Steinmetz looks to delist Bateman

Dutch registered Bateman Engineering NV (AIM:BTE) published its financial report for the first fiscal half of 2009, which ended in December 2008, on Tuesday. The company also reported that Global Minerals BV, the company of Benny Steimetz that owns 69.1% of the company is considering delisting the company from London�s Alternative Investment Market (AIM) and that it has requested a emergency general shareholders meeting to vote on the proposal.

The move marks another example of an Israeli-owned firm listed on the AIM that seeks to leave the London exchange.

Bateman opened today at ₤0.105, giving a market cap of ₤4.6 million. The share has fallen 95% over the past year. At its current price, Steimetz would have no trouble buying back the public's holding in the company, and he would become yet another example of a controlling shareholder who floated a company at peak prices only to delist it at a nadir.

Bateman posted $243.8 million revenue in the first fiscal half of 2009, down from $295.8 million in the corresponding half of fiscal year 2008. The company posted an operating loss of $42.3 million in the first half compared with an operating profit of $7.6 million in the corresponding half, and a net loss of $40 million in the first half compared with $9.8 million in the corresponding half..

Bateman's cash and cash equivalents fell to $50.3 million at the end of 2008 from $126.4 million a year earlier. The company attributed its losses to a $33.4 million provision to complete a problematic project, a $6.2 million provision for bad debts, a $7.5 million write-off in goodwill, and a $4.8 million interest charge related to acquisitions.

Bateman chairman Rick Menell said, "It is expected that the company will face a difficult trading environment in the second half of this financial year but is confident the provisions for losses it has made in these half year results are realistic."

Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2009