Results of 2024 Annual General Meeting

Pressure Technologies PLC

21 March 2024

 

21 March 2024

Pressure Technologies plc

("Pressure Technologies" or "the Company")

Results of 2024 Annual General Meeting

Pressure Technologies plc (AIM: PRES), the specialist engineering group, announces the voting results of its 2024 annual general meeting (the "AGM") held today.

Resolutions 1-12 were proposed by the Board and all were duly passed.

Resolution 13 was proposed by the Board as a special resolution, requiring a 75% majority of votes cast to pass. This resolution received votes in favour equating to 66.34% of those cast and so was not passed. The Board notes this vote against Resolution 13 and will engage with shareholders to understand their views.

The total votes were cast as follows:

Resolution		For	%	Against	%	Withheld**
1	To receive and adopt the FY23 audited Annual Report & Financial Statements	24,236,812	99.98	6,000	0.02	11,144
2	To approve the Directors' Remuneration Report in the FY23 Annual Report & Financial Statements	17,730,648	99.90	18,314	0.10	6,504,964
3	To re-appoint Nick Salmon as a Director	17,736,515	99.90	17,114	0.10	6,500,297
4	To re-appoint Chris Walters as a Director	24,236,515	99.93	17,114	0.07	297
5	To re-appoint Steve Hammell as a Director	24,236,515	99.93	17,114	0.07	297
6	To re-appoint Mike Butterworth as a Director	17,736,315	99.90	17,314	0.10	6,500,297
7	To re-appoint Tim Cooper as a Director	17,736,515	99.90	17,114	0.10	6,500,297
8	To re-appoint Richard Staveley as a Director	24,231,551	99.91	22,078	0.09	297
9	To re-appoint Cooper Parry as Auditor	24,231,312	99.95	11,500	0.05	11,144
10	To authorise the Audit & Risk Committee to set the Auditor's remuneration	24,231,015	99.91	22,614	0.09	297
11	To authorise the Directors to allot shares	16,327,509	67.32	7,926,417	32.68	0
12	To authorise the Company to purchase its own shares*	22,886,823	94.36	1,367,103	5.64	0
13	To disapply pre-emption rights*	16,089,797	66.34	8,164,129	33.66	0

* Special Resolution

** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' and 'Against' any of the resolutions.

Notes

1.    Any proxy appointments, which gave discretion to the Chair, have been included in the 'for' votes total.

2.    At the date of the notice of the AGM the total number of shares in issue was 38,667,163.

For further information, please contact:

Pressure Technologies plc   Chris Walters, Chief Executive   Steve Hammell, Chief Financial Officer	Tel: [phone] [e-mail]
Singer Capital Markets (Nomad and Broker)   Rick Thompson / Asha Chotai	Tel: [phone]

COMPANY DESCRIPTION

www.pressuretechnologies.com

With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial and hydrogen energy markets.

The Group has two divisions:

·    Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com 

·    Precision Machined Components (PMC) - www.pt-pmc.com

o  Includes the Al-Met, Roota Engineering and Martract sites.

 

END