Wed, 21st Sep 2016 15:47
B.S.D. CROWN LTD - Update in relation to the proposed tender offer
London, September 21
BSD Crown Ltd. (LSE: BSD)
Ramat Gan, Israel, 21 September 2016
Further to the Company's announcement dated 6 September 2016, the Company's board of directors asked Professor Ehud Kamar of Tel-Aviv University to opine on whether or not Zvika Williger and his brother Yossi Williger should be considered as joint holders according to Israeli Companies Law in the context of the tender offer by Yossi Willi Management and Investments Ltd (“YWMI”). Having examined the facts Professor Kamar has concluded that Joseph and Zvika Williger should be considered as one holder. The Company's board of directors has resolved to adopt the opinion received.
Notwithstanding the above, given that the aggregate shareholdings of the Williger brothers when combined with the total number of shares offered to be acquired under the tender offer made by YWMI do not exceed 45% of Company's issued share capital, the Board is not required to consider the need for a special tender offer. In the event that Zvika Williger is successful in the auction process relating to the possible sale of the shares in the Company held by Mr. Naftali Shani and Adv. Arnon Gicelter, referred to in the Company's announcement dated 15 September 2016, the Company will consider whether or not there is a need to reconsider this requirement in light of their revised shareholdings.
Gregory Gurtovoy, chairman of the board: firstname.lastname@example.org