31 August 2005
Update Xirion N.V. Acquisition and Results of the EGM
Further to the announcement of July 15th 2005, Low & Bonar PLC today announces that its subsidiary Bonar Technical Fabrics N.V. has completed the acquisition of Xirion N.V.
The Company also announces that the five resolutions proposed to ordinary shareholders at today's extraordinary general meeting and as detailed in the announcement and circular to shareholders dated 5th August 2005 were duly passed.
Those resolutions duly passed at today's extraordinary meeting approve: (i) the proposed disposal of the Company's Bonar Plastics Division; (ii) the proposed reduction of share capital and cancellation of share premium account of the Company (two resolutions); (iii) an amendment to the Low & Bonar 2003 Long-Term Incentive Plan to effect the revised remuneration policy of the Company's senior executive team; and (iv) for certain amendments to the borrowing powers provisions of its articles of association.
END
View the final Proxy voting analysis (in PDF format).