Vigilant agrees BATM bid

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - CCTV security firm Vigilant Technology is recommending an offer from Internet networking products group BATM worth around £845,000 in cash, or £1.04m in BATM shares.

Vigilant shareholders can receive 1.3p per share in cash or, if they choose before 13 August, about 1.6p in BATM shares on a basis of 1 BATM share for every 29 Vigilant shares held.

The takeover of Vigilant, which started trading on AIM in December 2005, will be effected by way of a merger of a BATM subsidiary.

Last week, it narrowed pre-tax losses to $7.36m in the year ended 31 December compared with a loss of $10.26m the year before.

Vigilant’s shares were recently suspended pending clarification of its working capital position and the receipt of its audit report for the annual report and accounts.

“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,” said BATM boss Zvi Marom.

“Vigilant's expected new IP releases fit with BATM's expertise in dealing with triple play traffic.”

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