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Bateman Engineering to delist from AIM

23rd Mar 2009, 12:41 pm

Bateman Engineering NV is calling an EGM for April 16 where majority shareholder Global Minerals B.V. looks set to push through its request the company delist from AIM and be taken private.

Global  Minerals, which controls just under 70 percent of the group that services the minerals and mining industries worldwide, requisitioned an EGM after Bateman earlier this month announced a first half loss and cut its workforce by 11 percent .

Bateman said in the opinion of Global Minerals, it is unlikely that the company will be able to raise capital in the equity markets in the current environment. Global Minerals also believes that the lower market capitalisation of the company will make it more difficult to secure appropriate bank facilities. There is low liquidity and a small free float in the company shares and Global Minerals sees little prospect of this changing in the foreseeable future.

It is Global Mineral's view, therefore, that the costs of being listed on AIM outweigh any benefits and that the Company should delist, Bateman added.

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