Issue of Equity

RNS Number : 3954H

Pressure Technologies PLC

19 May 2014

 



                                19 May 2014

Pressure Technologies plc

Exercise of Options / Issue of Equity

Pressure Technologies plc ("the Company") announces that on 14 May 2014 it issued and allotted 2,136 new ordinary shares of 5p each in the Company, following an exercise of options pursuant to the Company's SAYE scheme. The options were exercised at a price of 150 pence 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 22 May 2014.

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of ordinary shares of 5 pence of Pressure Technologies in issue at the date of this notice is 14,268,733.

The above 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 Pressure Technologies, under the Disclosure and Transparency Rules.

For further information please contact:

Enquiries:

Pressure Technologies plc John Hayward, Chief Executive James Lister, Group Finance Director	Tel:  [phone] www.pressuretechnologies.co.uk
Tavistock Communications Catriona Valentine / Keeley Clarke	Tel:  [phone] www.tavistock.co.uk
Charles Stanley Securities (Nomad and Broker) Philip Davies / Carl Holmes	Tel: [phone]

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

The division is comprised of a wholly owned subsidiary, Chesterfield Special Cylinders, and a strategic investment in Kelley GTM.

Chesterfield Special Cylinders is a global market leader in the design and manufacture of speciality high pressure, seamless steel gas cylinders for the offshore oil and gas, defence, industrial gases and alternative energy markets and retesting and refurbishment services.

The company has unparalleled industry knowledge, gathered over the last 100 years' trading. As a trusted supplier with unrivalled expertise, Chesterfield Special Cylinders plays an integral role in the project design and engineering process, working closely with its customers on design solutions for high pressure systems.

The core activity of Chesterfield Special Cylinders is the design and manufacture of Air Pressure Vessel systems for oil rig motion compensation systems and deepwater offshore platforms. This is closely followed in importance by activity in the naval market. Chesterfield Special Cylinders provides cylinders for a wide range of applications in submarines and surface ships to a significant proportion of the world's navies.

The company's product and process knowledge has led, in recent years, to an expansion from manufacturing into value added services, making full use of expertise in the business. Chesterfield Special Cylinders has developed a number of service offerings for the inspection and revalidation of cylinders including a novel "in-situ" testing service, which is driven by a new BSI standard for the inspection of hard to reach/impossible to move gas tubes.  Chesterfield Special Cylinders is the only company capable of delivering this strict new testing regime worldwide.

More information is available on the company's website www.chesterfieldcylinders.co.uk.

Kelley GTM is a leading manufacturer of composite pressure vessels for high pressure gas transport solutions based in Amarillo, Texas. Founded in 2008, Kelley GTM is part of the Kelley Family of Companies in Texas, a group that has led the speciality gas transportation industry in the United States and globally for over 60 years.  The company's expertise lies in the production of light-weight composite cylinders and the strategy is to develop and expand Kelley GTM's product range for use in the United States and subsequently further afield. Pressure Technologies holds a 40 per cent stake in Kelley GTM with an option to acquire a further 40 per cent. stake in Kelley GTM in 2015.

More information is available on the company's website www.gogtm.com.

Engineered Products

This division is comprised of Al-Met Limited ("Al-Met"), Roota Engineering Limited ("Roota") 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, acquired by Pressure Technologies plc in 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 has developed a market leading capability in precision machining carbides, high grade stainless steels and super alloys.

More information is available on the company's website www.almet.co.uk.

Roota Engineering Limited is a specialist in subcontract machining and was acquired by Pressure Technologies plc in March 2014. It produces a range of high precision machined parts for the oil and gas market and specialises in working with difficult materials and exotic alloys including Inconel and Monel, Toughmet and Beryllium copper, along with a wide range of high strength Carbon steels.

More information is available on the company's website www.roota.co.uk.

Hydratron designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. The business, which was acquired in 2010, operates out of two locations situated in the UK and USA. Hydratron also has an extensive network of distributors in key locations around the world. Hydratron has established itself as a leading supplier of quality high pressure equipment to the oil and gas industries.

More information is available on the company's website www.hydratron.co.uk.

Alternative Energy:

Chesterfield BioGas Limited was founded in November 2008, following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading, which gives Pressure Technologies exclusive rights in perpetuity 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. In 2010, Chesterfield BioGas installed the UK's first biogas upgrader supplying biomethane to the national gas grid at a Thames Water site in Didcot and has since continued to play a leading role in the development of the gas to grid market.

For more information visit the company's website www.chesterfieldbiogas.co.uk.

 

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