Issue of Equity

RNS Number : 8493F

Flowtech Fluidpower PLC

22 May 2017

 

22 May 2017

Flowtech Fluidpower plc

("Flowtech", the "Group" or the "Company")

Issue of Equity and Total Voting Rights

Flowtech (AIM: FLO), the specialist technical fluid power products supplier, today announces that an application has been made to the London Stock Exchange for admission of securities in respect of 250,401 ordinary shares of £0.50 each ("New Ordinary Shares") to be admitted to trading on AIM.

These New Ordinary Shares have been issued in order to satisfy the requirement to allot shares under the Enterprise Management Incentive Plan. It is expected that admission will become effective on 23 May 2017.

New Ordinary Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Following Admission, the total number of ordinary shares and voting rights in the Company will be 51,662,016. The Company does not hold any shares in treasury.

The above figure may be used by shareholders in the Company 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 FCA's Disclosure and Transparency Rules.

For further information please visit www.flowtechfluidpower.com or contact:

Flowtech Fluidpower plc Sean Fennon, CEO Bryce Brooks, CFO	[phone]
Zeus Capital (Nominated Adviser & Joint Broker) Andrew Jones / Jonathan Sharp (Corporate Finance) Dominic King (Broking)	[phone]
finnCap (Joint Broker) Ed Frisby / Kate Bannatyne (Corporate Finance) Rhys Williams / Emily Morris (Sales and Broking)	[phone]
Media enquiries: TooleyStreet Communications Fiona Tooley	[phone]

About Flowtech Fluidpower plc:

Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products. The Group has three divisions: Flowtechnology, Power Motion Control and Process. All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.

The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO). The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function. The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors.

The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Shropshire and Yorkshire; Process operates from the West Midlands. In total the business employs over 300 people.

 

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