Pentagon Protection to purchase solar and security film specialist

Pentagon Protection, a UK manufacturer of high performance safety and security films for glass, announced 17 November 2003 that it is to acquire FilmTek, a solar and security window film specialist, f…

Pentagon Protection, a UK manufacturer of high performance safety and security films for glass, announced 17 November 2003 that it is to acquire FilmTek, a solar and security window film specialist, for GBP 1.5 million. The acquisition, Pentagon“s first since floating on Aim in April 2003, will double annual revenues and will be financed by a placing of 21 million new Pentagon shares at GP 4.75 each, which will raise GBP 997,500 before expenses. Pentagon has agreed to pay a deferred consideration of up to GBP 1 million in shares and cash, depending on FilmTek“s profits to April 2006. In the year to 30 April 2003 FilmTek made a pre-tax profit of GBP 62,000 on turnover of GBP 2.19 million. It said its current order book was worth more than GBP 400,000. Shareholder approval for the deal will be sought at an extraordinary meeting on 11 December 2003.