Business
Result of EGM
Result of EGM.
About this update from Severfield Plc
[{"type":"text","content":"\n Severfield-Rowen PLC\n05 October 2007\n\n5 October 2007\n\n Severfield-Rowen Plc ('Severfield-Rowen' or the 'Company')\n\n Result of Extraordinary General Meeting\n\n Expected timetable for completion of acquisition of Fisher Engineering Limited\n and acquisition of Dalton Airfield Estate Limited\n\n\n Admission of Consideration Shares\n\n Awards made under the new Performance Share Plan\n\n Subdivision and Admission of New Ordinary Shares\n\n\nOn 22 August 2007, Severfield-Rowen Plc, the market leading structural steel\ngroup, announced that it had agreed to acquire Action Merchants Limited ('AML'),\nthe holding company of Fisher Engineering Limited, a constructional steel\nfabricator (the 'Fisher Acquisition'), and Dalton Airfield Estate Limited which\nowns the long leasehold title to the Group's headquarters and the freehold title\nto a little over half of Severfield-Reeve Structures Limited's fabrication\nfacility, both at Dalton Airfield Industrial Estate (the 'Property\nAcquisition').\n\nBoth the Fisher Acquisition and the Property Acquisition were conditional on,\ninter alia, shareholder approval. Accordingly, an extraordinary general meeting\nof the Company was convened for today to consider resolutions in respect of the\nFisher Acquisition and the Property Acquisition. In addition, the extraordinary\ngeneral meeting considered the adoption of a new performance share plan\n('Performance Share Plan') and a resolution in relation to the subdivision of\nthe Company's ordinary share capital on the basis of 4 new ordinary shares ('New\nOrdinary Shares') for each existing ordinary share held ('Subdivision').\n\nThe Board of Severfield-Rowen is pleased to announce that at today's\nExtraordinary General Meeting all resolutions put to shareholders were duly\napproved.\n\nIn connection with the Fisher Acquisition, the Company has entered into an\nagreement to acquire 90.2 per cent. of the 'A' shares, and all of the 'B' shares\nand Preference Shares in AML ('Fisher Acquisition Agreement'). On completion of\nthe Fisher Acquisition Agreement, the Company will enter into call option\nagreements ('Fisher Option Agreements') pursuant to which it will have the right\nto acquire the balance of the 'A' Shares not acquired pursuant to the Fisher\nAcquisition Agreement. The Company intends to exercise the call options under\nthe Fisher Op...