We propose a mathematical model for wave propagation in a narrow ring fille
d with an excitable medium. The speed of the wave fronts is assumed to depe
nd on the time that has passed since the last impulse. From this assumption
we derive a system of nonlinear functional differential equations. We prov
e that it has a special solution, for which the speed of the fronts is the
same constant (determined by the dispersion relation), and the fronts are d
istributed uniformly. Any initial distribution of the fronts (apart from ce
rtain exceptional cases) tends to this distribution; in this sense it is th
e "asymptotic state". That result is in agreement with chemical experimenta
l observations, namely, that the long-term distribution of the fronts is un
iform in an annular reactor. Our functional differential equation is transf
ormed into a system of delay differential equations. After this transformat
ion a global stability theorem is proved.