Yossi Willi Management & Invs. Ltd B.S.D Crown Ltd - Offer Update (9096L)
06 October 2016 - 11:05PM
UK Regulatory
TIDMBSD
RNS Number : 9096L
Yossi Willi Management & Invs. Ltd
06 October 2016
October 6, 2016
YOSSI WILLI MANAGEMENT AND INVESTMENTS LTD
(The "Offeror")
Update on Cash Offer
Further to the announcement on September 20, 2016 of the cash
offer for up to 20 per cent. of the issued and outstanding share
capital of B.S.D Crown Ltd. ("BSD"), the Offeror wishes to provide
BSD shareholders and depository interest holders with the following
information as to the opportunity that this cash offer
provides.
Since the beginning of the year, a series of alarming
announcements have been made by BSD, which all relate to its cash
positions and investigations by regulatory authorities. Such
announcements and investigations raise grave concerns as to the
conduct of BSD's business and the discharge by its directors of
their fiduciary duties to BSD and its shareholders. On April 29,
2016, BSD announced that it would not be able to publish its annual
financial statements for the year ended December 31, 2015 by April
30, 2016 (as required by law) and that given the delay in
publishing such financial statements, BSD requested that trading in
its shares be temporarily suspended as of such date. In addition,
over recent years the market price of the BSD shares has decreased
significantly, from 55.88 pence on January 9, 2014 to 25.12 pence
on April 29, 2016 (being the last day of trading in BSD shares
before its suspension), i.e., a decrease of 55% over 27 months.
The Offeror would like to emphasize that the cash offer of 27.5
pence:
(a) represents a premium of 35.46% over the average share price
of BSD shares during the 12 month period immediately prior to
September 20, 2016; and
(b) provides shareholders with the only current viable
opportunity to realize value immediately (especially in light of
the suspension of trading in the BSD shares), by providing them
with the opportunity to exchange BSD shares for cash.
If you hold your BSD shares as depository interests in CREST,
you are NOT able to make an acceptance of the Offer in CREST on
behalf of your underlying beneficial holders. To accept the Offer,
arrangements MUST be made for the applicable shares to be withdrawn
from CREST into certificated form. The certificated account should
be in the name of the beneficial owner wishing to accept the
Offer.
HOLDERS OF DEPOSITORY INTERESTS WHO WISH TO TENDER THEIR
DEPOSITORY INTERESTS SHOULD COMPLY WITH THE PROCEDURES SET FORTH IN
THE TENDER OFFER DOCUMENT IN A TIMELY MANNER, TO ENABLE THE
ACCEPTANCE OF THE OFFER PRIOR TO THE EXPIRATION OF THE OFFER
PERIOD, CURRENTLY SCHEDULED FOR NO LATER THAN 1:00 P.M. (LONDON
TIME) ON NOVEMBER 1, 2016.
Beneficial owners of depositary interests should contact their
stockbroker, custodian or financial advisor promptly and without
delay if they intend to accept the Offer as different advisors or
custodians will require sufficient time to make arrangements for
depositary interests to be withdrawn from CREST before the offer
expiration date of november 1, 2016.
For further information contact:
YOSSI WILLI MANAGEMENT
AND INVESTMENTS LTD
Mr. Yossi Wiliger Yossi@ydekel.co.il
GEORGESON
Domenic Brancati 020-7019-7003
Anthony Kluk 020-7019-7032
This information is provided by RNS
The company news service from the London Stock Exchange
END
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