Fully listed BATM is acquiring Vigilant Technology.
Vigilant’s management is recommending a 1.3p a share cash offer from BATM , which values it at £845,000. Vigilant raised £10m at 43p a share when it joined Aim on 20 December 2005.
There is a share alternative of one BATM share for every 29 Vigilant shares. A BATM share price of 46.4p values this share offer at 1.6p per Vigilant share.
Vigilant wasn’t in a strong position because it needed to raise up to £2m in order to have sufficient working capital. The company’s borrowings are due to be repaid on 30 September.
The Israel-based company designs and manufactures CCTV security and surveillance equipment.
Vigilant shares were suspended at 0.575p on 30 June 2008.
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