24 Mar 2022 15:45
24 March 2022
The 600 Group PLC
("600 Group" or "the Group")
Result of General Meeting
On 7 March 2022, 600 Group, the diversified industrial engineering company (AIM: SIXH), announced that it and certain other Group companies had entered into a conditional sale and purchase agreement with Timesavers Acquisition, LLC (the "Buyer") relating to the disposal of the entire issued share capital of each of 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial, Inc, which together comprise the Group's Machine Tool Solutions Division (the "Disposal"), for total cash consideration of US$21 million (subject to adjustment).
The Group announces that at a General Meeting held today at 3pm at the offices of Pinsent Masons LLP, 1 Park Row, Leeds, LS1 5AB, the resolution contained in the notice of the General Meeting set out in the circular dated 8 March 2021 (the "Circular"), was passed by shareholders of the Company by way of a poll.
Full details of votes cast are set out below:
FOR | AGAINST | WITHHELD | ||
Number of shares | Percentage (%) | Number of shares | Percentage (%) | Number of shares |
36,759,020 | 99.64 | 131,780 | 0.36 | 405,579 |
A copy of the Resolution passed at the General Meeting is available for inspection on the 600 Group website at: www.600group.com/investor_relations.
The Disposal remains subject to fulfilment of certain conditions including, inter alia, the Buyer obtaining all of the requisite financing and consents in order to consummate the transaction and to operate the business, the issue of a customary representations and warranty insurance policy, there being no claims, proceedings, investigations or inquiries pending or threatened before any court or governmental body in connection with the Disposal and there being no material adverse effect on the financial condition, or results of operations of, the Target Companies or the ability of the Target Companies or any of the Sellers to perform their obligations or complete the Disposal.
A further update on the satisfaction of the remaining conditions and completion of the Disposal will be provided in due course.
Capitalised terms used but not defined in this announcement have the same meaning as defined in the Circular.
ENDS
Enquiries:
The 600 Group PLC Paul Dupee, Executive Chairman
| Tel: +1-407-818-1123 |
Instinctif Partners Tim McCall
| Tel: 0207 457 2020 |
Cenkos Securities plc (Nominated Adviser and Broker) Ben Jeynes / Max Gould (Corporate Finance) Alex Pollen / Henry Nicol (Sales)
| Tel: 020 7397 8900 |
About The 600 Group PLC
The 600 Group PLC is a distributor, designer and manufacturer of industrial products with three principle areas of activities:
Machine Tools
The business has a strong reputation in the market for metal turning machines. Products range from small conventional machines for education markets, CNC workshop machines and CNC production machines. Selected outsourcing partners support the manufacturing of these machines and they are marketed through the Group's wholly owned international sales organisation and a global distribution network.
Precision Engineered Components
Machine spares are distributed to customers globally to help maintain the installed base of group machines which number in excess of 100,000. Additionally, work holding products are sold via specialist distributors to OEMs, including other machine builders.
Industrial Laser Systems
Industrial laser systems cover laser marking and processing including cutting, drilling, ablation and a host of other niche applications in the marking and micro machining sectors. They require no consumables and can operate on a continuous high speed basis and can be integrated into customers' production lines. The businesses have their own technology and proprietary software. Customer applications are diverse and range from aerospace to medical and pharmaceuticals. The requirement for increased product and component traceability is one of the market drivers.
More information on the Group can be viewed at: www.600group.com