LONDON - Pressure Technologies plc (AIM:PRES), a specialist engineering group, announced the successful passage of all resolutions at its Annual General Meeting held today, including the notable approval to change the company’s name to Chesterfield Special Cylinders Holdings plc.
The company, which will adopt the new ticker ’CSC’, confirmed that the name change is slated to take effect from March 21, 2025. Shareholders voted overwhelmingly in favor of the rebranding, with 98.5% approving the special resolution. The ISIN and SEDOL numbers for the company will remain the same, and current share certificates will continue to be valid.
In addition to the name change, the meeting saw the reappointment of several directors, with most receiving over 96% support. However, the authority to allot shares, as set out in Resolution 10, faced significant opposition with 29.8% votes against. The board has acknowledged the dissent and plans to engage with shareholders to understand their concerns.
The AGM results detailed the reappointment of Nick Salmon, Chris Walters, Mike Butterworth, Tim Cooper, and Richard Staveley as directors, as well as the reappointment of Cooper Parry as auditors. The Directors’ Remuneration Report was also approved with 98.4% in favor.
Furthermore, the authorization for the company to purchase its own shares was passed as a special resolution, with 98.5% of the votes supporting it.
Engagement with shareholders is a priority for the board following the AGM, particularly to address the substantial minority that voted against the share allotment authorization. The board is committed to understanding the underlying reasons for this opposition.
The information in this article is based on a press release statement from Pressure Technologies plc.
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