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| Carriers & Service ProvidersWireless OperatorsMSO/Cable OperatorsMunicipalities/UtilitiesEnterprise/Government | Financial News  08 July 2008Recommended 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 | Financial News Corporate Governance Today Stock Quote Annual Reports Interim Results Final Results Advisers and Registrars FAQ | |||||||||
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