22 Jul 2019 07:00
B.S.D. Crown Ltd. - Company UpdateB.S.D. Crown Ltd. - Company Update
PR Newswire
London, July 22
B.S.D CROWN Ltd (LSE:BSD)(the "Company")
Ramat Gan, Israel, 22 July 2019
Company Update
Further to the information set forth in Note 18(A)(1) to the consolidated financial statements of the Company as of 31 December 2018 (as published on 28 March 2019) in respect of a claim that was filed in connection with the bankruptcy of Mr. Eli Reifman, one of the founders and a former director of the Company, against the Company and certain of its former directors and officers, the Company hereby notifies that it has received a decision of the Israeli Central District Court dated 19 July 2019, in which the Court accepted partially the claims against the Company and certain of its former directors. Based on the arrangement between the Company and its Directors & Officers insurer, the Company’s participation in the payment is NIS 6,185,000, linked to the CPI + interest from the date on which the claim was filed plus NIS 730,000 to cover legal expenses of the parties.
The Company is reviewing the court decision and believes that it includes certain legal inaccuracies. Therefore, the Company is considering filing an appeal with the Israeli the Supreme Court, as well as a request to delay the execution of the foregoing court decision.
Enquiries:
Joseph Williger, Active Chairman Yossi@ydekel.co.il