Mirland Development Corporation PLC Update: Potential Reduction of Beneficial Holding (9605X)
September 03 2015 - 3:43AM
UK Regulatory
TIDMMLD
RNS Number : 9605X
Mirland Development Corporation PLC
03 September 2015
3 September 2015
MirLand Development Corporation plc
("MirLand" or the "Company")
Update re: Potential Reduction of Beneficial Holding of
Controlling Shareholder
On 1 September 2015, MirLand, one of the leading international
residential and commercial property developers in Russia, made an
announcement regarding the conditional sale by Bank Leumi Le-Israel
Ltd. ("BLI") to a company controlled by the Nakash family and their
partners in Ampa (the "Purchaser") of debt owed by private
companies controlled by Mr Fishman/his family which is secured over
shares in Jerusalem Economy Ltd. ("JEC") (a company controlled by
Mr Eliezer Fishman ("Mr Fishman"), a non-executive director of the
Company, and which also beneficially owns a majority holding in the
Company) representing approximately 40% of the total issued share
capital (and approximately 45% of the voting rights) of JEC (the
"Sale Shares").
MirLand understands that, further to an announcement made by JEC
to the Tel Aviv Stock Exchange on 1 September 2015, a share
purchase agreement (the "Agreement") was entered into by T.L.C.
Properties and Investments Ltd. (a company controlled by Mr
Fishman/his family) (the "Seller") for the conditional sale to the
Purchaser of the Sale Shares, including, amongst other matters, the
obtaining of the approval of the (Israeli) Anti-Trust Commissioner
to such sale. The date for fulfilment of all of those conditions is
15 November 2015. However, if the only condition outstanding at
that time is the approval of the (Israeli) Anti-Trust Commissioner,
the period for fulfilment of it will be automatically extended to
29 November 2015.
MirLand further understands that the Agreement contains
provisions relating to changes to the composition of the board of
directors of companies controlled by Mr Fishman/his family,
including MirLand.
MirLand notes that the Purchaser is to be a company directly or
indirectly owned as to 80% by Joe Nakash, Rafi Nakash and Avi
Nakash and as to 5% by each of Shlomi Fogel, Naftali Tzader, Shuki
Wolf and Avi Hormro, but that each such person the right to hold
his interest in JEC directly. Similarly, other persons may, with
the consent of BLI, join as purchasers.
If the transaction completes, the Company understands that this
will reduce the beneficial holding of Mr Fishman/his family in
MirLand.
The Company will provide further updates in due course.
MirLand Development Corporation +7 495 787 49
plc 62
Roman Rozental +7 499 130 31
roman@mirland-development.com 09
FTI Consulting
Dido Laurimore / Ellie Sweeney
/ Tom Gough +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
HOLEAXNDEDNSEEF
(END) Dow Jones Newswires
September 03, 2015 03:43 ET (07:43 GMT)
Mirland (LSE:MLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mirland (LSE:MLD)
Historical Stock Chart
From Apr 2023 to Apr 2024