8 Feb 2017 10:27
B.S.D. CROWN LTD - Change of control over BGI shares in the CompanyB.S.D. CROWN LTD - Change of control over BGI shares in the Company
PR Newswire
London, February 8
BSD Crown Ltd. (LSE: BSD)(the “Company”)
Ramat Gan, Israel, 8 February 2017
Company Update – Change of control over BGI shares in the Company
The Company refers to its announcements dated 18 and 24 January, 2017 as well as to an announcement on the Tel Aviv Stock Exchange made by BGI Investments (1961) Ltd. ("BGI") yesterday. Capitalised terms used herein but not defined, shall have the meanings given to such terms in the Company’s announcements of 18 and 24 January, 2017, respectively.
On 6 February, 2017, the District court in Tel Aviv-Jaffa, ruled as follows:
1. Israel 18 shall, by 7 March, 2017, repay to Taaman, amounts owing by it pursuant to the Loan Agreement, including annual interest of 10%;
2. If Israel 18 does not comply with the above, BGI’s right to exercise its right of first refusal in accordance with the Voting Agreement and the remainder of its claims to exercise its rights under such Voting Agreement, will be dismissed;
3. Israel 18 will pay a sum of US$500,000 as agreed damages to Taaman, in addition to the abovementioned amounts, such sum to be increased to US$750,000 if not paid together with the abovementioned amounts by 7 March, 2017;
4. Israel 18 and BGI should agree with the Company the steps necessary to remove the Company’s lien over approximately 70% of the Group Shares, as described in the Company’s announcement of 24 January 2017;
5. Upon satisfaction of the above conditions, the Company’s shares which are subject to the MoU shall be released and settled in accordance with the Voting Agreement.
The Company will provide further updates in due course.
Enquiries:
Eli Arad, Director: office@bsd-c.com