FLOWTECH FLUIDPOWER PLC
("Flowtech Fluidpower" the "Group" or "Company")
Issue of Equity and Total Voting Rights
Flowtech Fluidpower plc (Symbol: AIM: FLO) announces that it has issued 335,546 ordinary shares of 50 pence each in the Company ("Consideration Shares") in settlement of the deferred consideration for the minority shareholding in Derek Lane & Co. Limited.
As detailed in the announcement dated 30 July 2019, the Company entered agreement to purchase the minority shareholding of Derek Lane & Co. Limited in 2019 for a total maximum consideration of £300,000. The majority of this consideration was to become payable in 2020 as deferred consideration, subject to certain performance conditions. Following satisfaction of these conditions, the Company has reached agreement with the vendors to pay the remaining £213,877 of the deferred consideration in Consideration Shares. All Consideration Shares issued under the agreement are subject to a 24 month orderly market arrangement from the date of the sale and purchase agreement dated 29 July 2019. There is no further consideration payable under this agreement.
The 335,546 new ordinary shares issued will rank pari passu with the Company's existing ordinary shares and admission to trading on AIM is expected to take place on or around 22 April 2020 ("Admission").
Total Voting Rights
The total enlarged issued share capital of the Company following Admission will be 61,492,673 ordinary shares. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares in the Company with voting rights will be 61,492,673. This figure may be used by shareholders 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 Disclosure and Transparency Rules of the UK Financial Conduct Authority.
Flowtech Fluidpower plc
Malcolm Diamond MBE, Non-Executive Chairman
Russell Cash, Chief Financial Officer
Tel: 44 (0) 1695 52796
Zeus Capital Limited (Nominated Adviser and Broker)
Andrew Jones, Kieran Russell (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: 44 (0) 161 831 1512
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)
Tel: 44 (0) 7785 703523 or email: email@example.com