Flowtech Fluidpower plc to purchase minority shareholding of Derek Lane & Co. Limited

Flowtech Fluidpower Plc

Flowtech Fluidpower plc (LON: FLO) announced today that on 29 July 2019 it issued 28,760 ordinary shares of 50 pence each in the Company in part settlement of the initial consideration for the minority shareholding in Derek Lane & Co. Limited.

The Company has entered agreement to purchase the minority shareholding of Derek Lane & Co. Limited for a total maximum consideration of £300,000, including initial consideration of £38,250 in Consideration Shares and £38,250 in cash. The remaining consideration is deferred and is subject to performance criteria. The Deferred Consideration will become payable in 2020.

The 28,760 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 2 August 2019.

Total Voting Rights (TVR)

The total enlarged issued share capital of the Company following Admission will be 61,157,127 ordinary shares. Flowtech Fluidpower plc does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares in the Company with voting rights will be 61,157,127. 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.

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