Business
Offer for Vigilant Technology
Offer for Vigilant Technology.
About this update from Batm Advanced Communications Ltd.
[{"type":"text","content":"\n RNS Number : 5109Y BATM Advanced Communications Ld 08 July 2008 \n \n\n\n\nBATM Advanced Communications Limited\n('BATM' or the 'Company')\n\nRecommended Offer for Vigilant Technology Limited\n\nThe boards of BATM and Vigilant Technology Limited ('Vigilant') are pleased to announce that they\nhave reached agreement on the terms of a recommended offer to be made by BATM for the entire issued\nand to be issued share capital of Vigilant (the 'Offer'), to be effected by way of a merger of a BATM\nsubsidiary and Vigilant (the 'Merger').\n\nVigilant, which was admitted to trading on AIM on 20 December 2005, is a developer and manufacturer\nof intelligent video recording and surveillance solutions for mission-critical applications. Vigilant has a\nworldwide customer base supporting cameras in airports, government sites, financial institutions,correction facilities, casinos and city centres amongst others. Vigilant reported a loss before tax of $7.36m\nand had gross assets of $6.82m for the year ended 31 December 2007.\n\nDr Zvi Marom, CEO of BATM commented:\n\n'The acquisition is in line with our stated strategy of extending our intellectual property and technological\nexpertise into new, niche areas of opportunity in vertical markets, through modest investments. Vigilant's\nexpected new IP releases fit with BATM's expertise in dealing with triple play traffic.'\n\nUnder the terms of the Offer, Vigilant Shareholders will receive 1.3 pence per Ordinary Share (the 'Cash\nOffer') or, if they elect before 13 August 2008, approximately 1.6 pence per share payable in new\nBATM Shares (the 'Share Offer'). \n\nThe terms of the Cash Offer value the existing issued share capital of Vigilant at approximately £845,000\nassuming that all Vigilant Shareholders accept the Cash Offer or, up to approximately £1,040,000\nif all Vigilant Shareholders elect to receive the Share Offer, based on a BATM share price\nof approximately 46.4 pence, being the average share price of BATM between 4 April 2008 and 4 July\n2008. BATM will fund the cash element of the Offer from its existing cash resources.\n\n- ends -\n\n\nEnquiries: \n \n\n\n\n\nBATM Advanced Communications\n\n\n+972 9866 2525\n\n\n\n\nDr...