("Sandal" or the "Company")
RESULT OF GENERAL MEETING
16 MAY 2018
The Board of Sandal is pleased to announce that at the General Meeting held today at the offices of Edwin Coe LLP, 2 Stone Buildings, Lincoln`s Inn, London WC2A 3TH, the sole resolution was duly passed by shareholders.
The Company will now put in place the necessary arrangements to complete the transactions set out in the circular dated 27 April 2018 being i) the off-market agreement to purchase 862,068 ordinary shares of £0.02 each in the capital of the Company from Greenbrook Industries Limited ("GBI") for a total aggregate consideration of £249,999.70 and ii) for GBI to provide to the Company a term loan of up to £500,000.
These transactions are expected to be completed by 18 May 2018 and a further announcement will be made in due course.
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of Sandal Plc accept responsibility for the contents of this announcement.
Sandal Plc 01279 422022
Alan Tadd, CEO
Oliver Tadd, Director
Cairn Financial Advisers LLP
David Coffman/Jo Turner 020 7213 0880
Maxine Barnes 07860 489571
Notes to editors:
Sandal plc commenced business in 1996 and joined NEX in March 2015. The Company designs, develops and manufactures consumer electronics products. Its business is divided into two distinct product groups, PowerConnections, a long established wholesaler and reseller of a successful and patented range of converter plugs and power cables, and Energenie, which sells a newer product range that includes energy saving products, portable charging devices and the new Energenie MiHome range of products aimed at the "Home Automation" and "Internet of Things" marketplace.
The range of Energenie MiHome home automation products makes the remote operation of everyday household appliances and energy monitoring more accessible through integration with smartphone and tablet connectivity. The Energenie MiHome range is also integrated with the major players in the home automation market including Google Nest and Amazon Echo. Energenie MiHome products are available through a number of mainstream retailers including Amazon, Argos and Sainsbury`s. In addition Energenie also offers Eco and electrical, travel and energy saving products for homes and offices, reducing energy usage and the Home Automation sector. It has store listings for its current products with several large retailers including Homebase, Amazon, Screwfix, Toolstation and ASDA.
PowerConnections is a supplier to customers, in the UK and abroad, of single-phase electrical connection products. The products are manufactured in three partner factories in the Far East and have distributors worldwide for its range of patented converter plugs. The Company`s product portfolio consists of International Power Leads, Rewireable Plugs, Converters and Connectors. These products are stocked in the Far East, Australia and UK.
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Source: Sandal plc via GlobeNewswire