Update re cash distribution

28 Mar 2008 07:02

Adamind Ltd28 March 2008 28 March 2008 Adamind Ltd ('Adamind' or 'the Company') Update re cash distribution Following its announcement of 14 March 2008 relating to the planned distributionto its shareholders of approximately US$19.2 million (approximately GBP 9.6million), the Company today announces that it has been informed by the IsraeliTax Authority (the "ITA") that the ruling previously granted by the ITA withrespect to the manner in which certain amounts will be withheld from thedistribution amounts payable to the Company's shareholders ("Ruling") has beenrevised, resulting in an expansion of the categories of shareholders whosedistribution amounts will be subject to withholding. The Company and itsadvisors have engaged in discussions with the ITA and are using their bestefforts to obtain a Ruling that will limit the scope of shareholders whosedistribution amounts will be subject to withholding. The funds in the aggregateamount of approximately US$19.2 million (approximately GBP 9.6 million) areready and available for distribution. The Company is aware of its previously stated timetable for cash distributions.Therefore, the Company has resolved that if a new Ruling is not obtained by 4April 2008, the Company will consummate the cash distribution shortlythereafter, subject to withholding requirements under applicable law. If a newRuling is obtained by 4 April 2008, the Company will update its shareholders asto any new requirements reflected in such new Ruling, including if revisedwithholding-related forms are necessary. The Company now expects the firstdistribution process to be completed by the end of April 2008 or shortlythereafter. Enquiries Corfin CommunicationsHarry Chathli, Neil Thapar +44 20 7977 0020 This information is provided by RNS The company news service from the London Stock Exchange