1 May 2020 08:00
1 May 2020
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Completion of Investment and Directorate Change
Further to the Company's announcements of 27 February and 29 April 2020, Amiad (AIM: AFS), a leading global producer of water treatment and filtration solutions, announces that the 7,652,174 new Ordinary Shares issued pursuant to the Subscription and Open Offer have been admitted to trading on AIM today ("Admission"). As a result of Admission, the Capital Raising has completed raising gross proceeds for the Company of approximately £15.63 million from FIMI pursuant to the Subscription and £1.97 million from certain existing shareholders under the Open Offer.
In accordance with the terms of the Relationship Agreements and the HaChoshlim/FIMI Share Purchase Agreement and with effect from Admission, Mr Ishay Davidi has joined the Board of Amiad and each of the following has resigned as directors of the Company: Mr Dori Ivzori, Ms Jenny Cohen Derfler and Ms Zehava Simon. Mr Ivzori continues to serve as the Chief Executive Officer of the Company.
Mr Ivzori, along with Mr Avishay Afriat, Chief Financial Officer, will continue to be responsible, along with the Board, for the Company's compliance with the AIM Rules and for providing the Board with information that the Company needs in order to comply with those Rules. They will also continue to attend Board meetings when requested to do so by the Board.
Further to the announcement made on 4 March 2020, it is noted that no additional information is required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules in relation to the appointment of Mr Davidi.
Mr Yariv Avisar, Chairman of Amiad, said:
"We are delighted to have completed this important capital raising and appreciate the strong support shown for it by both FIMI and other shareholders."
"We also warmly welcome Ishay Davidi to the Board of Amiad with his extensive background in business and finance, as well as his experience as a director of various public companies. We look forward to benefiting from his expertise, and that of Lilach Asher-Topilsky and Ran Shahor, who also recently joined the Board, as Amiad enters the next chapter in its development."
"We would like to thank Jenny Cohen Derfler and Zehava Simon for their valuable contributions to Amiad over the years and wish both of them the very best in their future endeavours. We also look forward to continuing to work closely with Dori Ivzori in his role as CEO."
Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as defined in the circular sent to shareholders of the Company on 27 February 2020.
Enquiries
Amiad Water Systems Ltd. |
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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 |
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Harry Chathli, Claire Norbury, Rachel So | +44 20 7618 9100 |
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.