Issue of Equity, Director's Shareholding & TVR

RNS Number : 3808L

Pressure Technologies PLC

03 September 2012

 

3 September 2012

Pressure Technologies plc

Issue of Equity, Director's Shareholding and Total Voting Rights

Issue of Equity

Pressure Technologies plc ("the Company") announces that on 3 September 2012 it issued 6,655 new ordinary shares of 5p each in the Company, following an exercise of options by James Lister, Finance Director and one other employee of the Company. The options were exercised at a price of 150p per share.

The new ordinary shares will rank pari passu with existing ordinary shares in the Company and application has been made for these new ordinary shares to be admitted to trading on AIM, which is expected to occur on or around 7 September 2012.

Director's Shareholding

Of the total 6,655 options that were exercised as described above, 6,050 were exercised by James Lister, Finance Director. Following this acquisition of shares Mr Lister is now interested in a total of 9,800 ordinary shares in the Company, which represents approximately 0.086% of the issued share capital of the Company. 

Total Voting Rights

As a consequence of the exercise of share options as detailed above, the Company's issued capital now comprises 11,356,199 ordinary shares of 5p each. There are no ordinary shares held in Treasury. Therefore the total number of voting rights in Pressure Technologies plc is now 11,356,199.

The above figure of 11,356,199 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 in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

For further information, please contact:

Pressure Technologies plc

Tel: [phone]

John Hayward, Chief Executive  

James Lister, Group Finance Director

www.pressuretechnologies.co.uk

Fairfax I.S. PLC

Tel: [phone]

Nominated Adviser and Broker

Ewan Leggat/Laura Littley

Tavistock Communications

Tel: [phone]

Catriona Valentine/Keeley Clarke

Company description:

Pressure Technologies is an AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The Group is organised into three divisions: Cylinders, Engineered Products and Alternative Energy.

Cylinders: Chesterfield Special Cylinders Limited ("CSC") designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business is conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.

Engineered Products: This division comprises Al-Met Limited ("Al-Met") and the Hydratron group of companies ("Hydratron").

Al-Met is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, which was acquired by Pressure Technologies in February 2010. Its products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, which was established in 1985, has developed a leading edge capability in precision machining carbides, high grade stainless steels and super alloys.

Hydratron, acquired in October 2010, designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. Hydratron has sales and manufacturing companies in Altrincham, UK, and Houston, USA and a spread of third party distributors in key locations around the world. Formed in 1981, Hydratron has since established itself as a leading supplier of quality high pressure equipment to the oil and gas industries. The full range of Hydratron products may be viewed at www.hydratron.co.uk.

Alternative Energy: Chesterfield BioGas Limited was formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading. This gives Pressure Technologies exclusive rights to market and manufacture Greenlane® equipment in the UK and Eire. Chesterfield BioGas provides turnkey solutions for the cleaning, storage and dispensing of biomethane for injection into the gas grid or use as a vehicle fuel.

 

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