Holding(s) in Company
17 September 2007 - 10:22PM
UK Regulatory
PILAT TECHNOLOGIES INTERNATIONAL LTD
HOLDINGS IN COMPANY
Pilat Technologies International Ltd ("PTI" or "the Company") was notified on
11 September 2007 that certain shareholders had entered into conditional
agreements with SKY Private Equity for the sale of shares in the Company (the
"Agreements"). A total of 6,134,587 shares of NIS 0.01 each are subject to the
Agreements, representing 23.1 per cent. of the issued share capital. The
consideration is NIS 1.70 (approximately 20p) per share. Completion of the
sales is subject to approval by the Israeli anti-trust authorities.
The shareholders who have conditionally agreed to sell shares (the
"Shareholders") are as follows:
Shareholder Shares to be % of issued Shares to be
sold share retained
capital
Avraham Engel 1,964,985 7.4 -
Rony Erlichman 1,706,602 6.4 200,000
Avigdor Rimmer 1,373,870 5.2 -
Beni Moneta 1,089,130 4.1 -
6,134,587 23.1 200,000
Each of the Shareholders has undertaken not to purchase any securities in the
Company for a period of 12 months following the completion of the sales.
Upon completion of the Agreements, SKY will become the largest shareholder in
the Company with a holding of 23.1 per cent. of the issued share capital.
SKY Private Equity operates an equity investment fund for which it has raised
approximately US$120 million from institutional investors in Israel. The
Company understands that SKY holds a controlling interest in Adam-Milo, which
competes with PTI's operations in Israel.
Pilat Technologies International Ltd 00 972 3 767 9200
Chaim Helfgott, Corporate Secretary
Hanson Westhouse Limited 0113 246 2610
Tim Feather / Matthew Johnson
END
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