News blog
Pilat Technologies International Ltd
- BY: Andrew Hore |
- POSTED: 03/12/2008 |
Pilat Technologies International Ltd plans to sell its North American and European subsidiaries.
There is still some way to go but Pilat Technologies has entered into a non-binding letter of intent with a US-based purchaser which would pay $6m for the businesses.
The subsidiaries made operating profits of £99,000 on revenues of £3.56m in the nine months to September 2008. The whole group made an operating loss of £297,000 on revenues of £6.52m.
The disposal will happen after due diligence so it will not complete until 2009.
Pilat Technologies is in the process of cancelling its Aim quotation. That is expected to happen on 12 December, following a shareholder meeting on 4 December. The company would normally need shareholder approval for this disposal but it will not be quoted on Aim by the time it is likely to go through.
At 4.5p a share, Pilat Technologies is valued at £1.19m. There was £1.8m of net cash in the balance sheet at the end of September 2008.
The book value of the businesses being sold is £500,000 - out of the group NAV of £2.86m. Even assuming some deal costs the gain on disposal should take the NAV to around £5m.
The company retains its Tel Aviv Stock Exchange listing.
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