Amiad Water Systems Ltd Update on Potential Investment (2899U)
22 Novembre 2019 - 08:00AM
UK Regulatory
TIDMAFS
RNS Number : 2899U
Amiad Water Systems Ltd
22 November 2019
22 November 2019
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Update on Potential Investment
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, provides an update on the potential
investment outlined in its announcement of 11 September 2019 (the
"September Announcement").
The Company has been notified by three of its substantial
shareholders, FIMI Opportunity Funds ("FIMI"), A.M.SI. Investments
(1997) Ltd ("AMSI") and Keren HaChoshlim - Agricultural Cooperative
Society for Business Ltd. (together with AMSI, "HaChoshlim"), that
they have entered into an agreement (the "FIMI/HaChoshlim
Agreement") under which they support the transaction outlined in
the September Announcement, whereby, amongst other measures and
subject to receipt of the requisite regulatory and corporate
approvals, FIMI would invest in the Company up to GBP17.6m through
the placing of ordinary shares at a price of GBP2.30 per share,
representing approximately 25% of the Company's enlarged issued
share capital (the "Investment").
Under the terms of the FIMI/HaChoshlim Agreement, FIMI and
HaChoshlim have agreed that, upon and subject to the completion of
the Investment by FIMI, they will enter into the following
transactions:
- FIMI will purchase 1,109,918 ordinary shares in the Company
from HaChoshlim at a price of GBP2.30 per share (as mentioned in
the September Announcement); and
- FIMI and HaChoshlim will enter into a shareholders' agreement.
The Company and FIMI have not yet entered into an agreement with
respect to the Investment. If the Investment by FIMI in the Company
is not completed by 30 September 2020, the FIMI/HaChoshlim
Agreement will terminate.
If the Investment by FIMI in the Company is consummated, the
Company and FIMI would need to enter into a relationship agreement
to regulate their future relationship. In addition, the Company
would seek to vary the terms of its current relationship agreement
with HaChoshlim.
Further, the Investment by FIMI would constitute a related party
transaction under Rule 13 of the AIM Rules for Companies and
therefore the independent directors of the Company would need to
consider, after consultation with the Company's Nominated Adviser,
Stifel Nicolaus Europe, if the terms are fair and reasonable
insofar as the Company's shareholders are concerned. No such
determination has yet been made and the structure and terms of the
transaction may need to alter from what is set out above and in the
September Announcement.
In addition, there is no guarantee that all the required
approvals will be obtained and that the Investment by FIMI in the
Company will be made.
Amiad will update the market with respect to any investment in
the Company as required in due course.
This announcement contains inside information for the purposes
of the Market Abuse Regulation (596/2014/EU). Upon the publication
of this announcement, this inside information is now considered to
be in the public domain and such persons shall therefore cease to
be in possession of inside information. The person responsible for
arranging for the release of this announcement on behalf of the
Company is Dori Ivzori.
Enquiries
Amiad Water Systems Ltd.
Dori Ivzori, Chief Executive
Officer
Avishay Afriat, Chief Financial
Officer +972 4 690 9500
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Stifel Nicolaus Europe Ltd.
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Stewart Wallace, Ben Maddison +44 20 7710 7600
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Luther Pendragon Ltd.
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Harry Chathli, Claire Norbury,
Rachel So +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 the
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.
For additional information or product details, please visit
www.amiad.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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