Cancellation of Admission

RNS Number : 9381V

Orad Hi-Tec Systems

04 June 2008

 



Orad Hi-Tec Systems Ltd.

4 June 2008

Orad Hi-Tec Systems Ltd. ('Orad' or the 'Company')

Result of Special Meeting

Orad Hi-Tec Systems Ltd. (Symbol: OHT) announces that, at a special meeting of the Company held today, a resolution to approve the application for cancellation of admission to trading on AIM of the Company's Ordinary Shares (of nominal value NIS 0.01 each) (the 'Ordinary Shares') and the effecting of such cancellation was approved by its shareholders (the 'Cancellation'). 

Following Cancellation, the Ordinary Shares will not be listed on any publicly quoted market in the UK. The Ordinary Shares, however, will continue to be traded on the WPS segment of the Frankfurt Stock Exchange (with ticker symbol: WKN 928634). The Ordinary Shares have been traded on the Frankfurt Stock Exchange since 1999. The ISIN of the Company will remain: IL0010838071.

If you are a holder of Orad depositary interests then, within 90 days of receiving notice from Capita IRG Trustees Limited ('CIRGT') of the termination of the Depositary Agreement, you must request from CIRGT a 'CREST Withdrawal form' and notify CIRGT to whom, within the Clearstream banking system, you wish to transfer your Ordinary Shares. Notice of the termination of the Depositary Agreement has been given by Capita to holders of Orad depositary interests and the final date for notifying CIRGT is 1 August 2008. The Ordinary Shares may be transferred to Clearstream Banking Frankfurt (CBF), Clearstream Banking Luxembourg (CBL) or Euroclear (EC). If neither you nor your bank (or other institution holding your depositary interests) has an account with any of the above, you should contact a custodian bank like Deutsche Bank AG, Frankfurt (contact person: Ruth Bürgermeister, Domestic Custody Service, Deutsche Bank Frankfurt, Tel.: [phone], Fax: [phone], email: [e-mail]) in order to set up custody services. If you do not send CIRGT notification to whom to transfer your Ordinary Shares then, at the expiration of the 90 day notification period, CIRGT shall sell your Ordinary Shares and send you the proceeds after deducting expenses. Holders of depositary interests with queries may contact Dave Riggs of Capita Registrars, the Company's registrars, on [phone] or at [e-mail]. 

In accordance with Rule 41 of the AIM Rules for Companies, the Cancellation can only take effect five (5) clear business days after shareholder approval for the Cancellation has been obtained and once a dealing notice has been issued by the Exchange. Accordingly, it is expected that the Cancellation will take place with effect from 7 a.m. (BST) on 12 June 2008.

Enquiries:

ORAD Hi-Tec Systems Ltd Ehud Ben-Yair C.F.O.	[phone] [e-mail]
Shore Capital Graham Shore, London, UK	[phone]
Edicto Investor Relations Dr. Sonke Knop, Frankfurt Germany	[phone]

About Orad

Founded in 1993, Orad is a world leader in TV production technology and is rapidly increasing its position in the real time three dimensional graphic markets. Orad's product line includes virtual studios, on-air graphics systems, channel branding, virtual advertising, sports production solutions and hardware for the virtual reality industry. Orad is a publicly traded company on Frankfurt's Wertpapierbörse Prime Standard and currently on AIM, a market operated by the London Stock Exchange plc (symbol: OHT).

www.orad.tv 

 

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