Elbit Imaging Ltd. Announces Approval of New Notes Buyback Programs by the Company Totaling Up to NIS 40 Million
June 01 2016 - 8:05AM
Elbit Imaging Ltd. (“EI” or the
“Company”) (TASE:EMITF)
(NASDAQ:EMITF) announced today that its board of directors
approved a new program to repurchase up to NIS forty (40) million
(approximately $10.4 million) of Elbit’s Notes, which are traded on
the Tel Aviv Stock Exchange. The Company's board of directors has
determined that until further notice, the Company will purchase
only Series H Notes. The repurchases will be made from time to time
in the open market on the Tel Aviv Stock Exchange, in privately
negotiated transactions or in a combination of the two, commencing
the date of this announcement and for a period of 12 months. The
repurchase program does not require the Company to acquire any or a
specific amount of notes, and it may be modified, suspended,
extended or discontinued without prior notice. Repurchase Notes
under this program depends on factors such as market conditions and
legal compliance. Notes repurchased by the Company will be canceled
and removed from trading.
In accordance with the existing loan agreement
with Bank Hapoalim (as amended), the Company will be required to
prepay principal amount of approximately NIS 4 million if the
Notes buyback will be fully executed.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) Commercial centers - initiation,
construction, and sale of commercial centers and other mixed-use
property projects, predominantly in the retail sector, located in
Central and Eastern Europe. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(iii) Medical industries and devices - (a) research and
development, production and marketing of magnetic resonance imaging
guided focused ultrasound treatment equipment, and (b) development
of stem cell population expansion technologies and stem cell
therapy products for transplantation and regenerative medicine.
(iv) Plots in India - plots designated for sale initially
designated to residential projects.
Any forward-looking statements in our releases
include statements regarding the intent, belief or current
expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its
relationship with its employees and the condition of our
properties. Words such as “believe,” “expect,” “intend,” “estimate”
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation, a
change in market conditions, a decision to deploy the cash for
other business opportunities and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2015, under the caption “Risk
Factors.” Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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