REG - Flowtech Fluidpower - Result of AGM

Flowtech FluidpowerAnnouncement

13/06/2023 13:45

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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                                                                     39,163,083        100%              0             0.00%   0
 To receive and approve the Company's Annual Report and Accounts, Strategic
 Report, and Auditors' Reports for the year ended 31 December 2022
 Resolution 2                                                                     39,163,083        100%              0             0.00%   0

 To approve the final dividend in respect of the year ended 31 December 2022 of
 2.1p per ordinary share
 Resolution 3                                                                     39,163,083        100%              0             0.00%   0

 To reappoint Mike England as a Director of the Company
 Resolution 4                                                                     39,163,083        100%              0             0.00%   0

 To reappoint Stuart Watson as a Director of the Company
 Resolution 5                                                                     39,163,083        100%              0             0.00%

 To reappoint Russell Cash as a Director of the Company
 Resolution 6                                                                     39,163,083        100%              0             0.00%   0

 To reappoint Ailsa Webb as a Director of the Company
 Resolution 7                                                                     37,946,432        96.89%            1,216,651     3.11%   0

 To reappoint Jamie Brooke as a Director of the Company
 Resolution 8                                                                     38,981,432        99.54%            181,651       0.46%   0

 To reappoint Roger McDowell as a Director of the Company
 Resolution 9                                                                     35,580,480        90.86%            3,580,372     9.14%   2,231

 To reappoint Grant Thornton UK LLP as Auditors of the Company
 Resolution 10                                                                    39,159,806        100%              1,046         0.00%   2,231

 To authorise the Directors to determine the remuneration of the Auditors
 Resolution 11                                                                    27,550,832        70.36%            11,607,251    29.64%  5,000

 Pursuant to section 551 of the Act, to unconditionally authorise the Directors
 to issue shares in the Company
 Resolution 12                                                                    27,550,752        70.36%            11,607,331    29.64%  5,000

 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
 Resolution 13                                                                    36,370,634        92.87%            2,792,449     7.13%   0

 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)

 

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
(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 2.1p 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 (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

 (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 (http://www.flowtechfluidpower.com) .

 Segment:          What we do:                                                                      Locations:
 Flowtech          Our focus

                   Supply of both hydraulic and pneumatic consumables, predominantly through        Flowtech
                   distribution for maintenance and repair operations across all industry markets

                   but supported by supply agreements direct to a broad range of original           (Skelmersdale, Leicester, Birmingham)
                   equipment manufacturers (OEMs)

                                                                                Flowtechnology Benelux
                   Channels to market:

                                                                                (Deventer)
                   E-commerce websites, customer white label e-commerce websites,
                   70,000+catalogues, own and customer trade counters

 Fluidpower        Our focus                                                                        Primary Fluid Power Components (Skelmersdale)

 Group Solutions   Supply specialist technical hydraulic components & systems, predominantly        Nelson Hi-Power
                   into OEMs and end-user channels to all industry markets, supported by supply

                   agreements with a broad range of manufacturer brands                             (Dublin, Cork, Dungannon)

                                                                                                    HTL

                   Channels to market:                                                              (Ludlow)

                   Engineering collaboration through sales offices providing national and local     Hydroflex
                   coverage. In 2022 enhanced by new e-commerce capabilities

                                                                                (Brussels, Rotterdam and OudBeijerland)

                                                                                                    Derek Lane & Co

                                                                                                    (Newton Abbot)

                                                                                                    HES Tractec

                                                                                                    (Gloucester)

 Fluidpower        Our focus

 Group Services    Bespoke design, manufacturing, commissioning, installation, and servicing of     Primary Fluid Power Systems

                 systems to manufacturers of specialised industrial and mobile hydraulic OEMs,

                   and additionally a wide range of industrial end users.  Capital project-based    (Knowsley)
                   revenue.

                                                                                Branch Hydraulic Systems

                                                                                (Gloucester)
                   Channels to market:

                                                                                HES Onsite
                   In-house design and build, combined with on-site installation, servicing and

                   support                                                                          (Leeds, Gloucester)

                                                                                                    Orange County

                                                                                                    (Spennymoor)

                                                                                                    Hi Power Transport

                                                                                                    (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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