Pressure Technologies plc
("Pressure Technologies" or the "Group")
Result of General Meeting
Director Dealing
Pressure Technologies plc, (AIM: PRES), the specialist engineering group, announces that, at its General Meeting held earlier today in connection with the proposed Fundraising to raise gross proceeds of £2.28 million, all resolutions were duly passed.
The proxy voting results for the resolutions are included below:
| Resolution | Votes For* | % of votes cast | Votes Against | % of votes cast | Total votes cast | % of issued share capital voted |
| 1. To grant authority to directors to allot the New Ordinary Shares pursuant to the Fundraising | 17,588,420
| 97.55% | 442,250
| 2.45% | 18,030,670 | 58.04% |
| 2. To disapply pre-emption rights in relation to the New Ordinary Shares | 17,588,220
| 97.55% | 442,450 | 2.45% | 18,030,670 | 58.04% |
*Votes "For" include votes giving the Chairman discretion
Director/PDMR Dealings
Further to the announcement on 15 November 2022, the Company also confirms the participation of the following Directors in the Placing, as follows:
| Director | Number of Existing Ordinary Shares | Number of Placing Shares subscribed for in the Placing | Number of Ordinary Shares held on Admission | Percentage of Enlarged Share Capital on Admission |
| Nicholas Salmon (Chair) | - | 100,000 | 100,000 | 0.26% |
| Chris Walters (Chief Executive) | 84,667 | 33,333 | 118,000 | 0.31% |
| Tim Cooper (Non-Executive Director) | 11,666 | 33,333 | 44,999 | 0.12% |
| Mike Butterworth (Non-Executive Director) | 80,800 | 33,333 | 114,133 | 0.30% |
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for admission of 7,600,000 New Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 6 December 2022.
Following Admission, the Company's issued and fully paid share capital will consist of 38,667,163 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 38,667,163. With effect from Admission, this 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, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Capitalised terms used in this announcement shall bear the same meaning ascribed to such terms in the Company's announcement on 15 November 2022 to announce the launch of the Fundraising.
For further information, please contact:
| Pressure Technologies plc Chris Walters, Chief Executive James Locking, Chief Financial Officer | Tel: 0330 015 0710 |
| Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai | Tel: 0207 496 3000 |
| Houston (Financial PR and Investor Relations) Kay Larsen / Ben Robinson | Tel: 0204 529 0549 |
COMPANY DESCRIPTION
https://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 and Precision Machined Components.
Chesterfield Special Cylinders (CSC) - https://www.chesterfieldcylinders.com/
● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH.
Precision Machined Components (PMC) - www.pt-pmc.com
● Precision Machined Components includes the Al-Met, Roota Engineering and Martract sites.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
| a) | Name | 1. Nicholas Salmon 2. Chris Walters 3. Tim Cooper 4. Mike Butterworth | ||||||
| 2 | Reason for the notification | |||||||
| a) | Position/status | 1. PDMR (Chair) 2. PDMR (Chief Executive) 3. PDMR (Non-Executive Director) 4. PDMR (Non-Executive Director) | ||||||
| b)
| Initial notification /Amendment | Initial notifications | ||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name | Pressure Technologies plc | ||||||
| b) | LEI | 213800PTKN1VDP2DIN05 | ||||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
| a)
| Description of the financial instrument, type of instrument Identification code | New ordinary shares of 5p each GB00B1XFKR57 | ||||||
| b) | Nature of the transaction | Acquisition of new ordinary shares in the placing
| ||||||
| c) | Price(s) and volume(s) |
| ||||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
| e) | Date of the transaction | 2 December 2022 | ||||||
| f) | Place of the transaction | Outside a trading venue | ||||||
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