24 Apr 2020 07:00
24 April 2020
Amiad Water Systems Ltd.
("Amiad" or the "Company")
COVID-19 Update
Amiad (AIM: AFS), a leading global producer of water treatment and filtration solutions, provides the following update on actions it is undertaking in light of the COVID-19 outbreak.
As part of the Company's efforts to reduce its expenses, the members of the Board of Directors have agreed to a voluntary reduction in their remuneration effective 1 April 2020 to at least 31 December 2020. The annual fixed fee and the per-meeting participation fees (in accordance with Israeli law) of all local non-executive directors are being reduced by 20%. The annual fixed fee and the per-meeting fees of the UK-based director is being reduced by approximately 60% and it will become the same as that of all local non-executive directors. This is alongside other measures the Company is implementing to reduce costs, such as curtailing all travel and non-essential spend, to protect its robust financial position while the length and severity of the crisis remains unknown. The updated remuneration will also apply to Mr. Ishay Davidi upon his appointment to the Board, which is expected on completion of the FIMI investment in the Company as previously announced.
As previously announced, the Company is keeping the extent of potential disruption to trade caused by the COVID-19 outbreak under review. At present, production is continuing in each territory and the Company is focused on ensuring it can deliver its products to customers, as far as circumstances allow. However, it remains too early to assess the impact that the disruption will have on revenue and profitability. The Company will update the market in due course.
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 Ltd. |
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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.