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."
