5 Nov 2015 09:26
B.S.D. CROWN LTD - Company UpdateB.S.D. CROWN LTD - Company Update
PR Newswire
London, November 5
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Ramat Gan, 5 November 2015
Re: Cancellation of the Court Hearing Regarding the Liquidation Motions and the Motion for the Appointment of Temporary Receivers over Israel 18
Further to the Company's announcements dated 20 October, 2015 and 21 October, 2015 (available on bsd-c.com) and based on information received by the Company from Israel 18 B.V. ("Israel 18"), the Company's controlling shareholder, the Company hereby announces that Israel 18 has (i) fulfilled all of its obligations and (ii) paid, on 29 October, 2015, all of the amounts outstanding as at the date of the hearing of the District Court of Haifa (the “Court”)(being 20 October, 2015), in each case with respect to the agreements Israel 18 had previously entered into with each of Fortissimo Capital Management Ltd. ("Fortissimo"), S.G Textile Holdings Ltd. (“S.G”) and Z. Barinboim Holdings Ltd. (“Barinboim”; Fortissimo, S.G. and Barinboim together shall be referred to as the "Applicants").
As a result of the above actions on the part of Israel 18, the Applicants and Israel 18 yesterday submitted agreed motions to the Court, in light of which the Court has cancelled the hearing scheduled to take place today regarding the liquidation motions and the motion for the appointment of temporary receivers over Israel 18, together with making the following decisions: (1) with respect to Fortissimo: (a) Fortissimo's request for the appointment of a temporary receiver over Israel 18 has been annulled; and (b) Fortissimo is required to inform the Court within 30 days if it maintains its liquidation motion; (2) with respect to S.G and Barinboim: (a) the Court approved the settlement agreement submitted by Israel 18, S.G. and Barinboim and validated it as a decision; and (b) S.G and Barinboim are required to inform the Court by 20 November, 2015 if the aforesaid understandings have been effectively executed and if there is a need for a hearing for the motion of the appointment of a temporary receiver over Israel 18 or whether it can be annulled and similarly whether the liquidation motion can be annulled.
Enquiries:
Emil Budilovsky, Joint CEO, CFO and Company Secretary; Emil@bsd-c.com