TIDMBVC

RNS Number : 2167Y

BATM Advanced Communications Ld

04 December 2017

LEI: 213800FLQUB9J289RU66

4 December 2017

BATM Advanced Communications Limited

("BATM" or "the Group")

Sale of Property

BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to announce that its fully-owned subsidiary BATM Mekarkein Ltd., a real-estate management company of the Group, has entered into an agreement to sell a wholly-owned 5,757m(2) building situated at Yokneam, Israel. The building, which BATM has owned since it was constructed 17 years ago, housed R&D and operational functions of BATM as well as some third-party tenants. Following the sale, BATM will lease 2,027m(2) of the building to accommodate these business functions. The building has been sold to take advantage of the increased value of real estate in Israel as well as to provide the Group with flexibility to meets its evolving property requirements.

Under the terms of the agreement, BATM will receive a total consideration of NIS 34 million (approximately $9.7 million), which compares with the building's book value of NIS 13.5 million (approximately $3.8 million) at 3 December 2017. As a result, the profits attributable to the transaction amount to NIS 20.5 million (approximately $5.9 million). Pursuant to the sale agreement, NIS 13.6 million is payable on signing of the agreement and the remainder during 2018.

Net proceeds of the sale will be added to the cash balance and be used as part of the Group's efforts to grow the business.

Enquiries:

 
 BATM Advanced Communications 
-------------------------------  ----------------- 
 Dr Zvi Marom, Chief Executive 
  Officer                         +972 9866 2525 
-------------------------------  ----------------- 
 Moti Nagar, Chief Financial 
  Officer 
-------------------------------  ----------------- 
 
 Shore Capital 
-------------------------------  ----------------- 
 Mark Percy, Anita Ghanekar       +44 20 7408 4050 
-------------------------------  ----------------- 
 
 Luther Pendragon 
-------------------------------  ----------------- 
 Harry Chathli, Claire Norbury    +44 20 7618 9100 
-------------------------------  -----------------

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISLLFIEFSLVIID

(END) Dow Jones Newswires

December 04, 2017 02:00 ET (07:00 GMT)

Batm Advanced Communicat... (LSE:BVC)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Batm Advanced Communicat... Charts.
Batm Advanced Communicat... (LSE:BVC)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Batm Advanced Communicat... Charts.