Offer for Vigilant Technology

    RNS Number : 5109Y
  BATM Advanced Communications Ld
  08 July 2008
   




    BATM Advanced Communications Limited
    ("BATM" or the "Company")

    Recommended Offer for Vigilant Technology Limited

    The boards of BATM and Vigilant Technology Limited ("Vigilant") are pleased to announce that they
    have reached agreement on the terms of a recommended offer to be made by BATM for the entire issued
    and to be issued share capital of Vigilant (the "Offer"), to be effected by way of a merger of a BATM
    subsidiary and Vigilant (the "Merger").

    Vigilant, which was admitted to trading on AIM on 20 December 2005, is a developer and manufacturer
    of intelligent video recording and surveillance solutions for mission-critical applications. Vigilant has a
    worldwide 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
    and had gross assets of $6.82m for the year ended 31 December 2007.

    Dr Zvi Marom, CEO of BATM commented:

    "The acquisition is in line with our stated strategy of extending our intellectual property and technological
    expertise into new, niche areas of opportunity in vertical markets, through modest investments. Vigilant's
    expected new IP releases fit with BATM's expertise in dealing with triple play traffic."

    Under the terms of the Offer, Vigilant Shareholders will receive 1.3 pence per Ordinary Share (the "Cash
    Offer") or, if they elect before 13 August 2008, approximately 1.6 pence per share payable in new
    BATM Shares (the "Share Offer"). 

    The terms of the Cash Offer value the existing issued share capital of Vigilant at approximately �845,000
    assuming that all Vigilant Shareholders accept the Cash Offer or, up to approximately �1,040,000
    if all Vigilant Shareholders elect to receive the Share Offer, based on a BATM share price
    of approximately 46.4 pence, being the average share price of BATM between 4 April 2008 and 4 July
    2008. BATM will fund the cash element of the Offer from its existing cash resources.

    - ends -


    Enquiries: 

 BATM Advanced Communications     +972 9866 2525
 Dr Zvi Marom, Chief Executive

 Threadneedle Communications      020 7936 9606
 Josh Royston / Graham Herring 

 Kaupthing Singer & Friedlander   020 3205 7620
 Nicholas How / Marc Young

 Shore Capital                    020 7408 4090
 Graham Shore / Dru Danford





This information is provided by RNS
The company news service from the London Stock Exchange
 
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