Update on FTSE Nationality Review & Share Buyback

RNS Number : 5381A

BATM Advanced Communications Ld

03 February 2022

 

LEI: 213800FLQUB9J289RU66

3 February 2022

BATM Advanced Communications Limited

("BATM" or "the Group")

Update on FTSE Nationality Review

and Share Buyback Programme

BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, notes that in the FTSE Nationality Review of Companies published by FTSE Russell on Wednesday 2 February 2022, the Group's nationality has been reassigned from the UK to Israel. The Group also announces its intention to launch a share buyback programme, subject to the receipt of shareholder approval.

FTSE Nationality Review

As stated in the announcement of 17 January 2022, BATM remains  committed to maintaining its membership of the FTSE UK Index Series (the "Index") and remains in dialogue with FTSE Russell to investigate possibilities of an extension. Should an extension not be granted, the reassignment of BATM's nationality will take effect from 21 March 2022, pursuant to rule 5.1.6 of the Ground Rules of the Index.

Zvi Marom, Chief Executive Officer of BATM, said: "We are very disappointed by the decision of FTSE Russell not to grant us a further extension and maintain our membership of the FTSE UK Index Series. We are puzzled by this decision as we have been in regular dialogue with them and had certain indications that it would be granted.

"We are not the only company that has been denied this by virtue of our domicile and dual listing. A lack of pragmatism and blindness to the possibility of market disruption is fast becoming a deterrence for good foreign-domiciled companies to list on the London Stock Exchange, especially when other bourses do not have such draconian rules. We hope the lawmakers look at this again and become welcoming to global companies who wish to give investors in index-linked funds in the UK as well as those in their own countries the opportunity to invest in them."

Share Buyback Programme

The Board of BATM has approved a share buyback programme of ordinary shares of NIS0.01 in the capital of the Group of up to 10% of the Group's issued share capital (the "Buyback Programme"). The Group has a strong balance sheet and the Buyback Programme, which would be funded from the Group's net cash position, forms part of the Board's broader strategy to deliver shareholder value. The commencement of the Buyback Programme is subject to the approval of shareholders at a general meeting to be convened. F urther details on the Buyback Programme will be provided in the notice of general meeting and the Group will update the market in due course. 

Enquiries:

BATM Advanced Communications
Dr Zvi Marom, Chief Executive Officer	[phone]
Moti Nagar, Chief Financial Officer
Shore Capital
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory)	[phone]
Luther Pendragon
Harry Chathli, Claire Norbury	[phone]

 

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