Amiad Water Systems Ltd COVID-19 Update (7243K)
April 24 2020 - 2:00AM
UK Regulatory
TIDMAFS
RNS Number : 7243K
Amiad Water Systems Ltd
24 April 2020
24 April 2020
Amiad Water Systems Ltd.
("Amiad" or the "Company")
COVID-19 Update
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, provides the following update on actions
it is undertaking in light of the COVID-19 outbreak.
As part of the Company's efforts to reduce its expenses, the
members of the Board of Directors have agreed to a voluntary
reduction in their remuneration effective 1 April 2020 to at least
31 December 2020. The annual fixed fee and the per-meeting
participation fees (in accordance with Israeli law) of all local
non-executive directors are being reduced by 20%. The annual fixed
fee and the per-meeting fees of the UK-based director is being
reduced by approximately 60% and it will become the same as that of
all local non-executive directors. This is alongside other measures
the Company is implementing to reduce costs, such as curtailing all
travel and non-essential spend, to protect its robust financial
position while the length and severity of the crisis remains
unknown. The updated remuneration will also apply to Mr. Ishay
Davidi upon his appointment to the Board, which is expected on
completion of the FIMI investment in the Company as previously
announced.
As previously announced, the Company is keeping the extent of
potential disruption to trade caused by the COVID-19 outbreak under
review. At present, production is continuing in each territory and
the Company is focused on ensuring it can deliver its products to
customers, as far as circumstances allow. However, it remains too
early to assess the impact that the disruption will have on revenue
and profitability. The Company will update the market in due
course.
Enquiries
Amiad Water Systems Ltd.
Dori Ivzori, Chief Executive
Officer
Avishay Afriat, Chief Financial
Officer +972 4 690 9500
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Stifel Nicolaus Europe Ltd.
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Stewart Wallace, Ben Maddison +44 20 7710 7600
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Luther Pendragon Ltd.
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Harry Chathli, Claire Norbury,
Rachel So +44 20 7618 9100
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About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of
automatic, self-cleaning water treatment and filtration products
and systems. Through its engineering skills and ability to
innovate, Amiad provides cost-effective "green" solutions for the
irrigation and industrial purposes. In these markets, its unique
and high-quality products are being integrated into the core of
systems for filtration and water treatment, micro irrigation and
membrane protection, wastewater and potable water treatment,
cooling systems and sea water filtration.
Headquartered in Israel, Amiad provides these solutions through
ten subsidiaries and a comprehensive network of distributors to
customers in more than 80 countries.
For additional information or product details, please visit
www.amiad.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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