Last checked at 5 Sep 2016 07:00
5 September 2016
BATM Advanced Communications Limited
("BATM" or "the Group")
Sale of Property
BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to announce that its fully owned subsidiary BATM ESHBOLOT LTD, the Group's real-estate management company, has entered into an agreement to sell a wholly owned building situated at Hod Hasharon, Israel. The building housed the administrative function of the Group and the personnel will be moved to a neighboring newly erected building. The building has been sold to take advantage of the high real-estate prices in Israel.
Under the terms of the agreement, BATM will receive a total consideration of 34 million NIS (approximately $8.9 million) which compares to the building's book value of 22.2 million NIS (approximately $6.0 million) at 31 August 2016. As a result, the profits attributable to the transaction amount to 11.8 million NIS (approximately $2.9 million). Pursuant to the Sale Agreement, 5.1 million NIS is payable on signing of the agreement and the remainder is due 60 days thereafter.
Net proceeds of the sale will be added to the cash balance and be used as part of the Group's efforts to grow the business.
Enquiries:
BATM Advanced Communications | |
Dr Zvi Marom, Chief Executive Officer | +972 9866 2525 |
Moti Nagar, Chief Financial Officer | |
finnCap | |
Stuart Andrews, Scott Mathieson | +44 20 7220 0500 |
Shore Capital | |
Mark Percy, Anita Ghanekar | +44 20 7408 4090 |
Luther Pendragon | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |