Microsaic Systems - Result of AGM, Update & Change of Name
12/12/2024 07:00
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RNS Number : 7493P Microsaic Systems plc 12 December 2024
12 December 2024
Microsaic Systems plc
("Microsaic", "Microsaic Systems" or the "Company")
Result of Annual General Meeting, Qatar Project Update & Change of Name to Metir plc
Microsaic Systems plc (AIM: MSYS), an international developer and provider of
testing solutions for unique and underserved public health and environmental
markets, is pleased to announce that at the Company's Annual General Meeting
held yesterday, all resolutions proposed were duly passed on a show of hands
with the following table summarising the proxy votes:
Votes for Votes against Approval Withheld
Ordinary Resolutions Shares Shares % Shares
1. To approve the Annual Report and Accounts for the year ended 31 93,449,020 1,202,094 98.7 1,233
December 2023.
2. To re-elect Nigel Burton as a director. 93,350,901 1,300,213 98.6 1,233
3. To re-appoint and authorise the remuneration of the Company's 94,643,439 7,675 100.0 1,233
auditor.
4. To change the name of the Company from Microsaic Systems plc to Metir 94,639,268 11,846 100.0 1,233
plc.
5. Authority to allot shares 93,036.938 1,607,136 98.3 8,273
Special Resolution
6. Disapplication of shareholders' statutory pre-emption rights 93,036,938 1,607,136 98.3 8,273
A vote withheld is not a vote in law and is not counted in the calculation of
the proportion of votes 'For' or 'Against' a resolution.
Qatar Project Update
This year has been a period of necessary and successful integration of Modern
Water technologies with those of Microsaic Systems. We are pleased that the
reset and investment in our new business model is producing successful results
that are starting to come to fruition. Building on current sales and projects
we have good and complementary technologies that the Company intends to bring
into the wider and large potential market. We believe 2025 will be an exciting
and groundbreaking year for the Company. We intend to position ourselves for
growth and ensure that we can successfully exploit the wide ranging
opportunities available to us.
The Company has agreed with Avanceon, its main contractor partner in Qatar,
that supply of the remaining of associated supplies for the Continuous Toxic
Measuring equipment will be delivered in December 2024 for final commissioning
of the project as planned. Accordingly it has been agreed that the entire
first tranche invoice of Eur228k will now be paid by Avanceon to the Company
in December 2024. After final commissioning of the project the Company expects
to discuss the potential of additional related equipment and supplies with
Avanceon for wider application throughout Qatar.
Change of name to Metir plc
The Board is pleased to announce that the resolution to change the Company's
name to Metir plc passed its shareholder vote. The Company has applied to
Companies House with regards to the name change and, in addition, the Company
expects to change its ticker. A further announcement will be made when the
timing of the name and ticker change will become formally effective.
All other Company details including the ISIN and SEDOL will remain unchanged.
Shareholders are unaffected by the changes and existing share certificates
will remain valid and should be retained.
Enquiries:
Microsaic Systems plc +44 (0) 20 3657 0050
Bob Moore, Acting Executive Chairman via TPI
Singer Capital Markets +44 (0)20 7496 3000
(Nominated Adviser & Joint Broker)
Alex Bond / Oliver Platts
Turner Pope Investments (TPI) Limited +44 (0) 20 3657 0050
(Joint Broker)
Andy Thacker / James Pope
About Microsaic Systems
Microsaic is highly experienced in the development, manufacture and supply of
microelectronics instrumentation for markets requiring analytical testing in
public and environmental health markets. The Company has recently acquired and
integrated the assets of Modern Water with Microsaic Systems' technologies
resulting in comprehensive water testing and other toxic testing capabilities.
Microsaic's products and solutions are commercially available through global
markets via a network of regional and country specific distributors and
partners.
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