AIM Admission
21 10월 2005 - 4:01PM
UK Regulatory
RNS Number:9795S
Bateman Engineering N.V.
21 October 2005
Neither this announcement nor any copy of it may be sent to or taken into the
United States, Canada, Australia, the Republic of Ireland or Japan.
First day of dealings on AIM
Placing of 7,142,857 ordinary shares at a price of 200p per share
Market capitalisation immediately upon Admission of US$125 million
Contract worth US$50m signed with International Ferro Metals
Bateman Engineering N.V., ("Bateman")(ticker BTE) a leading engineering,
contracting and project management company specialising in the mineral resources
industry, is pleased to announce the commencement of trading in its shares on
the AIM market of London Stock Exchange plc ("IPO") and the placing of new
ordinary shares with institutional investors in connection with the IPO (the
"Placing").
* Placing Price of 200p per ordinary share (the "Placing Price")
* Based on the Placing Price, the market capitalisation of Bateman
upon Admission will be US$125m
* The net proceeds of the Placing receivable by the Company are
US$21.65m
* Proceeds will be used primarily to give Bateman the means to
consider strategic acquisitions; identify, source, licence or acquire new
technologies; as well as further enhancing its balance sheet.
* The ordinary shares subject to the Placing will represent 20 per
cent of the enlarged issued share capital of the Company upon Admission, with
Global Minerals B.V. retaining the balance
* 10% of the fully diluted share capital is subject to options granted
to management and staff
In addition, Bateman announces today that it has been awarded a lump-sum turnkey
contract worth US$50 million to design and build a 400 000 t/yr pelletising and
sintering plant for part of a new US$210 million International Ferro Metals
(IFM) ferrochrome plant in South Africa.
Dr Sivi Gounden, CEO of Bateman, said
"Bateman is ideally positioned to leverage off the natural resource cycle. This
IPO strengthens the Company's position at a time of heightened market interest
in mineral resources. The admission to trading on AIM provides a base for
anticipated merger and acquisition activity supported by our strengthened
institutional shareholder base."
Jonathan Ben-Cnaan, CFO of Bateman added
"This is a great day for Bateman. Admission to trading on AIM will help us to
grow our mining services business across the world. In addition, the US$50
million contract announced today maintains the growth momentum of our order
book. That together with our blue chip client base, which includes De Beers,
Anglo American, Rio Tinto, and BHP Billiton, gives us every confidence for the
future."
Numis Securities Limited is acting as Nominated Adviser and Broker to the
Company.
Contacts:
Bateman (via Maitland) Sivi Gounden (CEO) +44 (0)20 7379 5151
Jonathan Ben-Cnaan (CFO)
Numis Securities John Harrison +44 (0)20 7776 1500
Stuart Skinner
Maitland Brian Hudspith +44 (0)20 7379 5151
Liz Morley
About Bateman
Bateman is a leading process engineering, contracting and project management
company specialising in mineral resources. The business has an 85-year history
and a track record of over 1,000 contracts completed in more than 50 countries
since 1980, on behalf of many of the largest global companies in the mineral
resources sector. This total includes almost 600 contracts completed in over 40
countries in the last ten years.
Formerly listed on the Johannesburg Stock Exchange, the business was taken
private in 2002 and reorganised by new owners, with new management recruited to
overhaul Bateman and revitalise its global operations. Significant improvements
in major financial key performance indicators over the last three years testify
to the success of this process, whilst a strong forward order book provides
visibility of the Company's prospects for further growth. The Directors believe
that the proceeds of the Placing should enable Bateman to continue this
progress.
The Company is active globally in the supply of services to key minerals
resources markets (most notably diamonds and platinum), providing process
technologies and technical, commercial and financial solutions designed to
convert mineral resources into marketable products. The Company designs,
procures and project-manages the building of plants, often adjacent to mines,
which process the bulk material excavated from the ground to yield metals,
minerals or other marketable products. The market sectors served include
minerals and metals processing, environmental treatment systems and bulk
materials handling.
Bateman had profits after tax of US$6.4m on revenues of US$215m in the year
ending 30 June 2005, with new orders during the year of US$335m and a forward
order book of US$262m at that year end. It employs approximately 800 people and
has offices in Africa, Europe, the CIS, Australasia and Canada. The Company has
a diverse client portfolio, and benefits from long-term relationships with the
world's largest mineral resources companies including De Beers, Anglo American,
Rio Tinto, Xstrata and BHP Billiton.
The Directors believe that the status of the Company's order book is one of the
key indicators of the current and future prospects of the business. Over the
last three years, management has succeeded in building an order book which, in
the Directors' opinion, provides excellent visibility of revenue, as well as
reducing the uncertainties inherent in budgeting and forecasting.
No offer or invitation to purchase or subscribe for shares in Bateman is being
made by or in connection with this announcement. Any such offer or invitation
will be made solely in or by reference to the AIM admission document to be
published in due course and any acquisition of shares should be made only on the
basis of the information contained in the AIM admission document.
This announcement, for which the directors of Bateman are solely responsible,
has been approved solely for the purpose of section 21 of the Financial Services
and Markets Act 2000 by Numis Securities Limited of Cheapside House, 138
Cheapside, London EC2V 6LH ("Numis"). Numis, which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is advising Bateman
and no-one else in connection with the IPO and will not be responsible to any
person other than Bateman for providing the protections afforded to clients of
Numis or for advising any other person in relation to the IPO. You should note
that: (i) Numis may be providing or may have provided within the last 12 months
advice or investment services in relation to ordinary shares in the Company or a
related investment; (ii) Numis may be the only or one of only a few market
makers in relation to ordinary shares in the Company; (iii) Numis may acquire
ordinary shares in the Company in the Placing; and (iv) it is expected that the
Company will grant Numis an option to acquire certain ordinary shares in the
Company.
The securities to be offered in connection with the IPO have not been, and will
not be registered under the United States Securities Act of 1933, as amended
(the "Securities Act") or under the securities legislation of any state of the
United States of America (the "United States"), and may not be offered or sold
in the United States. The relevant clearances have not been, and will not be,
obtained from the Securities Commission of any province or territory of Canada;
no document in relation to the IPO has been, or will be, lodged with, or
registered by, The Australian Securities and Investments Commission; no
registration statement has been, or will be, filed with the Japanese Ministry of
Finance in relation to the IPO or the securities to be offered in the IPO; and
no registration statement has been, or will be, filed with the Irish Stock
Exchange in relation to the IPO or the securities to be offered in the IPO.
Accordingly, subject to certain exceptions, the securities to be offered in the
IPO may not, directly or indirectly, be offered or sold within the United
States, Canada, Australia, Japan or the Republic of Ireland or offered or sold
to a resident of the United States, Canada, Australia, Japan or the Republic of
Ireland.
Information contained in this announcement may include "forward-looking
statements". All statements other than statements of historical facts included
in this announcement including, without limitation, those regarding Bateman's
financial position, business strategy, plans and objectives of management for
future operations (including development plans and objectives relating to
Bateman's products) are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other important facts that could cause the actual results, performance or
achievements of Bateman to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements.
Such forward-looking statements are based on numerous assumptions regarding
Bateman's present and future business strategies and the environment in which
Bateman will operate in the future. These forward-looking statements speak only
as at the date of this announcement. Bateman expressly disclaims any obligations
or undertaking to disseminate any updates or revisions to any forward-looking
statements contained in this announcement to reflect any changes in Bateman's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
Information contained in this announcement cannot be relied upon as a guide to
future performance. The value of shares can go down as well as up. Past
performance is not a guide to future performance. Persons requiring advice
should consult a professional adviser.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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