BSD Crown Ltd.
(LSE: BSD)
(the “Company”)
Update in relation
to the proposed tender offer
Ramat
Gan, Israel, 21 September 2016
Further to the Company's announcement dated 6 September 2016, the Company's board of
directors asked Professor Ehud Kamar
of Tel-Aviv University to opine on
whether or not Zvika Williger and
his brother Yossi Williger should be
considered as joint holders according to Israeli Companies Law in
the context of the tender offer by Yossi Willi Management and
Investments Ltd (“YWMI”). Having examined the facts Professor Kamar
has concluded that Joseph and Zvika
Williger should be considered as one holder. The Company's
board of directors has resolved to adopt the opinion received.
Notwithstanding the above, given that the aggregate
shareholdings of the Williger brothers when combined with the total
number of shares offered to be acquired under the tender offer made
by YWMI do not exceed 45% of Company's issued share capital, the
Board is not required to consider the need for a special tender
offer. In the event that Zvika
Williger is successful in the auction process relating to
the possible sale of the shares in the Company held by Mr.
Naftali Shani and Adv. Arnon
Gicelter, referred to in the Company's announcement dated
15 September 2016, the Company will
consider whether or not there is a need to reconsider this
requirement in light of their revised shareholdings.
Enquiries:
Gregory Gurtovoy, chairman of the
board: office@bsd-c.com