Business
Elektron Technology UK Limited - Disposal update
Elektron Technology UK Limited - Disposal update.
About this update from Checkit Plc
RNS Number : 0791L Elektron Technology PLC 03 September 2019 Elektron Technology plc Elektron Technology UK Limited - Disposal update The board is pleased to announce that at the General Meeting of the Company held on 3 September 2019 all the resolutions were passed. The voting figures taken on a poll were as follows: Resolutions Votes In favour Votes against % in favour 1. To approve the sale of Bulgin 113.8m 1.9m 98.35% 2. To approve certain payments to Keith Daley 100.7m 5.2m 95.05% 3. To approve the change of name of the company to Checkit plc 116.7m 0.1m 99.95% In addition the Company has been informed that the sale of Bulgin to funds managed by Equistone Partners Europe has been approved by the Austrian competition authorities. This was the remaining condition to enable completion to take place on or around 24 September 2019 as set out in the circular to shareholders dated 31 July 2019. Following the passing of the above resolutions, the Board is also announcing today that it intends to make an offer to shareholders to return approximately £81 million cash by allowing them to tender for repurchase by the Company two shares for every three shares owned at a price of 65p, subject to completion, receipt of funds, satisfactory tax advice and compliance with legal and regulatory requirements. A further circular containing a further notice of a general meeting will be issued shortly after receipt of funds. Elektron Technology plc +44 (0) 1223 371 000 www.elektron-technology.com Keith Daley (Executive Chairman) John Wilson (Chief Executive Officer) Andrew Weatherstone (Chief Financial Officer & Company Secretary) N+1 Singer (Nominated Adviser & Broker) Shaun Dobson (Corporate Finance) +44 (0) 20 7496 3000 Rachel Hayes (Corporate Broking) Yellowstone Advisory Alex Schlich +44 (0) 7710 164 120 The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014. Cautionary statement This preliminary financial information has been prepared only for the shareholders of Elektron as a whole and its sole purpose and use is to a...