TIDMFLO

RNS Number : 9151J

Flowtech Fluidpower PLC

16 April 2020

 
 
 
 
                              FLOWTECH FLUIDPOWER PLC 
                  ("Flowtech Fluidpower" the "Group" or "Company") 
 
                      Issue of Equity and Total Voting Rights 
 
 
   Flowtech Fluidpower plc (Symbol: AIM: FLO) announces that it has issued 
   335,546 ordinary shares of 50 pence each in the Company ("Consideration 
   Shares") in settlement of the deferred consideration for the minority 
   shareholding in Derek Lane & Co. Limited. 
 
   As detailed in the announcement dated 30 July 2019, the Company entered 
   agreement to purchase the minority shareholding of Derek Lane & Co. Limited 
   in 2019 for a total maximum consideration of GBP300,000. The majority 
   of this consideration was to become payable in 2020 as deferred consideration, 
   subject to certain performance conditions. Following satisfaction of these 
   conditions, the Company has reached agreement with the vendors to pay 
   the remaining GBP213,877 of the deferred consideration in Consideration 
   Shares. All Consideration Shares issued under the agreement are subject 
   to a 24 month orderly market arrangement from the date of the sale and 
   purchase agreement dated 29 July 2019. There is no further consideration 
   payable under this agreement. 
 
   The 335,546 new ordinary shares issued will rank pari passu with the Company's 
   existing ordinary shares and admission to trading on AIM is expected to 
   take place on or around 22 April 2020 ("Admission"). 
 
   Total Voting Rights 
 
   The total enlarged issued share capital of the Company following Admission 
   will be 61,492,673 ordinary shares. The Company does not hold any ordinary 
   shares in treasury. Therefore, the total number of ordinary shares in 
   the Company with voting rights will be 61,492,673. This figure may be 
   used by shareholders as the denominator for the calculations by which 
   they will determine if they are required to notify their interest in, 
   or a change to their interest in, the share capital of the Company under 
   the Disclosure and Transparency Rules of the UK Financial Conduct Authority. 
 
 
 Enquiries to: 
  Flowtech Fluidpower plc 
  Malcolm Diamond MBE, Non-Executive Chairman 
  Bryce Brooks, Chief Executive Officer 
  Russell Cash, Chief Financial Officer 
  Tel: +44 (0) 1695 52796 
  Email info@flowtechfluidpower.com 
 
  Zeus Capital Limited (Nominated Adviser and Broker) 
  Andrew Jones, Kieran Russell (corporate finance) 
  Dominic King, John Goold (sales & broking) 
  Tel: +44 (0) 161 831 1512 
 
  finnCap Limited (Joint Broker) 
  Ed Frisby, Kate Bannatyne (Corporate Finance) 
  Rhys Williams, Andrew Burdis (Sales & Broking) 
  Tel: + 44 (0) 20 7220 0500 
 
  TooleyStreet Communications (IR and media relations) 
  Fiona Tooley 
  Tel: +44 (0) 7785 703523 or email : fiona@tooleystreet.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCGPUQCCUPUGGQ

(END) Dow Jones Newswires

April 16, 2020 07:48 ET (11:48 GMT)

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