Issuance of New Equity & Related Party Transaction
September 30 2009 - 4:09AM
UK Regulatory
TIDMBNLN
RNS Number : 9336Z
Bateman Litwin N.V.
30 September 2009
Bateman Litwin N.V. ("Bateman Litwin" or the "Company")
Issuance of New Equity and Related Party Transaction
Amsterdam, The Netherlands 30 September 2009 - Further to the trading update of
23 September 2009, Bateman Litwin N.V. announces that it has agreed to issue
US$1.5 million worth of ordinary shares to Bateman B.V., an affiliate of BSG
Resources Limited, the Group's major shareholder, at a price of 10 euro cents
per share (the "Transaction"). This is equivalent to approximately 9.1 pence per
share resulting in proceeds of approximately GBP940,000.
As described in the press release dated 23 September 2009, the Group's cash
position is a critical focus for Management and the Board. The receipt of US$1.5
million will allow the Company to meet immediate financing needs. Bateman
Litwin's directors, with the exception of Peter Blauw and David Granot, who are
involved in the Transaction as representatives of the related party, consider,
having consulted with the Company's nominated adviser, that the terms of the
Transaction are fair and reasonable insofar as its shareholders are concerned.
Under the terms of the Transaction, Bateman B.V. is advancing to the Company
US$1.5 million pending closing of the Transaction. The exact number of shares to
be issued will depend on the euro/US dollar exchange rate on the day of
closing.BSG Resources Limited also requested that the Board of Bateman Litwin
confirms that it will vote the employees' shares held in trust on the day of any
such vote (which today currently stands at 5,018,776 shares) in favour of the
Company's cancellation of admission to trading on AIM if such a request is
raised at an extraordinary general meeting and the Board of Bateman Litwin has
agreed to this request.
The Transaction is in accordance with Bateman Litwin's articles of association.
At the Company's Annual General Meeting ("AGM") on 19 December 2008, a special
resolution was passed allowing directors authority to allot equity securities
for cash without offering those equity securities pro rata to existing
shareholders up to an aggregate nominal amount of EUR1,124,030 representing 10 per
cent of the Company's issued ordinary share capital as at the date of the AGM.
Enquiries:
+---------------------------------------------+---------------------------+
| Bateman Litwin | Tel: + 44 (0)20 7799 8307 |
| David Lamont, Chief Executive Officer | |
| Davis Larssen, Chief Financial Officer | |
| Ingrid Boon, Investor Relations Manager | |
| | |
+---------------------------------------------+---------------------------+
| Credit Suisse Securities (Europe) Limited | Tel: +44 (0)20 7888 8888 |
| Nominated adviser and joint broker | |
| Jon Grussing | |
| Will MacLaren | |
| | |
+---------------------------------------------+---------------------------+
| Oriel Securities Limited | Tel: +44 (0)20 7710 7600 |
| Joint broker | |
| Richard Crawley | |
| | |
+---------------------------------------------+---------------------------+
About Bateman Litwin N.V.
Bateman Litwin is a supplier of technology, engineering, procurement and project
management services to the world's energy and resource industries. To find out
more, visit Bateman Litwin at: www.bateman-litwin.com
This information is provided by RNS
The company news service from the London Stock Exchange
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