Elektron Technology PLC Elektron Technology UK Limited

TIDMEKT

RNS Number : 0791L

Elektron Technology PLC

03 September 2019

Elektron Technology plc

Elektron Technology UK Limited - Disposal update

The board is pleased to announce that at the General Meeting of the Company held on 3 September 2019 all the resolutions were passed. The voting figures taken on a poll were as follows:

 
            Resolutions                                        Votes        Votes      % 
                                                                In favour    against    in favour 
      1. To approve the sale of Bulgin                         113.8m       1.9m       98.35% 
                                                              -----------  ---------  ----------- 
            2. To approve certain payments to Keith Daley      100.7m       5.2m       95.05% 
                                                              -----------  ---------  ----------- 
            3. To approve the change of name of the company 
             to Checkit plc                                    116.7m       0.1m       99.95% 
                                                              -----------  ---------  -----------

In addition the Company has been informed that the sale of Bulgin to funds managed by Equistone Partners Europe has been approved by the Austrian competition authorities. This was the remaining condition to enable completion to take place on or around 24 September 2019 as set out in the circular to shareholders dated 31 July 2019.

Following the passing of the above resolutions, the Board is also announcing today that it intends to make an offer to shareholders to return approximately GBP81 million cash by allowing them to tender for repurchase by the Company two shares for every three shares owned at a price of 65p, subject to completion, receipt of funds, satisfactory tax advice and compliance with legal and regulatory requirements.

A further circular containing a further notice of a general meeting will be issued shortly after receipt of funds.

 
                                                  +44 (0) 1223 371 
 Elektron Technology plc                           000 
 www.elektron-technology.com 
 Keith Daley (Executive Chairman) 
  John Wilson (Chief Executive Officer) 
 Andrew Weatherstone (Chief Financial Officer 
  & Company Secretary) 
 
  N+1 Singer (Nominated Adviser & Broker) 
 Shaun Dobson (Corporate Finance)                 +44 (0) 20 7496 3000 
 Rachel Hayes (Corporate Broking) 
 Yellowstone Advisory 
 Alex Schlich                                    +44 (0) 7710 164 120

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Cautionary statement

This preliminary financial information has been prepared only for the shareholders of Elektron as a whole and its sole purpose and use is to assist shareholders to exercise their governance rights. Elektron and its Directors and employees are not responsible for any other purpose or use or to any other person in relation to this report.

The report contains indications of likely future developments and other forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and business segments in which the Group operates. Key risks and their mitigation have not changed materially in the period from those disclosed on pages 21 to 24 of the annual financial statements for the year ended 31 January 2018.

These and other factors could adversely affect the Group's results, strategy and prospects. Forward-looking statements involve risks, uncertainties and assumptions. They relate to events and/or depend on circumstances in the future which could cause actual results and outcomes to differ materially from those currently anticipated. No obligation is assumed to update any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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September 03, 2019 08:14 ET (12:14 GMT)

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