Result of AGM &Total Voting Rights
Updated : 13:27
NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Thursday, 3 June 2021 |
FLOWTECH FLUIDPOWER PLC
ANNUAL GENERAL MEETING - RESULTS OF VOTING
and
TOTAL VOTING RIGHTS
Flowtech Fluidpower plc ('the Company') held its Annual General Meeting (AGM) at 10 am today and did so in line with current Covid-19 UK Government guidance on public gatherings.
The AGM, with the minimum necessary quorum of two shareholders attending in person was purely functional and comprised only of the formal votes for each Resolution and was compliant with legal requirements for the AGM as set out in the Company's Articles of Association. Shareholders were able to submit any questions regarding the business prior to the AGM via the website as stated in the formal Notice of Meeting (NOM), however, none were received.
Except for Resolution 9, all Resolutions as previously set out in the NOM dated 7 May 2021, were duly passed.
The table below shows the proxy position of all Resolutions:
RESOLUTIONS | FOR (including Discretion) | AGAINST
| TOTAL VOTES RECEIVED (excluding votes withheld) | WITHHELD
| |||
No. of votes | % | No. of votes | % | No. of votes | % | No. of votes | |
Resolution 1 | 37,785 751 | 99.98% | 7,377 | 0.02% | 37,793,128 | 100% | 0 |
Resolution 2 To re-appointment of Paul Gedman as a Director of the Company. | 37,785 751 | 99.98% | 7,377 | 0.02% | 37,793,128 | 100% | 0 |
Resolution 3 To re-appoint Roger McDowell as a Director of the Company. | 37,610,039 | 99.52% | 183,089 | 0.48% | 37,793,128 | 100% | 0 |
Resolution 4 To re-appoint Russell Cash as a Director of the Company. | 37,785,751 | 99.98% | 7,377 | 0.02% | 37,793,128 | 100% | 0 |
Resolution 5 To re-appoint Bryce Brooks as a Director of the Company. | 37,785,751 | 99.98% | 7,377 | 0.02% | 37,793,128 | 100% | 0 |
Resolution 6 To re-appoint Nigel Richens as a Director of the Company. | 37,785,751 | 99.98% | 7,377 | 0.02% | 39,793,128 | 100% | 0 |
Resolution 7 To re-appoint Grant Thornton UK LLP as Auditors of the Company. | 37,783,218 | 99.98% | 7,377 | 0.02% | 37,790,595 | 100% | 2,533 |
Resolution 8 To authorise the Directors to determine the remuneration of the Auditors. | 37,785,751 | 99.98% | 7,377 | 0.02% | 37,793,128 | 100% | 0 |
Resolution 9 To authorise the Company and its subsidiaries to make political donations and to incur political expenditure. | 15,775,900 | 41.75% | 22,009,228 | 58.25% | 37,785,128 | 100% | 8,000 |
Resolution 10 To authorise the Directors to allot relevant shares in the Company. | 27,450,304 | 72.63% | 10,342,824 | 27.37% | 37,793,128 | 100% | 0 |
Resolution 11 Subject to the passing of resolution 10, to authorise the Directors to allot shares for cash without first offering them to existing Shareholders on a pro‑rata basis. | 33,039,401 | 87.42% | 4,753,727 | 12.58% | 37,793,128 | 100% | 0 |
Resolution 12 To authorise the Company to make market purchases in its own Shares (representing up to 10% of the issued share capital). | 37,768,863 | 99.94% | 24,265 | 0.06% | 37,793,128 | 100 | 0 |
Notes:
1. The 'for' vote includes those giving discretion to the Chairman.
2. A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.
3. Ordinary shareholders are entitled to one vote per share held.
4. Number of shareholders in attendance: 2
5. The Annual Report and Financial Statements for the period ended 31 December 2020, together with the NOM, are available to view on the Company's website www.flowtechfluidpowerplc.com. In addition, this announcement will be available on the Company's investor website within: https://www.flowtechfluidpower.com/investors/regulatory-news
The Company recognises that a significant proportion of the votes were cast against Resolutions 9 and 10, with Resolution 9 being voted down. The Board takes seriously its responsibilities to maintain a healthy dialogue with shareholders and has already engaged with several of them to better understand their concerns. We will continue to listen to their views and will publish an update on our website in a timely fashion.
TOTAL VOTING RIGHTS (TVR)
For the purposes of the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, at today's date, 3 June 2021, there were 61,492,673 Flowtech Fluidpower plc ordinary shares of £0.50 each in issue. The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares carrying voting rights in the Company is 61,492,673. Shareholders may use this figure 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 Company, under the FCA's Disclosure and Transparency Rules.
Enquiries to:
Flowtech Fluidpower plc
Russell Cash, Chief Financial Officer & Company Secretary
Tel: +44 (0) 1695 52759 or email: info@flowtechfluidpower.com
LSE: AIM symbol: FLO
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 Capital Markets (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: fiona@tooleystreet.com
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