18th Aug 2008 12:38
FOR IMMEDIATE RELEASE
18 August 2008
Low & Bonar PLC
RESULT OF GENERAL MEETING
The Board of Low & Bonar PLC (the "Company") announces that at the General Meeting of the Company held earlier today, the ordinary resolution (the "Resolution") proposed to approve the disposal of Bonar Floors, the Company's contract flooring business (the "Disposal"), was duly passed by Shareholders.
Duncan Clegg, Chairman of the Company, said following the General Meeting:
"I am delighted that our shareholders have voted to approve the Disposal of Bonar Floors to Forbo Holding AG.
"The Disposal will help concentrate our efforts on the long-term strategic objective of creating a leading global technical textiles business and significantly strengthen our balance sheet."
The Disposal is now only conditional upon fulfilment (or, where permitted, waiver) of the following conditions: (i) German merger clearance; (ii) consultation, in accordance with Dutch law, with the Dutch works council of Bonar Floors N.V.; (iii) the Company and the Purchaser entering into a French Disposal Agreement; and (iv) Pensions Regulator clearance not having been withdrawn. Subject to fulfilment (or, where permitted, waiver) of these remaining conditions, Completion is expected to take place on or before 31 October 2008.
The proxy figures for the Resolution passed at the General Meeting will be displayed shortly on the Company's corporate website: www.lowandbonar.com.
A copy of the Resolution will be submitted to the Financial Services Authority. Copies of the Resolution and the circular posted to Shareholders in relation to the Disposal will be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, telephone 020 7066 1000.
Enquiries
|
Paul Forman Kevin Higginson
|
Low & Bonar PLC |
020 7535 3180 |
This announcement has been issued by, and is the sole responsibility of, the Company. Unless the context otherwise requires, terms defined in the Company's announcement dated 28 July 2008 have the same meaning where used in this announcement.
Related Shares:
LWB.L