TEL AVIV, Israel, November 28, 2014 /PRNewswire/ --
Elbit Imaging Ltd. (TASE, NASDAQ:
EMITF) ("Elbit" or the "Company") announced today, following
its announcements dated June 23, 2014
and October 14, 2014, that its
62.25% owned subsidiary, Plaza Centers N.V. (LSE: PLAZ, WSE:
PLZ/PLAZACNTR) ("Plaza"), announced that Plaza's
shareholders have approved the proposed rights offering
(the "Rights Offering") which forms part of
Plaza's restructuring plan. As previously announced, the Rights
Offering will be priced at Euro
0.0675 per share. Plaza also announced that the Rights
Offering is open.
Following the above mentioned approval of Plaza's shareholders,
and the subsequent opening of the Rights Offering, Elbit Ultrasound
(Luxembourg) B.V. / S. à. r. l. ,
a wholly owned subsidiary of the Company ("EUL"), and
Burlington Loan Management Limited, an affiliate of Davidson
Kempner Capital Management LP ("BLML"), have made capital
injections in the aggregate amount of EUR 20
million into Plaza, by way of depositing the funds as
described below, out of which Euro 12.5
million were deposited by EUL and Euro 7.5 million were deposited by BLML.
EUL has taken up the required number of shares immediately
following the opening of the Rights Offering and, as part of the
capital injection, has, together with BLML, deposited an aggregate
of Euro 20 million up front in order
to ensure that the capital injection required under Plaza's
restructuring plan takes place before November 30, 2014. The funds have been received
by Plaza and are currently held in the third party account of a
Dutch civil-law notary, for the account of Plaza. The aggregate
number of shares to be issued to EUL and BLML, and the aggregate
price paid by them, may be reduced, as a result of the
participation by other shareholders of Plaza in the Rights
Offering. According to the provisions of the agreements between
parties, EUL may require that a certain number of shares will be
subscribed for by and issued to BLML. The determination of the
number of shares to be issued to each of EUL and BLML and the
issuance and settlement of the relevant shares to EUL and BLML will
take place following the closing of the Rights Offering.
EUL intends to subscribe for Plaza's shares in consideration for
an aggregate purchase price which will not exceed Euro 10 million and to procure that BLML will
subscribe for the remaining amount of Plaza's shares EUL has taken
up or committed to take up pursuant to the Undertaking described in
the abovementioned previous announcements.
In addition, as part of Plaza's restructuring plan and following
the filing of a listing document, Plaza's ordinary shares are
tradable on the Tel-Aviv Stock Exchange with effect from
27 November 2014 under the English
ticker "Plaz".
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of
business: (i) Commercial and Entertainment Centers - Initiation,
construction and sale of shopping and entertainment centers and
other mixed-use real property projects, predominantly in the retail
sector, located in Central and Eastern
Europe and in India,
primarily through its subsidiary Plaza Centers N.V. In certain
circumstances and depending on market conditions, we operate and
manage commercial and entertainment centers prior to their sale;
(ii) Hotels - Hotel operation and management; (iii) Medical
Industries - (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) Residential Projects - Initiation,
construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located
primarily in India; (v) Fashion
Apparel - Distribution and marketing of fashion apparel and
accessories in Israel.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
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," "would," "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, the failure of the Rights
Offering to receive requisite regulatory approvals 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, 2013, 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
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
SOURCE Elbit Imaging Ltd.