Titan wheels on a roll

WORCESTERSHIRE based steel wheel maker Titan Europe has said its strong performance is set to continue, with half yearly revenue up by more than 50% and a full order book.

But the group has halted its share buy-back scheme after revealing that a special resolution to ratify the plan which was carried on a show of hands, would have failed in a poll once proxy votes were counted.

Revenue for the six-month period ended 30 June 2011 at £253.2 million is 51.7% up on the equivalent period last year. The half-year results exceeded expectations, said the group in a trading statement, with order books and forecasts for the full year remaining solid.
 
In its statement, Titan said: “At Titan Europe’s AGM held on 30 June 2011 and, in accordance with the legal advice on the conduct of the meeting, all resolutions, ordinary and special, were passed on a show of hands with no demand for a poll.
 
“The board wishes to clarify that, had a poll been called and based on the proxy votes received by the company the special resolutions would not have been passed.
 
“Consequently, the board has agreed that it will not act on any powers afforded to it by, special resolutions 8 & 9 without obtaining further shareholder approval by special resolution. These related to share buy-backs and the disapplication of pre-emption rights on issue of shares for cash, details of which were contained in the notice of AGM sent to shareholders as part of the company’s annual report & accounts for the year ended 31 December 2010.”