Result of AGM and Total Voting Rights (TVR)

ANNUAL GENERAL MEETING - RESULTS OF VOTING

Flowtech Fluidpower plc ('the Company') held its Annual General Meeting (AGM) on 10 June 2020, and in line with current Covid-19 UK Government guidance on public gatherings.

Yesterday, the Company released an AGM statement via the Regulatory News Service (RNS: 4590P).  This can also be read via this link https://www.londonstockexchange.com/news-article/FLO/agm-statement/14571581.

The AGM, with the minimum necessary quorum of two shareholders attending in person was functional and comprised only of the formal votes for each resolution.  Shareholders were able to submit any questions regarding the business prior to the Meeting via the website as stated in the formal Notice, however, none were received.

Except for Resolutions 9 and 16, all resolutions as previously set out in the Notice of AGM dated 18 May 2020, were duly passed on a show of hands.  

A poll was conducted in respect of Resolutions 9 and 16 at the AGM.  The results of the poll were such that Resolutions 9 and 16 were not approved by shareholders.

The table below shows the proxy position of all Resolutions as at the close of books on 08 June 2020 at 10am.  Resolutions 9 and 16 are shown based on the poll conducted at the AGM.

Notes:

1.     The 'for' vote includes those giving discretion to the Chairman. 

2.     A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.  

3.     Ordinary shareholders are entitled to one vote per share held.

4.     Number of shareholders in attendance: 2

5.     The Annual Report and Financial Statements for the period ended 31 December 2019, together with the Notice of AGM, are available to view on the Company's website www.flowtechfluidpowerplc.com.  In addition, this announcement is available on the Company's investor website within: https://www.flowtechfluidpower.com/investors/regulatory-news

The Company recognises that a significant proportion of the votes were cast against Resolutions 9, 10, 13, 14 and 16, with Resolutions 9 and 16 not being approved by shareholders by way of a poll vote.  The Board takes seriously its responsibilities to maintain a healthy dialogue with shareholders and has already engaged with several of them to better understand their concerns.  We will continue to listen to their views and will publish an update on our website in a timely fashion.

TOTAL VOTING RIGHTS (TVR)

For the purposes of the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, at today's date, 11 June 2020, there were 61,492,673 Flowtech Fluidpower plc ordinary shares of 50p each in issue.  The Company does not hold any Ordinary Shares in Treasury.  Therefore, the total number of Ordinary Shares carrying voting rights in the Company is 61,492,673.  Shareholders may use this figure 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 Company, under the FCA's Disclosure and Transparency Rules.

CONFIRMED BOARD CHANGES

The Company confirms that as set out in the RNS announcement dated 12 May 2020, the following Board changes have now become effective.  Bill Wilson stepped down as Director of the Company at the conclusion of the AGM and Roger McDowell has joined the Board as Independent Director.