Business
AGM, Trading Update and Resul
AGM, Trading Update and Resul.
About this update from Petards Group Plc
[{"type":"text","content":"\n RNS Number : 2087O Petards Group PLC 24 June 2010 \n \n\n24 June 2010\nPetards Group plc\n(\"Petards\" or \"the Group\")\n \nAGM, Trading Update and Result of General Meeting\n \n \nPetards, the AIM quoted developer of advanced security and surveillance systems, announces that all resolutions at its AGM, and Resolution 2 proposed at the General Meeting held today, were duly passed. However, Resolutions 1 and 3 proposed at the General Meeting in relation to the Capital Reorganisation and the disapplication of statutory pre-emption rights pursuant to s570 of the Companies Act 2006 were not passed were not passed as the Company's major shareholder, Water Hall Group plc, voted against them. As a result the Capital Reorganisation, details of which were set out in a circular to shareholders dated 19 May 2010, will not be proceeding.\n \nThe Board intends to explore the reasons why Resolutions 1 and 3 proposed at the General Meeting did not receive the support of Water Hall Group plc at this time.\n \nAt the Annual General Meeting the following statement on trading was made by Petards Chairman, Tim Wightman:\n\"While the current economic conditions are challenging for all companies, our overall pipeline of sales opportunities remains robust. Although current revenues are being affected, margins are better than anticipated. As in previous years revenues are expected to be weighted towards the second half of the year. Despite the uncertainty relating to the outcome of the UK government's public spending review the anticipated results for 2010 remain in line with the Board's expectations.\". \nFor further information:\n \n\n\n\n\nPetards Group plc\n\n\nwww.petards.com\n\n\n\n\nAndy Wonnacott, Finance Director\n\n\n+44 (0) 191 420 3000\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\nwww.wh-ireland.co.uk\n\n\n\n\nMike Coe / Marc Davies\n\n\n+44 (0) 117 945 3470\n\n\n\n\n\n\n\n\n\n\n\n\nWalbrook PR Limited\n\n\nwww.walbrookpr.com\n\n\n\n\nPaul McManus \n\n\nTel: +44 (0) 20 7933 8787\n\n\n\n\[email protected]\n\n\nMob: +44 (0) 7980 541 893\n\n\n\n\nBen Knowles\n\n\nTel: +44 (0) 20 7933 8788\n\n\n\n\[email protected]\n\n\nMob: +44 (0) 7900 346 978\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange...