| NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Immediate Release |
|
Tuesday, 11 June 2024
Flowtech Fluidpower plc
Result of AGM
Flowtech Fluidpower plc ('the Company') held its Annual General Meeting (AGM) at 10.00 am today at the Company's Registered Office, and also provided the ability of a view-only virtual event via the Investor Meet Company platform (IMC).
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.
All Resolutions, as set out in the Notice of Meeting dated 16 May 2024, were duly passed. In relation to Resolution 11, (giving authority for Directors to issue shares in the Company) a limited number of the Company's shareholders voted against this resolution. It has been advised to the Company that the vote was as a matter of policy and not specific to Flowtech.
Dividend: The final dividend of 2.2p in respect of FY23's performance will be paid on 19 July 2024 to Members on the Register as at 21 June 2024. The ex-dividend date is 20 June 2024.
The table below shows the proxy position of all Resolutions:
| Total votes lodged: 38,886,836 | For and including at discretion | Against | Withheld | ||
|
| Number of votes | % | Number of votes | % | |
| Resolution 1 To receive the Company's annual accounts, strategic report and Directors' and Auditor's reports for the year ended 31 December 2023. | 37,575,318 | 96.62 | 1,311,518 | 3.38 | - |
| Resolution 2 To declare a final dividend for the year ended 31 December 2023 of 2.2 pence per ordinary share in the capital of the Company. | 38,886,836 | 100 | - | - | - |
| Resolution 3 To reappoint Mike England as a Director of the Company. | 38,869,256 | 99.95 | 17,580 | 0.05 | - |
| Resolution 4 To reappoint Stuart Watson as a Director of the Company. | 38,885,790 | 99.99 | 1,046 | 0.01 | - |
| Resolution 5 To reappoint Russell Cash as a Director of the Company. | 38,885,790 | 99.99 | 1,046 | 0.01 | - |
| Resolution 6 To reappoint Ailsa Webb as a Director of the Company. | 38,869,256 | 99.95 | 17,580 | 0.05 | - |
| Resolution 7 To reappoint Jamie Brooke as a Director of the Company. | 32,633,897 | 83.92 | 1,496,732 | 3.85 | 4,756,207 |
| Resolution 8 To reappoint Roger McDowell as a Director of the Company. | 37,550,104 | 96.56 | 1,336,732 | 3.44 | - |
| Resolution 9 To reappoint Grant Thornton UK LLP as Auditors of the Company. | 38,859,290 | 99.93 | 27,546 | 0.07 | - |
| Resolution 10 To authorise the Directors to determine the remuneration of the Auditors. | 38,885,790 | 99.99 | 1,046 | 0.01 | - |
| Resolution 11 Pursuant to section 551 of the Act, to unconditionally authorise the Directors to issue shares in the Company. | 23,638,332 | 60.74 | 15,248,504 | 39.26 | - |
| Resolution 12 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). | 36,963,612 | 95.05 | 1,923,224 | 4.95 | - |
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 2023, together with the Notice of Meeting, are available to view on the Company's website www.flowtechfluidpowerplc.com
5. News updates, regulatory news, and financial statements can be viewed and downloaded from the Group's website, www.flowtechfluidpower.com . Copies can also be requested from: The Company Secretary, Flowtech Fluidpower plc, Bollin House, Bollin Walk, Wilmslow, SK9 1DP. Email: info@flowtechfluidpower.com.
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. No questions relating to the Resolutions were submitted ahead of the AGM by shareholders via the Company investor website. Questions raised during the AGM via the virtual link can be viewed on the IMC platform or viewed on the recording which will be uploaded to the Company website shortly.
Enquiries:
Flowtech Fluidpower plc
Russell Cash, Chief Financial Officer & Company Secretary
Tel: +44 (0) 1695 577780
Liberum (Nominated adviser and Sole Broker)
Richard Lindley / 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
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