REG - Flowtech Fluidpower - Result of AGM and Total Voting Rights

Flowtech FluidpowerAnnouncement

01/06/2022 14:30

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RNS Number : 6112N  Flowtech Fluidpower PLC  01 June 2022

Issued on behalf of Flowtech Fluidpower plc

Wednesday, 1 June 2022

 

 

 

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 10am today at the Company's Registered Office, and as a view-only virtual
event via the Investor Meet Company platform (IMC).  All Resolutions as
previously set out in the Notice of Meeting dated 5 May 2022, were duly
passed.

 

The Company recognises that a large proportion of the votes were cast against
Resolution 11. 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 (NOM)
dated 5 May 2022.  No questions relating to the Resolutions were submitted
ahead of the AGM by shareholders either via the Company investor website or
the viewing platform Investor Meet Company (IMC) during or after the
conclusion of the formal business.

 

The table below shows the proxy position of all Resolutions:

 

 RESOLUTIONS                                                                    FOR                         AGAINST               WITHHELD

                                                                                (including Discretion)
                                                                                No. of votes  %             No. of votes  %       No. of votes
 Resolution 1                                                                   31,097,916    99.46%        169,018       0.54%   0
 To receive the Company's Annual Report and Accounts, Strategic Report and
 Directors' and Auditors' Reports for the year ended 31 December 2021
 Resolution 2                                                                   31,102,636    100%          0             0       164,298

 To approve a final dividend in respect of the year ended 31 December 2021 of
 2.0p per ordinary share
 Resolution 3                                                                   31,266,934    100%          0             0

 To reappoint Ailsa G Webb as a Director of the Company
 Resolution 4                                                                   31,266,934    100%          0             0

 To reappoint Jamie Brooke as a Director of the Company
 Resolution 5                                                                   31,266,934    100%          0             0

 To reappoint Russell Cash as a Director of the Company
 Resolution 6                                                                   31,266,934    100%          0             0

 To reappoint Bryce Brooks as a Director of the Company
 Resolution 7                                                                   25,391,840    81.21%        5,875,094     18.79%  0

 To reappoint Nigel Richens as a Director of the Company
 Resolution 8                                                                   31,090,282    99.44%        176,652       0.56%   0

 To reappoint Roger McDowell as a Director of the Company
 Resolution 9                                                                   31,248,069    99.94%        18,865        0.06%   0

 To reappoint Grant Thornton UK LLP as Auditors of the Company
 Resolution 10                                                                  31,266,934    100%          0             0

 To authorise the Directors to determine the remuneration of the Auditors
 Resolution 11                                                                  19,993,286    63.95%        11,270,148    36.05%  3,500

 To authorise the Directors to allot relevant shares in the Company
 Resolution 12                                                                  25,170,455    80.51%        6,092,979     19.49%  3,500

 Disapplication of pre-emption rights

 Subject to the passing of resolution 11, to authorise the Directors to allot
 shares for cash without first offering them to existing Shareholders on a
 pro‑rata basis
 Resolution 13                                                                  31,243,709    99.94%        19,725        0.06%   3,500

 To authorise the Company to make market purchases in its own Shares
 (representing up to 10% of the issued share capital)

 

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 2021, together with the NOM, are available to view on the
Company's website www.flowtechfluidpowerplc.com
(http://www.flowtechfluidpowerplc.com)

5.      This announcement will be available on the Company's investor
website within: https://www.flowtechfluidpower.com/investors/regulatory-news
(https://www.flowtechfluidpower.com/investors/regulatory-news)

 

 

DIVIDEND

Following the approval by Shareholders a dividend of 2.0p per ordinary share
in respect of 2021 will be paid on 22 July 2022 to Members on the Register as
at 1 July 2022, with an ex-dividend date of 30 June 2022.

 

 

TOTAL VOTING RIGHTS (TVR)

For the purposes of the Financial Conduct Authority's ("FCA") Disclosure and
Transparency Rules, at today's date, 1 June 2022, 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:
 FLOWTECH FLUIDPOWER PLC

 Bryce Brooks, Chief Executive

 Russell Cash, Chief Financial Officer

 Tel: +44 (0) 1695 52759

 Email: info@flowtechfluidpower.com (mailto:info@flowtechfluidpower.com)

 www.flowtechfluidpower.com (http://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 (mailto:fiona@tooleystreet.com)

 

 

 ABOUT FLOWTECH FLUIDPOWER PLC

 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.  Since the start of 2021, the Group has been
 operating under three distinct branded segments: with Flowtech and Fluidpower
 Group Solutions forming what was 'Components', and Fluidpower Group Services
 the remainder.  To read more about the Group please visit
 www.flowtechfluidpower.com (http://www.flowtechfluidpower.com) .

 Segment:          What we do:                                                                      Locations:
 Flowtech          Supply of both hydraulic and pneumatic consumables, predominantly through        Flowtechnology Benelux (Deventer)

                 distribution for maintenance and repair operations across all industry markets

                   and supported by supply agreements direct to a broad range of original           Flowtech - Skelmersdale, Leicester & Oldbury
                   equipment manufacturers.

                   Channels to market:

                   E-commerce websites, customer white label e-commerce websites, catalogues, own
                   and customer trade counters.

 Fluidpower        Supply specialist technical hydraulic components & systems predominantly         Primary Fluid Power Components (Skelmersdale)

                 into OEMs and end-user channels to all industry markets and supported by

 Group Solutions   supply agreements direct to a broad range of manufacturer brands.                Nelson Hi-Power Hydraulics (Dublin, Dungannon, UK)

                                                                                                    HTL (Ludlow)

                   Channels to market:                                                              Hi-Power Hydraulics (Cork, Dublin, Belfast )

                   Engineering collaboration, e-commerce.                                           Hydroflex (Brussels, Rotterdam and OudBeijerland)

                                                                                                    Hydraulic Equipment Supermarkets (Gloucester, Leeds)

                                                                                                    Derek Lane & Co (Newton Abbot, Devon)

                                                                                                    HES Tractec (Gloucester)

 Fluidpower        Bespoke design, manufacturing, commissioning, installation, and servicing of     Primary Fluid Power Systems (Knowsley)

                 systems to manufacturers of specialised industrial and mobile hydraulic OEMs

 Group Services    and additionally a wide range of industrial end users.  Capital project-based    Branch Hydraulic Systems and HES Automatec (Gloucester)

                 revenue.

                                                                                HES Lubemec (Gloucester)

                                                                                HES Onsite (Leeds, Gloucester)
                   Channels to market:

                                                                                Flow Connect (Gloucester)
                   In-house design and build, combined with on-site installation, servicing and

                   support.                                                                         Orange County (Spennymoor)

 All the Group's divisions have overlapping product sets, allowing procurement
 synergies to be maximised.  The above segments are supported by a centralised
 back-office team based in Wilmslow, Cheshire. In total, the business employed
 612 people during the year. For more information please visit,  Our business
 | Flowtech Fluidpower plc (https://www.flowtechfluidpower.com/our-business/)

 

 

Flowtech Fluidpower plc

Registered Office,

Bollin House, Bollin Walk

Wilmslow,

Cheshire, SK9 1DP

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