Overwhelming backing from Optare’s shareholders for Ashok Leyland deal

A meeting of Optare plc’s shareholders at the company’s state of the art bus assembly plant in Sherburn in Elmet today has given overwhelming support to a plan which secures the company’s long term future with Ashok Leyland.

More than 99.9% of the shareholders who voted backed the deal under which Ashok Leyland will increase its stake to 75.1% of Optare and simultaneously fully integrate Optare and its advanced product range into Ashok’s Global Bus Strategy. Turnout was over 70%.

“ This is a real vote of confidence in both Optare and Ashok”, said Jim Sumner, Optare’s CEO. “Even though the plan has involved diluting current shareholders, it is recognised that this deal is in the best interests of the business long term and secures its future within one of the world’s top five bus makers”.

“ It will also have tangible benefits for Optare’s employees, customers and suppliers who will benefit from the growth we predict in the coming years in both UK and export markets”, said Mr Sumner.