Issuance of New Equity & Related Party Transaction

 

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: [phone] | 
| Nominated adviser and joint broker          |                           | 
| Jon Grussing                                |                           | 
| Will MacLaren                               |                           | 
|                                             |                           | 
+---------------------------------------------+---------------------------+ 
| Oriel Securities Limited                    |  Tel: [phone] | 
| 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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