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Submission of an Arrangement Proposal

13 Aug 2020 08:45

RNS Number : 0443W
Matomy Media Group Ltd
13 August 2020
 

FOR IMMEDIATE RELEASEAugust 13, 2020

Matomy Media Group Ltd.

 

Re: Matomy Announces Submission of an Arrangement Proposal Pursuant to Section 350 of the Israeli Companies Law to the Tel Aviv-Jaffa District Court

Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) (the "Company" or "Matomy") announces that the Company submitted today to the Tel Aviv-Jaffa District Court (the "Court") a petition pursuant to Section 350 of the Israeli Companies Law (the "Petition"), requesting the Court (i) to approve the convening of separate meetings of preferential creditors, secured creditors, non-preferential creditors and a meeting of the shareholders of the Company, in order to approve an arrangement between the Company and its creditors and shareholders (the "Arrangement"); and (ii) to approve the schedule of the proposed Arrangement.

 

The Arrangement provides for the transfer of all the assets, rights and liabilities known to the Company or contingent (other than NIS5 million (US$1.47 million[1]), the amount of cash necessary for the Company's operations for the next 12 months) to an account under the control of a trustee to be appointed by the Court, with the purpose of merging a possible new activity into the Company free from any debt or claims associated with the Company's former activities. Any debt confirmed under the Arrangement will be paid out of the funds deposited with the trustee and any funds remaining following such process will be distributed as dividend to the Company's shareholders as of the approval date of the Arrangement by the Court.

 

 

Cautionary Statement

 

This announcement includes forward-looking statements, which include all statements other than statements of historic facts, including, without limitation, those regarding Matomy's and/or its subsidiaries' (the "Group") financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company, its directors and its or their advisers expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the Rules of the High Growth Segment.

 

About Matomy

Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) founded in 2007 with headquarters in Tel-Aviv. Matomy is dual-listed on the London and Tel Aviv Stock Exchanges.

Press Contact Information: 

Ilan Tamir, ilan.T@matomy.com, +972-525156464

 

Website: http://investors.matomy.com

 

 

 

[1]  Based on the exchange rate reported by the Bank of Israel on such date.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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