Last checked at 21 Mar 2024 12:10
21 March 2024
Pressure Technologies plc
("Pressure Technologies" or "the Company")
Results of 2024 Annual General Meeting
Pressure Technologies plc (AIM: PRES), the specialist engineering group, announces the voting results of its 2024 annual general meeting (the "AGM") held today.
Resolutions 1-12 were proposed by the Board and all were duly passed.
Resolution 13 was proposed by the Board as a special resolution, requiring a 75% majority of votes cast to pass. This resolution received votes in favour equating to 66.34% of those cast and so was not passed. The Board notes this vote against Resolution 13 and will engage with shareholders to understand their views.
The total votes were cast as follows:
Resolution | For | % | Against | % | Withheld** | |
1 | To receive and adopt the FY23 audited Annual Report & Financial Statements | 24,236,812 | 99.98 | 6,000 | 0.02 | 11,144 |
2 | To approve the Directors' Remuneration Report in the FY23 Annual Report & Financial Statements | 17,730,648 | 99.90 | 18,314 | 0.10 | 6,504,964 |
3 | To re-appoint Nick Salmon as a Director | 17,736,515 | 99.90 | 17,114 | 0.10 | 6,500,297 |
4 | To re-appoint Chris Walters as a Director | 24,236,515 | 99.93 | 17,114 | 0.07 | 297 |
5 | To re-appoint Steve Hammell as a Director | 24,236,515 | 99.93 | 17,114 | 0.07 | 297 |
6 | To re-appoint Mike Butterworth as a Director | 17,736,315 | 99.90 | 17,314 | 0.10 | 6,500,297 |
7 | To re-appoint Tim Cooper as a Director | 17,736,515 | 99.90 | 17,114 | 0.10 | 6,500,297 |
8 | To re-appoint Richard Staveley as a Director | 24,231,551 | 99.91 | 22,078 | 0.09 | 297 |
9 | To re-appoint Cooper Parry as Auditor | 24,231,312 | 99.95 | 11,500 | 0.05 | 11,144 |
10 | To authorise the Audit & Risk Committee to set the Auditor's remuneration | 24,231,015 | 99.91 | 22,614 | 0.09 | 297 |
11 | To authorise the Directors to allot shares | 16,327,509 | 67.32 | 7,926,417 | 32.68 | 0 |
12 | To authorise the Company to purchase its own shares* | 22,886,823 | 94.36 | 1,367,103 | 5.64 | 0 |
13 | To disapply pre-emption rights* | 16,089,797 | 66.34 | 8,164,129 | 33.66 | 0 |
* Special Resolution
** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' and 'Against' any of the resolutions.
Notes
1. Any proxy appointments, which gave discretion to the Chair, have been included in the 'for' votes total.
2. At the date of the notice of the AGM the total number of shares in issue was 38,667,163.
For further information, please contact:
Pressure Technologies plc Chris Walters, Chief Executive Steve Hammell, Chief Financial Officer | Tel: 0333 015 0710 company.secretary@pressuretechnologies.co.uk |
Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai | Tel: 0207 496 3000 |
COMPANY DESCRIPTION
www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial and hydrogen energy markets.
The Group has two divisions:
· Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
· Precision Machined Components (PMC) - www.pt-pmc.com
o Includes the Al-Met, Roota Engineering and Martract sites.