AGM, Trading Update and Result of General Meeting
24 June 2010
Petards, the AIM quoted developer of advanced security and surveillance systems, announces that all resolutions at its AGM, and Resolution 2 proposed at the General Meeting held today, were duly passed.| However, Resolutions 1 and 3 proposed at the General Meeting in relation to the Capital Reorganisation and the disapplication of statutory pre-emption rights pursuant to s570 of the Companies Act 2006 were not passed as the Company's major shareholder, Water Hall Group plc, voted against them. As a result the Capital Reorganisation, details of which were set out in a circular to shareholders dated 19 May 2010, will not be proceeding.
The Board intends to explore the reasons why Resolutions 1 and 3 proposed at the General Meeting did not receive the support of Water Hall Group plc at this time.
At the Annual General Meeting the following statement on trading was made by Petards Chairman, Tim Wightman:
"While the current economic conditions are challenging for all companies, our overall pipeline of sales opportunities remains robust. Although current revenues are being affected, margins are better than anticipated. As in previous years revenues are expected to be weighted towards the second half of the year. Despite the uncertainty relating to the outcome of the UK government's public spending review the anticipated results for 2010 remain in line with the Board's expectations."
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