TIDMDGB
RNS Number : 3744T
Digital Barriers plc
12 October 2017
12 October 2017
Digital Barriers plc
Proposed disposal of Video Business
Increased Shareholder support
Digital Barriers plc (AIM: DGB) ("Digital Barriers", the
"Company" or, together with its subsidiary undertakings, the
"Group"), the specialist provider of visually intelligent
technologies to the global surveillance, security and safety
markets, announced on 9 October 2017 that it has conditionally
agreed to sell the entire issued share capital of the Existing
Group's Video Business to Volpi for a maximum aggregate
consideration of up to GBP27.5 million in cash (the
"Disposal").
A circular (the "Circular") containing, amongst other things,
further details of the proposed Disposal and the notice of the
General Meeting to be held at the offices of Osborne Clarke LLP,
One London Wall, London EC2Y 5EB at 10.00 a.m. on 26 October 2017
was also posted to shareholders on 9 October 2017.
Defined terms used in the Circular have the same meanings in
this announcement, save where the context provides otherwise.
Since the posting of the Circular, further commitments to vote
in favour of the Resolution to approve the Disposal at the General
Meeting have been received by the Company from Shareholders such
that the updated position to that described in the Circular is as
follows:
The following Shareholders have given irrevocable undertakings
to vote in favour of the Resolution to approve the Disposal:
-- the Independent Directors in respect of their beneficial
holdings amounting, in aggregate, to 11,222,677 Ordinary Shares,
representing approximately 6.8 per cent. of the existing issued
share capital of the Company;
-- Quantum Partners LP in respect of 8,121,686 Ordinary Shares
held or managed by it, representing 4.9 per cent. of the existing
issued share capital of the Company;
-- Henderson Global Investors Limited in respect of 8,684,489
Ordinary Shares held or managed by it, representing 5.3 per cent.
of the existing issued share capital of the Company; and
-- Herald Investment Management Limited in respect of 15,329,712
Ordinary Shares held or managed by it, representing 9.3 per cent.
of the existing issued share capital of the Company.
The following Shareholders have given letters of intent to vote
in favour of the Resolution to approve the Disposal:
-- Schroders Investment Management Limited in respect of
33,115,609 Ordinary Shares held or managed by it, representing 20.1
per cent. of the existing issued share capital of the Company;
-- Invesco Asset Management Limited in respect of 8,502,010
Ordinary Shares held or managed by it, representing 5.2 per cent.
of the existing issued share capital of the Company; and
-- Lombard Odier Asset Management (Europe) Limited and Lombard
Asset Management (USA) Corp in respect of, in aggregate, 13,849,978
Ordinary Shares held or managed by it, representing 8.4 per cent.
of the existing issued share capital of the Company.
Therefore, in total, the Company has received irrevocable
undertakings and letters of intent to vote in favour of the
Resolution to approve the Disposal from Shareholders holding in
aggregate 98,826,161 Ordinary Shares, representing 59.8 per cent.
of the existing issued share capital of the Company.
For further information please contact:
Digital Barriers plc
Tom Black, Non-Executive Chairman
Colin Evans, Chief Operating
Officer +44 (0)20 3553 5888
Investec Bank plc (Financial
Adviser, NOMAD & Broker)
Andrew Pinder / Sebastian Lawrence
/ Patrick Robb +44 (0)20 7597 5970
FTI Consulting LLP
Edward Bridges / Matt Dixon
/ Harry Staight +44 (0)20 3727 1000
About Digital Barriers:
Digital Barriers provides visually intelligent solutions to the
global surveillance, security and safety markets. We deliver
zero-latency streaming and analysis of secure video and related
intelligence over wireless networks, including cellular, satellite,
IP mesh and cloud, utilising significantly less bandwidth than
standard technologies.
Our rapidly-installed fixed and mobile solutions for covert,
remote and wide-area deployments, as well as vehicle and body-worn
applications, have been sold into more than fifty countries, and
have been proven in some of the world's most demanding operational
environments. We also provide advanced video content analysis and
body scanning to identify safety concerns and threats in
real-time.www.digitalbarriers.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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