Flowtech Fluidpower plc (LON: FLO) announced today 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, £200,000 of which was to be settled and paid to one of the vendors of Hydraulics and Transmissions Limited in ordinary shares of 50 pence each in the Company, having settled all other consideration, including the remaining deferred consideration, in cash.
This consideration of £200,000 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.
Total Voting Rights
The total enlarged issued share capital of Flowtech Fluidpower PLC 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.