- BATM’s market capitalisation as of 24 June 2019 was approximately NIS 840 million, which means it would be included in the Tel-Aviv Stock Exchange's leading indices
- BATM is listed on the Main Market of the London Stock Exchange and is currently included in major indices and technology indices on the London Stock Exchange
BATM (www.batm.com) (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to announce that it is exploring the possibility of registering its shares on the Tel Aviv Stock Exchange (TASE) as part of a dual listing. The listing would be subject to the completion of a dual registration process and approval by the Company's Board of Directors.
BATM's market capitalization as of 24 June 2019 was approximately NIS 840 million, which means it would be included in the Tel Aviv Stock Exchange's leading indices. The Company's shares would continue to be traded on the London Stock Exchange and subject to the reporting and disclosure requirements of the Financial Conduct Authority of the UK (FCA). As part of the dual listing, the Company would not be required to submit additional reports beyond those required in the UK.
Dr Zvi Marom, CEO of BATM, said: “As a leading Israeli technology company with international operations as well as hundreds of employees, scientists and engineers in Israel, we have decided to explore listing on the Tel Aviv Stock Exchange in order to expand our investor base in the Israeli capital markets. That TASE has completed the Euroclear process, which facilitates electronic trading for Israeli investors and institutions, also contributed to our considerations.
“The Company is gaining momentum with vigorous activity in the Networking & Cyber division as we continue to expand the sales of our leading-edge technology solutions alongside tier 1 companies, such as ARM Holdings and NXP Semiconductors, with which we have exclusive global collaborations. At the same time, we are making significant progress in the Bio-medical division, which achieved record sales in 2018, and we expect this to continue as we introduce world-class, disruptive products and technologies – that have already been awarded dozens of patents and received investment.
“With this sustained momentum, we expect an increase in revenue and adjusted EBITDA in 2019, in line with market expectations."
Ittai Ben Zeev, CEO of TASE, said: “We congratulate BATM for its intention to join the Tel Aviv Stock Exchange in a dual listing and believe that it is important that an Israeli company traded abroad will also have access to the Israeli capital markets. A dual listing in Tel Aviv has many advantages for the Company and for the investors in its shares, including access to additional potential investors, additional trading days and hours that will increase exposure to investors, as well as entry into the leading indices on the stock exchange, which would contribute to increased tradability of, and liquidity in, the shares."
BATM also announced today that, following the announcement yesterday of its intention to raise at least $15 million, the Company successfully raised $18 million from existing shareholders and new investors from both overseas and Israel. The fundraise was led by Shore Capital Stockbrokers in London and by Rosario Capital in Israel.
