Amiad Water Systems Ltd Proposed transfer of listing to TASE (9556W)
April 28 2021 - 10:40AM
UK Regulatory
TIDMAFS
RNS Number : 9556W
Amiad Water Systems Ltd
28 April 2021
28 April 2021
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Proposed transfer of listing to TASE
Proposed cancellation of admission of ordinary shares to trading
on AIM
Proposed listing of ordinary shares on TASE
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, announces the proposed cancellation of
the admission of the Company's ordinary shares of NIS 0.5 each
("Ordinary Shares") to trading on AIM (the "AIM Cancellation") and
a proposed listing of the Company's Ordinary Shares to trading on
the Tel Aviv Stock Exchange ("TASE") (the "TASE Listing"), which
remains subject to a number of conditions including shareholder
approval.
Following a careful review of the benefits and drawbacks of the
Company's shares continuing to be admitted to trading on AIM and
whether it should seek a listing on an alternative exchange, the
board of directors of Amiad (the "Board") has concluded that a TASE
Listing and simultaneous AIM Cancellation is likely to be in the
best interests of both the Company and its shareholders as a whole.
The Board believes that TASE is a more suitable platform for the
Company's shares to be listed as it offers access to capital at
significantly lower costs, as well as providing exposure to local
funds and investors in Israel where the Company's headquarters are
located. The Board remains committed to the Company continuing to
remain a public company and for the Ordinary Shares to be traded on
an internationally recognised stock exchange. It therefore intends
to seek shareholder approval for the cancellation of the admission
of its Ordinary Shares to trading on AIM conditional upon the TASE
Listing becoming effective.
The Ordinary Shares will continue to be admitted to trading on
AIM prior to the proposed AIM Cancellation and the TASE Listing. If
the TASE Listing does not ultimately occur, the Company's Ordinary
Shares are expected to continue to trade on AIM for the foreseeable
future.
Circular and Extraordinary General Meeting
The Company intends to post a circular to shareholders (the
"Circular") containing a notice to convene an extraordinary general
meeting (the "EGM") to seek shareholder approval for the proposed
AIM Cancellation conditional upon and simultaneous with the TASE
Listing. The Circular will provide further information on the
reasons for the proposed TASE Listing and AIM Cancellation, and
will provide details of dealing and settlement arrangements.
The proposed AIM Cancellation will be conditional, pursuant to
Rule 41 of the AIM Rules for Companies (the "AIM Rules"), upon the
approval of not less than 75 per cent of the votes cast by
shareholders (whether present in person or by proxy) at the
EGM.
Timetable
Under the AIM Rules, the Company is required to give at least 20
clear Business Days' notice of the proposed AIM Cancellation date.
Additionally, the proposed AIM Cancellation will not take effect
until at least five clear Business Days have passed following the
passing of the proposed resolutions at an EGM to be summoned by the
Company for that purpose.
The Company's current intention is to issue a circular to
shareholders in June that will include a notice convening an EGM to
be held in July. Subject to the receipt of the requisite approvals
from shareholders and the Israel Securities Authority, the Company
currently expects the proposed AIM Cancellation and the TASE
Listing to become effective on the same day in early August.
However, the Company cannot be certain at this stage as to whether
such a timetable will be achievable.
Accordingly, the Company will announce definitive dates for the
EGM and, ultimately, the TASE Listing and the AIM Cancellation as
soon as it is in a position to do so.
The Company will update the market in due course.
This announcement contains inside information for the purposes
of the Market Abuse Regulation (596/2014/EU) as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Dori Ivzori, Chief
Executive Officer.
Enquiries
Amiad Water Systems Ltd.
Dori Ivzori, Chief Executive
Officer
Relly Shimko, Chief Financial
Officer +972 4 690 9500
-----------------
Stifel Nicolaus Europe Ltd.
-----------------
Fred Walsh, Stewart Wallace +44 20 7710 7600
-----------------
Luther Pendragon
-----------------
Harry Chathli, Claire Norbury +44 20 7618 9100
-----------------
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
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.
FIMI Opportunity Funds, the leading private equity investor in
Israel, is a controlling shareholder of Amiad, with an interest in
39.5% of the Company's outstanding issued share capital.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCZVLFLFZLXBBQ
(END) Dow Jones Newswires
April 28, 2021 10:40 ET (14:40 GMT)
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From May 2024 to Jun 2024
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Jun 2023 to Jun 2024