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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pilat Tech. | LSE:PIA | London | Ordinary Share | IL0010819832 | ORD ILS0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 0177H Pilat Technologies International Ld 30 October 2008 PILAT TECHNOLOGIES INTERNATIONAL LTD. PROPOSED CANCELLATION OF ADMISSION TO TRADING ON AIM The Directors of Pilat Technologies International Ltd. ("Pilat" or "the Company") announce that on or around 3 November 2008 a circular will be posted to the Company's shareholders ("Shareholders") to convene a General Meeting at which a resolution will be proposed to approve the cancellation the admission of the Company's ordinary shares ("Ordinary Shares") to trading on AIM ("the Cancellation"). Resolutions will also be proposed at the General Meeting in accordance with the requisition received from certain shareholders as announced on 20 October 2008. It is expected that, subject to Shareholder approval at the General Meeting on 4 December 2008, the Cancellation will take effect at 8.00 a.m. on 12 December 2008. Pilat's Ordinary Shares will continue to be traded on the Tel Aviv Stock Exchange ("TASE"). Background to the Cancellation In making the decision to cancel the admission of the Company's Ordinary Shares to trading on AIM, the Directors have considered the ongoing expense of maintaining a quotation on both AIM and the TASE and the current low volumes of trading in the Ordinary Shares on AIM. In recent years there has been only limited trading of Pilat's shares on AIM, whilst on the TASE the volume traded has been many times higher, perhaps reflecting Pilat's higher profile on the Israeli market. In common with many smaller companies trading on AIM, Pilat has suffered from a lack of institutional investor interest, thin trading volumes and large spreads in the quoted share price. The Directors also believe that the Company's listing on the TASE gives it adequate access to capital. In 2000, when the Company needed to raise funds, it did so by raising US$6,000,000 via a private placing in Tel Aviv without AIM involvement. Trading on AIM gives rise to a number of additional expenses including ongoing AIM fees, Nominated Adviser fees, CREST fees and the need to publish accounts in English. In addition, the dual listing increases the complexity of the Company's regulatory obligations which consumes management time. Following the Cancellation, the Ordinary Shares will not be quoted on a market in the UK and the Ordinary Shares will cease to be registered with CREST. However the Ordinary Shares will continue to be traded on the TASE. In order to enjoy the benefits of trading on the TASE, the holders of shares trading on AIM should transfer the registration of their shares from AIM to the TASE, by following the simple procedures listed on the Company's website at www.pilat.com/investors. To facilitate the continual trading of the Ordinary Shares currently quoted on AIM: 1. Pilat will publish an extract of the Company's quarterly financial reports in English on its website, for at least two years following the Cancellation; and 2. Pilat has reached an agreement with Clal Finance Ltd. ("Clal") (www.clalfinance.com), the largest financial institution outside the banking system in Israel, which has agreed to open brokerage accounts and assist in registering Pilat shares on the TASE. Clal has agreed to make this process as simple as possible and Shareholders should contact Ms. Noya Amuyal (in English) by email, telephone or post as follows: e-mail: noyaa@clal-fin.co.il phone: +972 3 565 2598 post: Ms Noya Amuyal, Clal Finance, The Rubinstein Building, 37 Menachem Begin Street, Tel-Aviv 65220, Israel. Following the initial contact, a representative of Clal will contact the Shareholder and explain the registration process. Upon completion of the process the Shareholder will hold Pilat shares freely tradable on the TASE and have an account with a broker who will be able to assist in trading these shares, as well as other stocks, bonds, mutual funds, option and other instruments available in the Israeli market. The Company Secretary is also available to assist any Shareholder with registration. Until such time as the Shareholders whose shares were trading on AIM have been registered for trading on TASE, the Shareholders will: 1. continue enjoying all the rights of Shareholders, including the right to receive notices of, and participate at, Shareholders' meetings, rights to receive dividends and any and all rights of Shareholders; and 2. be able to sell shares through private sale, though not on an exchange. The Cancellation should result in the Company achieving administrative cost savings, without adversely affecting Shareholders, the trading of its shares and the ability to raise funds on an exchange. Enquiries: Pilat Technologies International Ltd 00 972 3 767 9200 Chaim Helfgott, Company Secretary Hanson Westhouse Limited 0113 246 2610 Tim Feather / Matthew Johnson This information is provided by RNS The company news service from the London Stock Exchange END MSCURUWRWNRRORA
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