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Bateman Engineering N.V. 

('Bateman' or the 'Company')

Proposed De-Listing

The Company announced on 16 March 2009 that the board of Bateman (the 'Board') had been approached by Global Minerals B.V. ('Global Minerals'), the majority shareholder in the Company, with a request that the Board convene a meeting of shareholders and depositary interest holders at which a resolution for the Company's delisting from AIM (the 'Delisting') should be proposed and considered. In accordance with the Company's Articles of Association, the Board is convening an Extraordinary General Meeting ('EGM') for this purpose. The EGM will be held on 16 April 2009. Global Minerals has indicated that it intends to vote in favour of the requisite resolution at the EGM to approve the Delisting in respect of all of its interests in ordinary shares of the Company, amounting (as at the date of this announcement) to 69.12 per cent. of the Company's issued share capital. The Board believes that the level of Global Mineral's interest in the ordinary shares of the Company is such that it is highly unlikely that the relevant resolution will not be passed.

Background to the De-Listing

In its request to the Board that an EGM be convened to consider the proposed Delisting, Global Minerals identified the following as its reasons for why it believes it is in the interest of shareholders to delist the Company from AIM:

Over the last 12 months, the financial position of Bateman has deteriorated significantly and its share price has dropped substantially. 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. In addition, Global Minerals 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. Global Minerals believes that the Delisting would create the following benefits for the Company and all its shareholders:

• It would allow management to increase their focus on the business with the regulatory, reporting and filing requirements reduced; 

• It would create improved flexibility in financing;  and

• It would reduce costs and conserve cash.

Global Minerals has indicated to the Board that it is committed to supporting the business of the Company and believes greater value will be created by operating the Company off market.

Given the intention of Global Minerals to vote in favour of the resolution to approve the Delisting and the extent of its interest in the Company's ordinary shares, the Board makes no recommendation as to the merits of the Delisting.

 

The Delisting

In accordance with AIM Rule 41, the Company hereby notifies shareholders and holders of depositary interests that, subject to shareholder approval at the EGM to be held on 16 April 2009, it is expected that the Company's listing on AIM will be cancelled from 7.00 a.m. on 24 April 2009.

Extraordinary General Meeting

A circular containing a notice of the EGM of Bateman Engineering N.V., to be held at the offices of the Company at Amsteldijk 166 in Amsterdam, the Netherlands at 12.00 p.m. (CET) on 16 April 2009 is being sent to shareholders and holders of depositary interests today. A copy of the Circular is available from the Company's website at www.batemanengineering.com or is otherwise available from the Company's offices at Amsteldijk 166, 1079LH Amsterdam.

23 March 2009

Enquiries:

 

Bateman Engineering	Tel: +31 20 502 2370
Eddie du Rand, Chief Executive Officer
Philippe Monier, Chief financial Officer (Designate)
Shore Capital and Corporate Limited	Tel: +44 (0) 20 7408 4090
Christian Littlewood
Edward Mansfield
College Hill	Tel: +44 (0) 20 7457 2020
Mark Garraway
Adam Aljewicz

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