Business
EGM Statement
EGM Statement.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n Flomerics Group PLC\n05 July 2006\n\n\n Flomerics Group PLC (\"Flomerics\" or the \"Company\")\n\n Result of Extraordinary General Meeting\n\n\nOn 15 June 2006 the Company announced the proposed acquisition of NIKA GmbH \n(\"NIKA\") for an initial consideration to be satisfied by the payment in cash of\napproximately €1.5 million (£1.0 million approximately) and the issue of\n7,558,033 new ordinary shares in the Company. A proportion of the initial\nconsideration will be retained in escrow pending the end of the warranty claim\nperiod under the terms of the acquisition agreement. Pursuant to the escrow\narrangements 1,265,071 of the new ordinary shares will not be issued until the\nend of the warranty period and therefore 6,292,962 new ordinary shares will be\nissued at completion.\n\nIn order for the acquisition of NIKA to be effected it was necessary to seek the\napproval at a general meeting of Flomerics shareholders for an increase in the\nauthorised share capital of the Company and to increase the share capital that\nthe Directors are authorised to allot (the \"Resolutions\").\n\nAt the extraordinary general meeting of the Company held earlier today the\nResolutions were duly passed by Flomerics shareholders.\n\nApplication has been made to the London Stock Exchange for admission of the\n6,292,962 ordinary shares to be issued pursuant to the acquisition, to trading\non AIM. Admission is expected to become effective on 7 July 2006.\n\n\nFor further information please contact:\n\nFlomerics Group 020 8487 3000\nGary Carter, Chief Executive\nChris Ogle, Finance Director & Company Secretary\n\nConduit PR 020 7429 6666\nLaurence Read/ Angus Prentice 07979 955 923\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":1972,"tagName":"div"}]