19 Oct 2020 07:00
FOR IMMEDIATE RELEASEOctober 18, 2020
Matomy Media Group Ltd.
Re: Matomy Announces Submission of an Arrangement Proposal Pursuant to Section 320 of the Israeli Insolvency and Economic Rehabilitation Law to the Tel Aviv-Jaffa District Court
Further to the announcement made by Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) (the "Company" or "Matomy") on September 29, 2020 (RNS Number: 4816A) regarding entering a memorandum of understanding ("MOU") with Global Automax Ltd, ("Automax") Matomy announces that the Company submitted today to the Tel Aviv-Jaffa District Court (the "Court") a petition pursuant to Section 320 of the Israeli Insolvency and Economic Rehabilitation 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.
Under the MOU, the Company has agreed to obtain such an Arrangement from the Court, under which the Company will clear all of its debts with the Court's approval and hence, enabling the transaction with Automax. As the Company is solvent, it is clear that all creditors claims will be satisfied, and this Arrangement is in their benefit. We expect the Court's approval to be obtained within the next month, and for the Arrangement to be finalized by year-end. Matomy will release further information if and when Court approval will be obtained.
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