• MRT owns Europe’s leading man overboard safety brand Sea Marshall
• Acquisition creates world’s largest man overboard safety company
• Sea Marshall regarded as world’s leading marine personal locator beacon brand
• Transaction gives MBO European footprint to expand operations
• MRT delivered revenue of GBP£1.1 million in FY2010
• Purchase to be funded through new placement and Entitlements Issue
Perth, Western Australia: Global marine safety technology company Mobilarm Limited (ASX:MBO)
wishes to advise that it has entered into a sale and purchase agreement to acquire the assets of UK-based Marine Rescue Technologies Limited (“MRT”), the company that has developed and marketed the leading marine personal locator beacon (PLB) brand, Sea Marshall.
The acquisition, which is subject to final due diligence, will create the world’s largest man overboard safety and technology company with a strong presence in the defence, oil & gas, and commercial marine sectors worldwide.
Sea Marshall is a highly regarded and recognised brand that was founded by David Marshall, who pioneered and commercialised PLBs for civilian use. Mr. Marshall has been instrumental in marine technology safety since 1974, having developed life-saving devices for the commercial fishing sector, offshore workers in oil & gas and wind farming, as well as for divers and workboat crews.
MBO will pay a cash consideration of approximately GBP£1.3m plus issue new ordinary shares in MBO to the vendors of MRT.
At the time the formal agreement is completed, in addition to the payment of the cash consideration, a maximum number of shares to be issued to acquire MRT will be calculated.
The maximum number of shares will equate to 1.5 times the average EBITDA of MRT for the 2008-2011 (inclusive) financial years, divided by the average weighted share price of Mobilarm 5 trading days prior to completion of the transaction.