,773

 

16,099

 

1,464

 

Resolution 7

To re-appoint Nigel Richens as a Director of the Company.

29,777,336

29,767,506

 

8,366

 

1,464

 

Resolution 8

.           To re-appoint Grant Thornton UK LLP as Auditor of the Company to hold office until the conclusion of the next general meeting.

29,777,336

29,769,583

 

7,753

 

0

Resolution 9

To authorise the Directors to determine the remuneration of the Auditors.

29,777,336

29,768,086

 

9,250

 

0

Resolution 10

To authorise the Company and its subsidiaries to make political donations and to incur political expenditure.

29,777,336

24,338,059

 

5,423,783

 

15,494

 

Resolution 11

To authorise the Directors to allot shares in the Company.

29,777,336

29,613,846

 

163,490

 

0

 

SPECIAL BUSINESS:





Resolution 12

Disapplication of pre-emption rights.

(In line with current Institutional Shareholder guidelines - to authorise the Directors to allot shares for cash without first offering them to existing Shareholders on a pro‑rata basis)

29,777,336

28,747,753

 

1,025,304

 

4,279

 

Resolution 13

To authorise the Company to purchase own Shares.

(up to 10% of the Issued Share Capital)

29,777,336

29,768,262

 

5,864

 

3,210

 

 

The 'for' vote includes those giving discretion to the Chairman.  A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

 

At today's date, 5 June 2019, there were 61,078,367 Flowtech Fluidpower plc ordinary shares of 50p each in issue. Ordinary shareholders are entitled to one vote per share held.

 

The 2018 Annual Report and Financial Statements for the period ended 31 December 2018, together with the Notice of AGM, are available to view on the Company's website www.flowtechfluidpowerplc.com.  In addition, this announcement is available on the Company's investor website within: https://www.flowtechfluidpower.com/investors/regulatory-news

 

 

 

ENQUIRIES:

FLOWTECH FLUIDPOWER PLC

Russell Cash, Chief Financial Officer & Company Secretary

Tel: +44 (0) 1695 52796

Email: [email protected]


Zeus Capital Limited (Nominated Adviser and Joint Broker)

Andrew Jones, Alistair Donnelly (Corporate Finance)

Dominic King, John Goold (Sales & Broking)

Tel: + 44 (0) 20 3829 5000


finnCap Limited (Joint Broker)

Ed Frisby, Kate Bannatyne (Corporate Finance)

Rhys Williams, Andrew Burdis (Sales & Broking)

Tel: + 44 (0) 20 7220 0500


TooleyStreet Communications (IR and media relations)

Fiona Tooley

Tel: +44 (0) 7785 703523 or email: [email protected]

 

 

About Flowtech Fluidpower plc

Founded as Flowtech in 1983, the Flowtech Fluidpower Group is the UK's leading specialist supplier of technical fluid power products. 

The business joined AiM in 2014.  Today, the Group has two distinct divisions:

 

Division:

What we do:

Locations:

Components

Supply of hydraulic and pneumatic consumables, predominantly through distribution for urgent maintenance and repair operations across all industry sectors.  Additionally, support a broad range of OEMs supplying off-the-shelf and tailored components and assemblies.

Flowtechnology Benelux (Deventer)

Flowtechnology China (Guangzhou)

Flowtechnology UK (Skelmersdale)

Indequip (Skelmersdale)

Beaumanor (Leicester)

Hydravalve (Willenhall)

Primary Fluid Power Components (Knowsley)

Albroco (Knowsley)

Nelson Hydraulics (Dublin, Lisburn, Dungannon, UK)

HTL (Ludlow)

Hi-Power Hydraulics (Cork, Dublin, Belfast Manchester)

Hydroflex (Brussels, Rotterdam and OudBeijerland)

Hydraulic Equipment Supermarkets (Gloucester, Leeds, Birmingham, Durham)

Derek Lane & Co (Newton Abbot, Devon)

HES Tractec (Gloucester)

 

Services

Bespoke design, manufacturing, commissioning, installation and servicing of systems to manufacturers of specialised industrial and mobile hydraulic original equipment manufacturers (OEMs) and additionally a wide range of industrial end users.

 

Primary Fluid Power Systems (Knowsley)

TSL Fluid Power (West Yorkshire)

Branch Hydraulic Systems and HES Automatec (Gloucester)

HES Lubemec (Gloucester)

HES Onsite (Durham, Leeds, Birmingham, Gloucester)

Flow Connect (Gloucester)

Orange County (Spennymoor)

 

Both Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.

The above divisions are supported by a centralised back office team based at the Skelmersdale, Lancashire, and Wilmslow, Cheshire sites in the UK and a procurement and quality control team in Shanghai, China.  In total, the business employs over 550 people.  For more information please visit, www.flowtechfluidpower.com

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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