Business
Sale of Property
Sale of Property.
About this update from Batm Advanced Communications Ltd.
[{"type":"text","content":"\n \nRNS Number : 2167Y BATM Advanced Communications Ld 04 December 2017 \n\nLEI: 213800FLQUB9J289RU66 \n4 December 2017\n \nBATM Advanced Communications Limited\n(\"BATM\" or \"the Group\")\n \nSale of Property\n \nBATM 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 Mekarkein Ltd., a real-estate management company of the Group, has entered into an agreement to sell a wholly-owned 5,757m2 building situated at Yokneam, Israel. The building, which BATM has owned since it was constructed 17 years ago, housed R&D and operational functions of BATM as well as some third-party tenants. Following the sale, BATM will lease 2,027m2 of the building to accommodate these business functions. The building has been sold to take advantage of the increased value of real estate in Israel as well as to provide the Group with flexibility to meets its evolving property requirements.\n \nUnder the terms of the agreement, BATM will receive a total consideration of NIS 34 million (approximately $9.7 million), which compares with the building's book value of NIS 13.5 million (approximately $3.8 million) at 3 December 2017. As a result, the profits attributable to the transaction amount to NIS 20.5 million (approximately $5.9 million). Pursuant to the sale agreement, NIS 13.6 million is payable on signing of the agreement and the remainder during 2018. \n \nNet 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. \n \nEnquiries:\n \n\n\n\n\nBATM Advanced Communications\n\n\n\n\n\n\n\nDr Zvi Marom, Chief Executive Officer\n\n\n+972 9866 2525 \n\n\n\n\nMoti Nagar, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShore Capital\n\n\n\n\n\n\n\nMark Percy, Anita Ghanekar\n\n\n+44 20 7408 4050 \n\n\n\n\n\n\n\n\n\n\n\n\nLuther Pendragon\n\n\n\n\n\n\n\nHarry Chathli, Claire Norbury\n\n\n+44 20 7618 9100\n\n\n\n\n \nThe information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.\n \n \n \n\nThis informat...