Amiad Water Systems Ltd Proposed transfer of listing to TASE (9556W)

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                          [phone] 
                                  ----------------- 
 
 Stifel Nicolaus Europe Ltd. 
                                  ----------------- 
 Fred Walsh, Stewart Wallace       [phone] 
                                  ----------------- 
 
 Luther Pendragon 
                                  ----------------- 
 Harry Chathli, Claire Norbury     [phone] 
                                  ----------------- 
 

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 .

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April 28, 2021 10:40 ET (14:40 GMT)