Flowtech Fluid. Regulatory News (FLO)

5 Jul 2006 18:16

Flomerics Group PLC05 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 ofapproximately €1.5 million (£1.0 million approximately) and the issue of7,558,033 new ordinary shares in the Company. A proportion of the initialconsideration will be retained in escrow pending the end of the warranty claimperiod under the terms of the acquisition agreement. Pursuant to the escrowarrangements 1,265,071 of the new ordinary shares will not be issued until theend of the warranty period and therefore 6,292,962 new ordinary shares will beissued at completion. In order for the acquisition of NIKA to be effected it was necessary to seek theapproval at a general meeting of Flomerics shareholders for an increase in theauthorised share capital of the Company and to increase the share capital thatthe Directors are authorised to allot (the "Resolutions"). At the extraordinary general meeting of the Company held earlier today theResolutions were duly passed by Flomerics shareholders. Application has been made to the London Stock Exchange for admission of the6,292,962 ordinary shares to be issued pursuant to the acquisition, to tradingon AIM. Admission is expected to become effective on 7 July 2006. For further information please contact: Flomerics Group 020 8487 3000Gary Carter, Chief ExecutiveChris Ogle, Finance Director & Company Secretary Conduit PR 020 7429 6666Laurence Read/ Angus Prentice 07979 955 923 This information is provided by RNS The company news service from the London Stock Exchange