Secondary Listing on the Tel Aviv Stock Exchange

RNS Number : 7134E

BATM Advanced Communications Ld

08 July 2019

 

LEI: 213800FLQUB9J289RU66

8 July 2019

BATM Advanced Communications Limited

("BATM" or "the Group")

Secondary Listing on the Tel Aviv Stock Exchange

BATM (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that, further to its placing to raise $18 million and intention to seek a secondary listing on the Tel Aviv Stock Exchange ("TASE") announced on 24 June, the Group has today applied for the listing of its ordinary shares on TASE and trading is expected to commence on 11 July 2019. Based on its current market capitalisation, BATM expects to become a constituent of the TA-90 index, which is one of TASE's leading indices and tracks the 90 shares with the highest market capitalisation that are not included in the TA-35 index.

BATM is pursuing the secondary listing in order to:

·    provide a local trading platform for the Israeli-based institutions that have recently become shareholders in the Group;

·    expand the accessibility of its shares to a wider pool of investors; and

·    increase the breadth and depth of the Group's shareholder base, with the aim of ultimately improving the liquidity and tradability of its shares.

The ordinary shares of the Group will continue to trade on the Main List of the London Stock Exchange ("LSE"), where BATM has been listed since 12 July 1999. The shares listed on TASE will be fully transferrable and fungible with those listed on the LSE, the Group's primary listing. BATM is not issuing any new shares in connection with the secondary listing.

Dr Zvi Marom, Chief Executive Officer of BATM, said: "This is an exciting time for BATM with great progress being made across our business and listing on TASE will expand the accessibility of our growth story to a wider pool of investors. We are a global company that has its headquarters and extensive operations in Israel and recently raised $18 million from investors in the UK and Israel. As a result, and with the ease of being able to trade between the LSE and TASE platforms, this is a natural step to strengthen our investment profile. By expanding the breadth and depth of our shareholder base, combined with sustained growth, we look forward to increasing the liquidity of our stock and delivering value to all investors."

Enquiries:

BATM Advanced Communications
Dr. Zvi Marom, Chief Executive Officer	[phone]
Moti Nagar, Chief Financial Officer
Shore Capital Stockbrokers
Mark Percy, Anita Ghanekar	[phone]
Luther Pendragon
Harry Chathli, Claire Norbury, Joe Quinlan	[phone]

 

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