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 | renold@investor-focus.co.uk |
| 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
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