27 Oct 2015 09:19
B.S.D. CROWN LTD - Company UpdateB.S.D. CROWN LTD - Company Update
PR Newswire
London, October 27
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Ramat Gan, 27 October 2015
B.G.I Investments (1961) Ltd - Submission of a Motion for the Enforcement of Pledges and the Appointment of a Receiver by the Trustee of Bondholders (Series 1)
The Company hereby announces that it has received notification from B.G.I Investments (1961) Ltd (“B.G.I”), the Company’s controlling shareholder, that the Trustee for Bondholders (Series 1) of BGI submitted an ex-parte urgent motion to the District Court of Tel Aviv yesterday for the enforcement of pledges and the appointment of a receiver over B.G.I. pledged assets.
This motion is based on a vote by the B.G.I Bondholders (Series 1) on 21 October 2015, to call for the immediate repayment of the outstanding debt of the B.G.I Bonds (Series 1) and to instruct the Trustee, following consultation with the Trustee's legal counsel and subject to its discretion, to commence legal proceedings on behalf of the Bondholders for the protection and realization of their rights.
The District Court of Tel Aviv ruled that there is no basis to grant an ex-parte order and ruled that B.G.I must submit a response within seven days. B.G.I and its legal counsel are studying the motion submitted and are of the opinion that the motion should be dismissed by the Court.
For more information regarding the vote of the B.G.I Bondholders (Series 1) to call the outstanding debt of the Bonds (Series 1) for immediate repayment, see the reports published by B.G.I on the Tel Aviv Stock Exchange publishing system – MAGNA – dated 22 October 2015.
Enquiries:
Emil Budilovsky, Joint CEO, CFO and Company Secretary; Emil@bsd-c.com