Denison Shareholders' Approve Stock Buyback and Appointment of Directors

3 June 1999

Denison Shareholders' Approve Stock Buyback and Appointment of Directors At Annual General Meeting

    MARYSVILLE, Ohio--June 2, 1999--Denison International plc announced today its shareholders unanimously approved several measures at the Company's Annual General Meeting held May 24, 1999.
    Shareholder approval was granted for the Company to purchase up to 10% (1.1 million shares) of its own shares, subject to certain provisions. "While we still feel that the best utilization of the Company's capital liquidity is to seek out and finalize acquisitions that will help to grow Denison well into the future, we look upon the approval to purchase Denison shares as a reconfirmation of shareholder confidence in the management of Denison to do whatever it takes to increase shareholder value," commented J. Colin Keith, Denison Chairman.
    Shareholders also approved the re-appointment of Anders C. H. Brag, Managing Director, as a Director of the Company, and the appointment of Bruce A. Smith, Chief Financial Officer, as a Director. In other business, approval was granted by shareholders to re-appoint Ernst & Young LLP as Company Auditors.
    Denison International plc designs, manufactures, distributes and services highly engineered fluid power systems and components. Denison distributes its products and services globally to a diverse group of original equipment manufacturers and end users in a broad array of industrial applications, including machine tools and material handling equipment, mobile construction, agricultural and utility equipment, and marine applications, including military equipment.