TIDMAFS
RNS Number : 2096G
Amiad Water Systems Ltd
23 July 2021
23 July 2021
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Update on Transfer of Listing to TASE
Further to the Company's announcement of 23 June 2021 and the
circular posted to shareholders on that date (the "EGM Circular"),
Amiad (AIM: AFS), a leading global producer of water treatment and
filtration solutions, provides the following update on the proposed
admission of the Ordinary Shares of the Company to trading on the
Tel Aviv Stock Exchange (the "TASE Listing") and the proposed
cancellation of the admission of the Company's Ordinary Shares to
trading on AIM (the "AIM Cancellation").
The Company expects to receive approval for the TASE Listing
from the Israeli Security Authority and from the Tel Aviv Stock
Exchange ("TASE") in the coming weeks and anticipates that the TASE
Listing will occur in the second half of August 2021.
Pursuant to Rule 41 of the AIM Rules, the Company (through its
nominated adviser, Stifel Nicolaus Europe Limited) has notified the
London Stock Exchange of the date of the proposed AIM Cancellation,
being 26 August 2021. The Directors expect that the Company's
trading facility on AIM will therefore be cancelled with effect
from 7.00 a.m. on 26 August 2021.
As set out in the EGM Circular, the AIM Cancellation remains
conditional upon (i) both the approval by shareholders of the
resolution approving the AIM Cancellation to be proposed at the
Company's Extraordinary General Meeting ("EGM") scheduled for 29
July 2021, (ii) the TASE Listing and (iii) the AIM Cancellation
taking place within three months of the passing of that
resolution.
Reasons for the proposed AIM Cancellation
As set out in the Company's announcement of 23 June 2021, the
Board of Directors (the "Board") has undertaken a review of the
merits or otherwise of the Company continuing to be admitted to
trading on AIM and has concluded that a proposal for the AIM
Cancellation should be made to shareholders at the EGM. In reaching
their decision to propose this to shareholders, the Directors have
taken the following factors into account:
-- the Company's operations are principally located in Israel
and its management is based in Israel. The Directors are of the
view that additional interest may be drawn from investors resident
in Israel due to an increased knowledge of the Company, its
industry and the market in which it operates. The Board considers
that this stronger understanding of the Company and its industry
will, in the future, make the raising of further capital easier to
achieve on terms acceptable to the Board and/or favourable to the
Company and in the best interests of the Company and the
shareholders as a whole;
-- the Board believes the TASE Listing will further consolidate
the Company's market position whilst also enhancing the Company's
corporate profile, credibility, brand awareness and market status
within its home state of Israel;
-- based on the above, it is not considered worthwhile for the
Company to incur the additional costs of maintaining a dual listing
status on AIM and TASE, which would (i) be likely to result in a
division of liquidity between the two markets, divert the Company's
resources and partly negate the benefit of listing on TASE and the
potential benefits to the valuation of the Ordinary Shares; and
(ii) entail additional compliance costs, as well as management
time, as the Company would have to comply with two sets of
regulatory and disclosure requirements; and
-- the Board believes a TASE Listing would be better aligned
with the Company's business development strategies and beneficial
to the Company and the shareholders as a whole.
Trading in the Ordinary Shares of the Company following the AIM
Cancellation
As the AIM Cancellation is conditional on the TASE Listing, the
Company's Ordinary Shares will remain freely transferable pursuant
to the Company's Articles of Association and, following the TASE
Listing, will be capable of being traded through TASE. However, the
Ordinary Shares may, for certain investors, be more difficult to
sell compared to shares of companies traded on AIM.
Following the AIM Cancellation, the depository interest
structure will be cancelled and it will not be possible to hold
depository interests in CREST. Shareholders will also no longer be
able to hold their Ordinary Shares in physical certificated form
following completion of the TASE Listing. Further details are set
out in the EGM Circular.
Depositary interest holders will shortly be receiving a letter
from Link Market Services Trustees Limited in relation to the
termination of the depositary interest facility with effect from
the date of the AIM Cancellation. Depositary interest holders are
strongly encouraged to read that letter and to take any action
suggested within it.
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
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Stifel Nicolaus Europe Ltd.
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Fred Walsh, Stewart Wallace +44 20 7710 7600
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Luther Pendragon
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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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