GKR Gatekeeper

    RNS Number : 5942C
  Gatekeeper Systems, Inc
  03 September 2008
   

    Gatekeeper Systems, Inc.
    3 September 2008



    Gatekeeper Systems, Inc.

    (the 'Company')

    Proposed Delisting from AIM

    IRVINE, Calif. - 3 September 2008 - Following the announcement by the Company that it was launching a tender offer to buy back up to
2,500,000 of its Common Shares on 15 August 2008, the Directors consider that it would be in the best interests of the Company to seek a
delisting of its Common Shares on AIM. In the circular setting out the terms of the tender offer, the Chairman of the Company, Michael B.
Lawler, commented that since listing on AIM, the Common Shares have traded from a high of 60 pence to a low of 8 pence, and highlighted the
lack of liquidity in the trading of Common Shares on AIM. The Board believes that, due to relatively inactive trading and the low profile of
the Company in the market, the value of the Company in terms of its business and growth prospects is not adequately reflected in the price
at which the Common Shares are currently trading. 

    In addition, the Board believes that the costs associated with being a company listed on AIM are disproportionate to the benefits of
such a listing. The Board believes that there would be significant cost savings from the Common Shares not being listed or traded on AIM.
These cost savings could be up to US$ 400,000 per year, not including the savings in executive and administrative time that is currently
devoted to investor relations, meeting reporting requirements and legal compliance. These funds could be devoted to the business. In
addition, the low prices at which the Common Shares have traded on AIM, and the lack of liquidity in recent periods, has a potentially
negative impact on the Company's ability to raise additional capital, to use its Common Shares for acquisitions of other companies and to
provide equity incentives to its management and employees.  

    The Directors are aware that Stockholders may still wish to acquire further or dispose of Common Shares and, accordingly, intend to use
reasonable endeavours to create and maintain a matched bargain settlement facility. The intended matched bargain facility will be provided
by the Company and administered by the Company Secretary, Aaron Neilsen. Under this facility Stockholders or persons wishing to acquire
shares will be able to leave an indication with the Company Secretary that they are prepared to buy or sell at an agreed price. In the event
that the Company Secretary is able to match that order with matching sell or buy instruction, the Company Secretary will contact both
parties and, subject to compliance with applicable state and federal securities laws in the United States, effect the order. Further details
concerning the matched bargain facility to be provided by the Company will be made available to Stockholders on the Company's website in due
course. 

    Under the AIM Rules for Companies, it is a requirement that any delisting from AIM must be approved by not less than 75 per cent of
Stockholders voting in general meeting.  Accordingly, a General Meeting has been convened for 19 September 2008 at which a resolution to
approve the application to the London Stock Exchange plc for cancellation of admission of the Company's shares on AIM will be proposed.  The
Company has notified London Stock Exchange plc of its preferred cancellation date and, if the resolution is approved, it is expected that
cancellation of dealings will take effect on 1 October 2008.

    A circular containing details of the delisting has been sent to Stockholders today (the "Circular") and copies will be available from
the Company's website www.gatekeepersystems.com.

    Terms contained and defined in the Circular have the same meaning in this announcement unless the context otherwise requires.


    For further information please contact:
    
Gatekeeper Systems, Inc.
    Erik Paulson, CEO                                                      +1 949.268.1319
Aaron Neilsen, CFO                                                   +1 949.268.1323

    Jeff Keating, Landsbanki                                             +44 (0)20.7426.9000
    Nomad & Broker

    ABOUT GATEKEEEPER SYSTEMS 
    Gatekeeper Systems, Inc. has been blending leading edge technology with exceptional service since 1996 to provide the most advanced,
effective and easy-to-use shopping trolley containment and retail loss-prevention solutions available to today*s retailer.

Gatekeeper*s headquarters are located in Irvine, California, with sales and distribution offices throughout the United States. In addition,
Gatekeeper has international offices in Ontario, Canada; London, England; Mundolsheim, France; Kowloon Tong, Kowloon, Hong Kong. The company
is listed on the London Stock Exchange plc*s AIM index under the symbol GKR.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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