Results of General Meeting

RNS Number : 6525V

Renold PLC

15 April 2021

 

For immediate release
15 April 2021

Renold Plc
("Renold" or the "Company")

Results of General Meeting

Renold, a leading international supplier of industrial chains and related power transmission products, announces that the resolutions seeking approval from Shareholders for the proposed cancellation of the entire amount of the Company's share premium account and capital redemption reserve (the "Reduction of Capital") and the proposed amendments to its Articles of Association, were passed at the General Meeting held earlier today.

The Reduction of Capital, as described in the circular sent to shareholders on 29 March 2021 (the "Circular") and which is available at the Company's website (investors.renold.com), remains subject to the High Court's approval and an application will be made to the Court in this regard.

Timetable of Principal Events

Expected Court Hearing to confirm Reduction of Capital	18 May 2021
Expected registration of Court Order and effective date of Reduction of Capital	on or about 22 May 2021

Further announcement will be issued in due course as appropriate.

General Meeting Voting Results

The General Meeting voting was undertaken by way of a poll.  The poll results are set out below and will also be available on the Company's website later today:

	Resolution	For	%	Against	%	Total cast	% of ISC voted*	Votes withheld**
1.	That the entire amount standing to the credit of the share premium account of the Company be cancelled.	132,775,502	99.91	124,982	0.09	132,900,484	58.96	115,053
2.	That the entire amount standing to the credit of the capital redemption reserve of the Company be cancelled.	132,751,259	99.89	149,225	0.11	132,900,484	58.96	115,053
3.	That the Articles of Association of the Company be amended.	126,970,995	95.53	5,936,617	4.47	132,907,612	58.96	107,925

*The total number of voting shares in issue ("ISC") as at 14 April 2021 was 225,417,740 ordinary shares of 5p each.

**A vote withheld is not counted as a vote in law and therefore is not counted in the % of votes "for" or "against" a resolution.

Terms used in this announcement have the same meaning given to them in the Circular.

ENQUIRIES:

Renold plc	0161 498 4500
Robert Purcell, Chief Executive
Jim Haughey, Group Finance Director
Peel Hunt LLP	020 7418 8900
Mike Bell
Ed Allsopp
IFC Advisory Limited	020 3934 6630
Tim Metcalfe	[e-mail]
Graham Herring

NOTES FOR EDITORS

Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well-deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.

Further information about Renold can be found on the website at:  www.renold.com

 

END

 

 

ROMBLGDSUDBDGBU