Last checked at 28 Apr 2010 07:00
Dialight plc
Acquisition of BTI Light Systems A/S ("BTI")
28 April 2010
Dialight plc, the UK based leader in applied LED technology, announces the acquisition of BTI Light Systems A/S ("BTI"), a Danish company offering signaling and safety equipment for the wind, marine and airport industries. BTI is being acquired from its management for a total consideration of DKK 26m (£3.0m), DKK 18m (£2.1m) of which is payable in cash with the remainder in Dialight shares.
Operating out of Copenhagen, BTI's product portfolio comprises obstruction lighting and aids to navigation for both onshore and offshore wind turbines and airports. In its most recent audited accounts for the year to 30 September 2009, BTI reported revenues of DKK 32.1m (£3.7m), an EBIT of DKK 3.8m (£0.45m), a profit after tax of DKK 2.8m (£ 0.3m) and gross assets of DKK 15.2m (£1.8 m). The acquisition is expected to be earnings accretive in 2010. The Chief Executive of BTI, Mr. Max Hansen, will remain with the business for a period of at least two years.
To satisfy the share based element of the consideration, application has been made to the UK Listing Authority and the London Stock Exchange for 360,730 ordinary shares of 1.89p each to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange.
These shares rank pari passu with the existing issued shares of the Company and dealings are expected to commence on 4 May 2010. Following admission, the Company will have 31,600,231 ordinary shares in issue.
Commenting on the acquisition Roy Burton, Chief Executive of Dialight plc, said:
"The acquisition of BTI enhances Dialight's rapidly growing signaling business, providing a strong channel to the growing European Offshore Wind market. This complements Dialight's already significant North American penetration of the Wind Turbine market and strengthens our presence in Europe."
For further information:
Roy Burton - Group Chief Executive, George Ralph- Interim Finance Director, Dialight plc
Tel: +44 (0) 1638 778640
Simon Bridges - Canaccord Adams Limited, Tel: 0+44 (0) 20 7050 6500
Robert Speed - Kreab Gavin Anderson, Tel: +44 (0) 20 7074 1800, Email: dialight@kreabgavinanderson.com
Dialight plc (LSE: DIA.L)
Dialight plc is leading the lighting revolution for industrial users across the world. Applying leading edge LED technology it produces retro-fittable lighting fixtures designed specifically for hazardous locations, obstruction lighting, traffic and rail signalling to vastly reduce maintenance, save energy, improve safety and ease disposal. Versions of these high specification luminaires are also produced for more general commercial, industrial and outdoor situations.
The Group comprises the following business segments:
·; Signals/Illumination which addresses the increasing demands for Energy Efficient Lighting solutions through the use of high brightness LEDs and utilisation of a number of associated technologies. Areas of business include Traffic and Rail Signals, Obstruction Lights and Solid State Lighting products.
·; Components comprising:
·; (1) The indication businesses whose sales are primarily to Electronics OEMs for status indication and
·; (2) Electromagnetic components which supplies smart meter disconnect switches which are used by utility companies to manage remotely electrical supply to residential and business premises.
The company is headquartered in the UK with operating locations in the UK, USA, Germany and Mexico. More information is available at www.dialight.com.