Industrial yarns supplier Low & Bonar PLC announces the 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.
London based Low & Bonar, diversified group of manufacturing companies, active in flooring, packaging, plastics, polymers and textiles. Industrial yarns for carpet manufacturer Low & Bonar PLC is an international group manufacturing and supplying a wide range of products in the Specialist Materials and Plastics markets. Specialist Materials is an international business, supplying yarns, fabrics and flooring products to a broad range of customers.
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