4 Jan 2016 07:00
B.S.D. CROWN LTD - Company UpdateB.S.D. CROWN LTD - Company Update
PR Newswire
London, January 4
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Re: Motion for Discovery
Ramat Gan, 3 January 2016
The Company hereby announces that on 3rd January 2016 it was served with a motion for discovery in accordance with Section 198A of the Israel Companies Law, 5769-1999 (the “Motion”) by Mr. Eldad Levi (the “Applicant”), who claims to hold 18,652 shares in the Company.
The Applicant is requesting the disclosure of certain documents and board minutes from the Company, the Company’s management and the Company’s treasury department/committee, relating to the deposit of approximately USD 30 million of the Company’s funds with an Austrian Bank and an additional deposit of USD 11 million of the Company’s funds held in a bank account in Azerbaijan.
The Applicant is claiming that the requested documents will allow him to examine whether the resolution to deposit the respective amounts in the above accounts were lawfully executed and whether the authorized representatives of the Company were in breach of their fiduciary duties by not taking adequate precautions to ensure the Company’s ability to withdraw the funds at any time and by not monitoring the deposited funds.
The Company is reviewing the Motion and the claims set out in it in conjunction with its legal counsel. A further announcement will be made in due course.
Enquiries:
Yossi Schneorson, CEO: yossi@bsd-c.com