17 Mar 2016 08:31
B.S.D. CROWN LTD - Company UpdateB.S.D. CROWN LTD - Company Update
PR Newswire
London, March 17
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Ramat Gan, 17 March 2016
Further to (i) the Company’s announcement on 24 December 2015 (the “24 December Announcement”) and (ii) the District Court of Tel Aviv (the “Court”) ruling on 1 January 2016 in favour of the Bondholders with respect to their request for the immediate repayment of the Secured Amounts and the appointment by the Court of an observer over BGI Investments (1961) Ltd., the controlling shareholder of the Company ("BGI"), the Company hereby announces that on 15 March 2016, the Company was notified by BGI that the Court has further ruled in favour of the Bondholders and approved the sale by such observer, on behalf of BGI, of such number of ordinary shares of the Company held by BGI and which have been pledged in favour of the Trustee, on behalf of the Bondholders, in order to repay the Secured Amounts in the event the Secured Amounts are not deposited with the Trustee of the Bondholders by 25 March 2016.
As of the date of this announcement, the Bondholders are owed NIS 3.59 million (including interest and principal payments (taking into account CPI adjustments for February 2016) in addition to the NIS 14.47 million already held by the Trustee as security for the Bondholders.
Terms used but not defined in this announcement are as defined in the 24 December Announcement.
The Company will provide further updates.
Enquiries:
Yossi Schneorson, CEO: yossi@bsd-c.com