Flomerics Group PLC
05 July 2006
Flomerics Group PLC ("Flomerics" or the "Company")
Result of Extraordinary General Meeting
On 15 June 2006 the Company announced the proposed acquisition of NIKA GmbH
("NIKA") for an initial consideration to be satisfied by the payment in cash of
approximately €1.5 million (£1.0 million approximately) and the issue of
7,558,033 new ordinary shares in the Company. A proportion of the initial
consideration will be retained in escrow pending the end of the warranty claim
period under the terms of the acquisition agreement. Pursuant to the escrow
arrangements 1,265,071 of the new ordinary shares will not be issued until the
end of the warranty period and therefore 6,292,962 new ordinary shares will be
issued at completion.
In order for the acquisition of NIKA to be effected it was necessary to seek the
approval at a general meeting of Flomerics shareholders for an increase in the
authorised share capital of the Company and to increase the share capital that
the Directors are authorised to allot (the "Resolutions").
At the extraordinary general meeting of the Company held earlier today the
Resolutions were duly passed by Flomerics shareholders.
Application has been made to the London Stock Exchange for admission of the
6,292,962 ordinary shares to be issued pursuant to the acquisition, to trading
on AIM. Admission is expected to become effective on 7 July 2006.
For further information please contact:
Flomerics Group 020 8487 3000
Gary Carter, Chief Executive
Chris Ogle, Finance Director & Company Secretary
Conduit PR 020 7429 6666
Laurence Read/ Angus Prentice 07979 955 923
This information is provided by RNS
The company news service from the London Stock Exchange