REG - 600 Group PLC - Result of General Meeting

600Announcement

24/03/2022 15:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220324:nRSX9588Fa&default-theme=true

RNS Number : 9588F  600 Group PLC  24 March 2022

24 March 2022

The 600 Group PLC

("600 Group" or "the Group")

Result of General Meeting

On 7 March 2022, 600 Group, the diversified industrial engineering company
(AIM: SIXH), announced that it and certain other Group companies had entered
into a conditional sale and purchase agreement with Timesavers Acquisition,
LLC (the "Buyer") relating to the disposal of the entire issued share capital
of each of 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd
and Clausing Industrial, Inc, which together comprise the Group's Machine Tool
Solutions Division (the "Disposal"), for total cash consideration of US$21
million (subject to adjustment).

The Group announces that at a General Meeting held today at 3pm at the offices
of Pinsent Masons LLP, 1 Park Row, Leeds, LS1 5AB, the resolution contained in
the notice of the General Meeting set out in the circular dated 8 March 2021
(the "Circular"), was passed by shareholders of the Company by way of a poll.

Full details of votes cast are set out below:

 FOR                               AGAINST                           WITHHELD
 Number of shares  Percentage (%)  Number of shares  Percentage (%)  Number of shares
 36,759,020        99.64           131,780           0.36            405,579

 

A copy of the Resolution passed at the General Meeting is available for
inspection on the 600 Group website at: www.600group.com/investor_relations
(http://www.600group.com/investor_relations) .

The Disposal remains subject to fulfilment of certain conditions including,
inter alia, the Buyer obtaining all of the requisite financing and consents in
order to consummate the transaction and to operate the business, the issue of
a customary representations and warranty insurance policy, there being no
claims, proceedings, investigations or inquiries pending or threatened before
any court or governmental body in connection with the Disposal and there being
no material adverse effect on the financial condition, or results of
operations of, the Target Companies or the ability of the Target Companies or
any of the Sellers to perform their obligations or complete the Disposal.

A further update on the satisfaction of the remaining conditions and
completion of the Disposal will be provided in due course.

 

Capitalised terms used but not defined in this announcement have the same
meaning as defined in the Circular.

 

ENDS

 

Enquiries:

 The 600 Group PLC                                     Tel: +1-407-818-1123

 Paul Dupee, Executive Chairman

 Instinctif Partners                                   Tel: 0207 457 2020

 Tim McCall

 Cenkos Securities plc (Nominated Adviser and Broker)  Tel: 020 7397 8900

 Ben Jeynes / Max Gould (Corporate Finance)

 Alex Pollen / Henry Nicol (Sales)

 

About The 600 Group PLC

The 600 Group PLC is a distributor, designer and manufacturer of industrial
products with three principle areas of activities:

Machine Tools

The business has a strong reputation in the market for metal turning machines.
Products range from small conventional machines for education markets, CNC
workshop machines and CNC production machines. Selected outsourcing partners
support the manufacturing of these machines and they are marketed through the
Group's wholly owned international sales organisation and a global
distribution network.

Precision Engineered Components

Machine spares are distributed to customers globally to help maintain the
installed base of group machines which number in excess of 100,000.
Additionally, work holding products are sold via specialist distributors to
OEMs, including other machine builders.

Industrial Laser Systems

Industrial laser systems cover laser marking and processing including cutting,
drilling, ablation and a host of other niche applications in the marking and
micro machining sectors. They require no consumables and can operate on a
continuous high speed basis and can be integrated into customers' production
lines. The businesses have their own technology and proprietary software.
Customer applications are diverse and range from aerospace to medical and
pharmaceuticals. The requirement for increased product and component
traceability is one of the market drivers.

More information on the Group can be viewed at:  www.600group.com
(http://www.600group.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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ROMPPUAWWUPPGAC