LONDON, UK: Intelligent Safety Electronics (ISE) has agreed to acquire all shares of FireAngel Safety Technology Group not already owned or controlled by ISE at the rate of 7.40 pence per FireAngel Share. The offer values the total issued and to be issued share capital of FireAngel at approximately £27.68 million.
ISE is a company incorporated in Singapore and wholly-owned by Siterwell Electronics Co., Ltd, a leading manufacturer of intelligent security protection for life and property which utilises an advanced smart security ecosystem technology.
ISE currently holds approximately 17.46 per cent of the issued ordinary shares of FireAngel Safety Technology Group plc.
Commenting on the Offer, Andrew Blazye (Chairman of FireAngel) said: “As part of its strategic review of FireAngel, the Board has considered a number of options for the Group in order to ensure all potential avenues to build stakeholder value have been fully explored.
The Board is very mindful of the continued trading challenges the Group faces in the medium term and believes this offer by ISE represents an opportunity for shareholders to realise a return, in cash, at a significant premium to FireAngel’s current prevailing share price. FireAngel has a longstanding relationship with ISE through Siterwell, initially as a valued manufacturing partner and more recently as a major shareholder, and the Board is confident that it can provide a supportive environment for FireAngel’s long term success.”
Commenting on the Offer, Wang Jiejun (a director of ISE) said: “We think this is a great deal for FireAngel Shareholders and are delighted that the Board has recommended our offer. We believe it represents an excellent premium to the share price and encourage shareholders to accept the offer.”