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Pilat Media Global

  • BY: Andrew Hore |
  • POSTED: 07/09/2009 |

SintecMedia has increased its stake in its former bid target Pilat Media Global.

In March 2009, Sintec bid 26.5p a share for its fellow developer of business management software for broadcasters. However, it did not reach the 75% acceptances necessary to make the bid unconditional. Sintec owned 14.18% of Pilat in May 2009. This has increased to 16.47%. The latest purchase of 450,000 shares was at 25.5p each. The previous acquisition of 771,000 shares was at 26.5p a share.

In August 2009, non-executive director Samuel Sattath, chief executive Avi Engel, Michael Zuckerman, Benjamin Moneta and Ronnie Erlichman entered into a shareholder agreement. AGM voting and decisions on whether to accept bids will reject or accept a bid will be based on the advice of Engel and Sattah.

These shareholders own 16.04% of Pilat between them. The agreement lasts until the end of 2010 but it can be terminated at 30 days notice from the beginning of 2010.

Pilat’s reported loss increased from £769,000 to £1.56m in the six months to June 2009. Exchange rate movements led to most of the increase in loss. Revenues were flat at £8.33m but they fell in Europe and rose in America.

At 25.25p a share, Pilat is valued at £15m. 

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