Amiad Water Systems Ltd Related Party Transaction (6870E)
July 09 2021 - 2:00AM
UK Regulatory
TIDMAFS
RNS Number : 6870E
Amiad Water Systems Ltd
09 July 2021
9 July 2021
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Related Party Transaction
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, announces that it has selected Rimoni
Industries Ltd ("Rimoni"), a previous supplier to the Company, as
an additional outsourced supplier of polymer injection services.
Rimoni is controlled by FIMI Opportunity Funds ("FIMI"), which is a
controlling shareholder of Amiad.
The majority of the Company's polymer injection moulding is
performed in-house, with the support from outsourced suppliers
varying on demand. As a result of capacity constraints at its
regular outsourced supplier, the Company has selected Rimoni as an
additional supplier. Rimoni is a large-scale manufacturer that
specialises in precise injection moulding for a wide range of
industries.
Amiad expects that the total value of services that could be
purchased from Rimoni over the course of 2021 is up to US$500,000
(the "Rimoni Purchases"), however this could be exceeded. Rimoni
Purchases are made with terms in line with standard market practice
and have been at competitive prices compared with the Company's
regular supplier.
As FIMI is a substantial shareholder (as defined in the AIM
Rules) of the Company, the Rimoni Purchases are classified as
related party transactions under the AIM Rules. The independent
members of the Board consider, having consulted with the Company's
Nominated Adviser, Stifel Nicolaus Europe Limited, that the terms
of the Rimoni Purchases are fair and reasonable insofar as the
Company's shareholders are concerned. In accordance with Israeli
Companies Law, the Rimoni Purchases received the approval of the
Audit Committee of the Board and the Board of Amiad,
respectively.
To the extent the total value of Rimoni Purchases exceeds the
above expected level, a further announcement will be made.
Enquiries
Amiad Water Systems Ltd.
Dori Ivzori, Chief Executive
Officer
Relly Shimko, Chief Financial
Officer +972 4 690 9500
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Stifel Nicolaus Europe Ltd.
-----------------
Fred Walsh, Stewart Wallace +44 20 7710 7600
-----------------
Luther Pendragon
-----------------
Harry Chathli, Claire Norbury +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
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
42.8% of the Company's outstanding issued share capital.
For additional information or product details, please visit
www.amiad.com .
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END
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