20 Jun 2019 17:49
20 June 2019
Hydrodec Group plc
("Hydrodec", the "Company" or the "Group")
Result of AGM
Hydrodec Group plc (AIM: HYR), the clean-tech industrial oil re-refining group, announces that at its Annual General Meeting held earlier today, all resolutions were duly passed on a poll.
The voting results for the resolutions are included below:
Resolution | Votes For* | % of votes cast | Votes Against | % of votes cast | Total votes cast | % of issued share capital voted |
1. To receive the Report and Accounts for the year ended 31 December 2018 | 18,137,130 | 100.00 | Nil | 0.00 | 18,137,130 | 63.92 |
2. To re-elect Dame Mary Archer as a director of the Company | 17,972,718 | 99.09 | 164,448 | 0.91 | 18,137,166 | 63.92 |
3. To re-elect Andrew Black as a director of the Company | 18,135,596 | 99.996 | 808 | 0.004 | 18,136,404 | 63.92 |
4. To re-elect David Dinwoodie as a director of the Company | 18,135,420 | 99.99 | 984 | 0.01 | 18,136,404 | 63.92 |
5. To elect Christopher Ellis as a director of the Company | 18,135,120 | 99.99 | 1,284 | 0.01 | 18,136,404 | 63.92 |
6. To re-elect Lord Moynihan as a director of the Company | 18,135,595 | 99.99 | 1,571 | 0.01 | 18,137,166 | 63.92 |
7. To re-appoint KPMG LLP as auditors of the Company | 18,135,887 | 99.997 | 489 | 0.003 | 18,136,376 | 63.92 |
8. To authorise the Directors to determine the remuneration of the auditors | 18,136,968 | 99.999 | 200 | 0.001 | 18,137,168 | 63.92 |
9. To authorise the Directors to allot relevant securities under section 551 of the Companies Act 2006 | 17,972,447 | 99.09 | 164,719 | 0.91 | 18,137,166 | 63.92 |
10. To empower to a limited extent the Directors to allot shares as if section 561(1) of the Companies Act 2006 did not apply | 17,971,947 | 99.09 | 165,219 | 0.91 | 18,137,166 | 63.92 |
11. To authorise the Company to make market purchases of its own shares | 17,973,523 | 99.10 | 163,643 | 0.90 | 18,137,166 | 63.92 |
*Votes "For" include votes giving the Chairman discretion.
For further information please contact:
Hydrodec Group plc |
| hydrodec@vigocomms.com |
Lord Moynihan, Executive Chairman David Dinwoodie, Chief Executive Officer |
|
|
Arden Partners plc (Nominated Adviser and Broker) |
|
0207 614 5900 |
Corporate Finance: Ciaran Walsh, Maria Gomez De Olea Sales: Aimee Kerslake |
|
|
Vigo Communications (PR adviser to Hydrodec) |
|
020 7390 0230 |
Patrick d'Ancona Chris McMahon |
|
|
Notes to Editors:
Hydrodec Group plc is a clean-tech industrial oil re-refining group with operations in the USA.
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process principally targeted at the multi-billion US dollar market for transformer oil used by the world's electricity industry. MarketsandMarkets forecasts that the global transformer oil market is expected to grow from USD 1.98 billion in 2015 to USD 2.79 billion by 2020 at a CAGR of 7.14%.
Used transformer oil is processed with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs (polychlorinated biphenyls), a toxic additive banned under international regulations.
In 2016 Hydrodec received carbon credit approval from the American Carbon Registry ("ACR"), enabling its product to be sold with a carbon offset and creating an incremental revenue stream. The Group is now generating carbon offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. This is a highly distinctive feature for the Group, confirming (as far as the Board is aware) Hydrodec as the only oil re-refining business in the world to receive carbon credits for its output. This is a significant endorsement of the Company's proprietary technology and standing as a leader in its field.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.