TIDMFLO
RNS Number : 5868C
Flowtech Fluidpower PLC
13 June 2023
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower
plc
Tuesday, 13 June 2023
FLOWTECH FLUIDPOWER PLC
RESULT OF ANNUAL GENERAL MEETING
Flowtech Fluidpower plc ('the Company') held its Annual General
Meeting (AGM) at 10.00 am today at the Company's Registered Office,
and as a view-only virtual event via the Investor Meet Company
platform (IMC).
All Resolutions, with the exception of Resolution 12 (a special
resolution for the disapplication of pre-emption rights), as set
out in the Notice of Meeting dated 19 May 2023, were duly passed.
The Company also recognises that a large proportion of the votes
were cast against Resolution 11 (an ordinary resolution to give
authority to allot shares). Although Resolutions 11 and 12 were in
line with the Investment Association's share capital management
guidelines, the Board takes seriously its responsibilities to
maintain a healthy dialogue with shareholders and will engage with
them to better understand their views.
The AGM was compliant with legal requirements for the AGM in
accordance with the Company's Articles of Association. It had the
necessary quorum present and was purely functional and comprised
only of the formal votes for each Resolution.
Shareholders were able to submit any questions regarding the
business prior to the AGM via the Company website as detailed in
the Notice of Meeting dated 19 May 2023. No questions relating to
the Resolutions were submitted ahead of the AGM by shareholders via
the Company investor website.
The table below shows the proxy position of all Resolutions:
RESOLUTIONS FOR AGAINST WITHHELD
(and including at
discretion)
No. of votes % No. of votes % No. of votes
Total votes cast:
39,163,083
------------ ------- ------------ ------- -------------
Resolution 1
To receive and approve
the Company's Annual
Report and Accounts,
Strategic Report,
and Auditors' Reports
for the year ended
31 December 2022 39,163,083 100% 0 0.00% 0
------------ ------- ------------ ------- -------------
Resolution 2
To approve the final
dividend in respect
of the year ended
31 December 2022 of
2.1p per ordinary
share 39,163,083 100% 0 0.00% 0
------------ ------- ------------ ------- -------------
Resolution 3
To reappoint Mike
England as a Director
of the Company 39,163,083 100% 0 0.00% 0
------------ ------- ------------ ------- -------------
Resolution 4
To reappoint Stuart
Watson as a Director
of the Company 39,163,083 100% 0 0.00% 0
------------ ------- ------------ ------- -------------
Resolution 5
To reappoint Russell
Cash as a Director
of the Company 39,163,083 100% 0 0.00%
------------ ------- ------------ ------- -------------
Resolution 6
To reappoint Ailsa
Webb as a Director
of the Company 39,163,083 100% 0 0.00% 0
------------ ------- ------------ ------- -------------
Resolution 7
To reappoint Jamie
Brooke as a Director
of the Company 37,946,432 96.89% 1,216,651 3.11% 0
------------ ------- ------------ ------- -------------
Resolution 8
To reappoint Roger
McDowell as a Director
of the Company 38,981,432 99.54% 181,651 0.46% 0
------------ ------- ------------ ------- -------------
Resolution 9
To reappoint Grant
Thornton UK LLP as
Auditors of the Company 35,580,480 90.86% 3,580,372 9.14% 2,231
------------ ------- ------------ ------- -------------
Resolution 10
To authorise the Directors
to determine the remuneration
of the Auditors 39,159,806 100% 1,046 0.00% 2,231
------------ ------- ------------ ------- -------------
Resolution 11
Pursuant to section
551 of the Act, to
unconditionally authorise
the Directors to issue
shares in the Company 27,550,832 70.36% 11,607,251 29.64% 5,000
------------ ------- ------------ ------- -------------
Resolution 12
Disapplication of
pre-emption rights.
Pursuant to section
570 of the Act, and
subject to Resolution
11 being passed, to
empower Directors
to allot shares in
the Company without
first offering them
to existing shareholders
on a pro-rata basis 27,550,752 70.36% 11,607,331 29.64% 5,000
------------ ------- ------------ ------- -------------
Resolution 13
To Pursuant to section
701 of the Act, unconditionally
authorise the Company
to make market purchases
of Ordinary shares
in the capital of
the Company
(representing up
to 10% of the issued
share capital) 36,370,634 92.87% 2,792,449 7.13% 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. The Annual Report and Financial Statements for the period
ended 31 December 2022, together with the Notice of Meeting, are
available to view on the Company's website
www.flowtechfluidpowerplc.com
5. This announcement will be available on the Company's investor website within: https://www.flowtechfluidpower.com/investors/regulatory-news
DIVID
Following the approval by Shareholders a dividend of 2.1p per
ordinary share in respect of 2022 will be paid on Friday, 21 July
2023 to Members on the Register as at 23 June 2023, with an
ex-dividend date of 22 June 2023.
ENQUIRIES:
------------------------------------------------------------
FLOWTECH FLUIDPOWER PLC
Russell Cash, Chief Financial Officer & Company Secretary
Tel: +44 (0) 1695 52759
Email: info@flowtechfluidpower.com
www.flowtechfluidpower.com
Liberum Capital Limited (Nominated adviser and Sole Broker)
Richard Lindley / Ben Cryer / William Hall / Will King
Tel: +44 (0) 20 3100 2000
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email : fiona@tooleystreet.com
ABOUT FLOWTECH FLUIDPOWER PLC
(LSE: AIM symbol FLO)
Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group
of specialist fluid power businesses. Working in partnership with customers
and suppliers, we deliver essential components, customer solutions and
high-quality servicing support to keep global industry moving. The business
joined the AIM market in 2014. To read more about the Group please visit
www.flowtechfluidpower.com .
Segment: What we do: Locations:
----------------- ----------------------------------------------- ----------------------------
Flowtech Our focus
Supply of both hydraulic and pneumatic Flowtech
consumables, predominantly through (Skelmersdale, Leicester,
distribution for maintenance and Birmingham)
repair operations across all industry Flowtechnology Benelux
markets but supported by supply agreements (Deventer)
direct to a broad range of original
equipment manufacturers (OEMs)
Channels to market:
E-commerce websites, customer white
label e-commerce websites, 70,000+catalogues,
own and customer trade counters
----------------- ----------------------------------------------- ----------------------------
Fluidpower Our focus Primary Fluid Power
Group Solutions Supply specialist technical hydraulic Components (Skelmersdale)
components & systems, predominantly Nelson Hi-Power
into OEMs and end-user channels to (Dublin, Cork, Dungannon)
all industry markets, supported by HTL
supply agreements with a broad range (Ludlow)
of manufacturer brands Hydroflex
(Brussels, Rotterdam
Channels to market: and OudBeijerland)
Engineering collaboration through Derek Lane & Co
sales offices providing national (Newton Abbot)
and local coverage. In 2022 enhanced HES Tractec
by new e-commerce capabilities (Gloucester)
----------------- ----------------------------------------------- ----------------------------
Fluidpower Our focus
Group Services Bespoke design, manufacturing, commissioning, Primary Fluid Power
installation, and servicing of systems Systems
to manufacturers of specialised industrial (Knowsley)
and mobile hydraulic OEMs, and additionally Branch Hydraulic Systems
a wide range of industrial end users. (Gloucester)
Capital project-based revenue. HES Onsite
(Leeds, Gloucester)
Channels to market: Orange County
In-house design and build, combined (Spennymoor)
with on-site installation, servicing Hi Power Transport
and support (Dublin, Cork, Belfast)
----------------- ----------------------------------------------- ----------------------------
All the Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised. The above segments are supported by centralised
back-office teams based at Skelmersdale and Wilmslow sites in the UK.
In total, the business employs 572 people.
Flowtech Fluidpower plc
Registered Office:
Bollin House, Bollin Walk,
Wilmslow,
Cheshire, SK9 1DP
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END
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