4 Jan 2017 09:45
B.S.D. CROWN LTD - Parent Company Announcement - Share PledgeB.S.D. CROWN LTD - Parent Company Announcement - Share Pledge
PR Newswire
London, January 4
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Ramat Gan, Israel, 4 January 2017
Parent Company Announcement - Share Pledge
The Company has received information to suggest that Israel 18 BV (“Israel 18”) has granted security over certain Company shares it beneficially owns (5.54% of the total issued and outstanding share capital of the Company (excluding dormant shares)) (the "Pledge") in favour of Meinl Bank in Austria (the "Bank"), as security for the provision of certain loans provided to Israel 18 (the "Loan"). The Loan and the Pledge were made previous to the date on which Mr. Gregory Gurtovoy became the controlling shareholder in Israel 18.
On 3 January 2017 the Company received information to suggest that the Bank wished to exercise the Pledge and register itself as the owner of the shares over which the Pledge was taken. The Bank has claimed that the Loan is in default however no supporting documents have been presented to the Company. Subsequently to receipt of the above information, the Bank has clarified its position that it is not currently acting to enforce its security interest over such shares but rather considering the process for doing so.
Based on the information provided to the Company, Israel 18 beneficially owns Company shares representing approximately 19.01% of the total issued and outstanding share capital of the Company (excluding dormant shares). BGI Investments (1961) Ltd. ("BGI") beneficially owns Company shares representing approximately 24.65% of the total issued and outstanding share capital of the Company (excluding dormant shares) and controls in aggregate, directly and through proxies from Israel 18, approximately 43.65% of the voting rights in the Company (excluding dormant shares).
The Company is seeking clarifications from Israel 18 BV and from the Bank and will provide further updates in due course.
Enquiries:
Gregory Gurtovoy, Chairman of the Board: office@bsd-c.com