Result of GM

RNS Number : 1272W

Pentagon Protection PLC

12 November 2010

 

Pentagon Protection Plc

('Pentagon' or 'the Group')

RESULT OF GM

Pentagon Protection Plc (AIM: PPR) is pleased to announce that the resolution proposed at this morning's General Meeting of the Company was duly passed and the acquisition of 100% of the membership interests of International Glass Solutions, LLC ("IGS") ("the Acquisition"), from Haytham ElZayn, ("the Seller") Pentagon's Chairman has been completed.

As announced previously, the consideration payable for IGS will be satisfied by the issue of shares in the Group and is linked to the sustained profitability of the acquired business. The valuation is based on five times the average annualised profits of the acquired business over the two years following the Acquisition and the consideration is capped at £1,000,000.

Of this sum, £200,000 is payable to the Seller on completion, such sum to be satisfied by the issue of 80 million shares at an issue price per share of 0.25 pence. Application has been made for the admission of 80 million 0.1p shares to trading on AIM and admission is expected on 15 November 2010.

Following the issue of shares Pentagon's issued share capital will consist of 881,918,156 ordinary 0.1p shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Pentagon under the FSA's Disclosure and Transparency Rules.

Enquiries:

Pentagon Protection                                                   Tel: [phone]

Haytham ElZayn

Pentagon Protection                                                   Tel: [phone]

David Marks

Seymour Pierce                                                           Tel: [phone]

Jonathan Wright

Rivington Street                                                         Tel: [phone]

Jon Levinson

Notes to Editors:

Admitted to AIM in March 2003 Pentagon Protection plc is a global specialist in the development and application of glass protection window film to provide a cost-effective and immediate solution to many problems normally associated with building flat glass.

As experts in enhanced security and blast mitigation, in September 2008 Pentagon acquired SDS Group Limited, an established company of over 30 years and a leading supplier of security equipment and products. SDS is also a world leader in security consulting and training, these services being led by Dr John Wyatt. John is highly respected in his field and also widely known both in the UK and overseas; his knowledge and reputation are substantial assets to the wider Group.

SDS Group supplies equipment, including highly-specialist security and search equipment, mainly to governments, police forces and security and defence forces in the UK and around the world. SDS has strong relationships with customers and extends their offering to clients by providing expert knowledge and further training and consultancy. This acquisition supports plans for continued expansion of the Group's activities in the security industry which is affected less by the world economic downturn than many sectors.

 

END

 

 

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