Flowtech Fluidpower PLC Deferred Consideration and Total Voting Rights (1829Z)

TIDMFLO

RNS Number : 1829Z

Flowtech Fluidpower PLC

16 May 2019

 
 NEWS RELEASE 
 
  Issued on behalf of Flowtech 
  Fluidpower plc 
  Thursday,16 May 2019 
 
 
 
               FLOWTECH FLUIDPOWER PLC 
   ("Flowtech Fluidpower" the "Group" or "Company") 
 
                Deferred Consideration 
                         and 
                 Total Voting Rights 
 
 
 Deferred Consideration Paid in Shares 
  Flowtech Fluidpower plc (Symbol: AIM: FLO) announces that, in relation 
  to the acquisition of Hydraulics and Transmissions Limited in January 
  2017, the Company has signed an agreement to settle deferred consideration 
  owed to the vendors, GBP200,000 of which was to be settled and paid to 
  one of the vendors (the "Vendor") of Hydraulics and Transmissions Limited 
  in ordinary shares of 50 pence each in the Company ("Ordinary Shares"), 
  having settled all other consideration, including the remaining deferred 
  consideration, in cash. 
 
  This consideration of GBP200,000 owed to the Vendor will be settled through 
  the issue of 157,981 Ordinary Shares in the Company at a price of 126.60 
  pence per share. This price was calculated using a 5% discount to the 
  average closing share price of the five days ended 30 April 2019, which 
  was the date at which the agreement in principle was reached. 
 
  The 157,981 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 21 May 2019 ("Admission"). 
 
  Total Voting Rights 
  The total enlarged issued share capital of the Company following Admission 
  will be 61,078,367 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 61,078,367. 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 
   Russell Cash, Chief Financial Officer & Company Secretary 
   Tel: [phone] 
 
   Zeus Capital Limited (Nominated Adviser and Broker) 
   Andrew Jones, Alistair Donnelly (corporate finance) 
   Dominic King, John Goold (sales & broking) 
   Tel: [phone] 
 
   finnCap Limited (Joint Broker) 
   Ed Frisby, Kate Bannatyne (corporate finance) 
   Rhys Williams, Andrew Burdis (sales & broking) 
   Tel: [phone] 
 
   TooleyStreet Communications (IR and media relations) 
   Fiona Tooley 
   Tel: [phone] or email: [e-mail] 
 

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May 16, 2019 02:00 ET (06:00 GMT)