29 March 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN FLOWTECH FLUIDPOWER PLC OR ANY OTHER ENTITY IN ANY JURISDICTION.
This announcement contains inside information
Flowtech Fluidpower plc
("Flowtech", the "Group" or the "Company")
Results of General Meeting
Total Voting Rights
Flowtech (AIM: FLO), the specialist technical fluid power products supplier, is pleased to announce that at the General Meeting held earlier today to approve, inter alia, the Placing to raise £10 million, announced on 10 March 2017, all resolutions were duly passed.
Application has been made for the 8,333,333 Placing Shares described in the circular dated 13 March 2017 to be admitted to trading on AIM at 8.00 a.m. on 30 March 2017 ("Admission").
Once Admission occurs, the Placing will have successfully completed.
Malcolm Diamond, MBE, Non-Executive Chairman, said:
"We have a clear view of our objectives, to create a specialist fluid power organisation focussed on its core competencies, and we have a number of opportunities that will deliver this goal."
"The Company has been delighted to get the support from both new and existing shareholders for the Placing; we believe this supports the understanding of our business model and the future opportunities to grow the business both via acquisition and organically."
Flowtech will update the market further on 4 April 2017 when it releases its 2016 Annual Results.
Total Voting Rights
Following Admission, the total number of ordinary shares and voting rights in the Company will be 51,411,615. The Company does not hold any shares in treasury.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Capitalised terms used and not defined in this announcement have the meanings given to them in the Circular relating to the Placing dated 13 March 2017.
For further information please visit www.flowtechfluidpower.com or contact:
Flowtech Fluidpower plc
Sean Fennon, CEO
Bryce Brooks, CFO
44 (0)1695 52759
(Nominated Adviser & Joint Broker)
Andrew Jones / Jonathan Sharp (Corporate Finance)
Dominic King (Broking)
44 (0)20 3829 5000
Ed Frisby / Kate Bannatyne (Corporate Finance)
Rhys Williams / Emily Morris (Sales and Broking)
44 (0)20 7220 0500
44 (0)7785 703523
About Flowtech Fluidpower plc:
Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products. The Group has three divisions: Flowtechnology, Power Motion Control and Process. All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.
The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO). The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function. The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors.
The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Shropshire and Yorkshire; Process operates from the West Midlands. In total the business employs 316 people.