Adi Zim joins Yaakobi Group: will provide a loan of NIS 12 million – the capital market

The project company

Jacobi Group
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It is reported that businessman Adi Zim will provide her with a loan of NIS 12 million, which can be converted for shares. Over the next three years, Zim will be able to convert the loan into shares, so that if it chooses to convert the loan, it may hold up to 18% of the company’s shares.

As part of the loan, approximately NIS 5.5 million was provided to the company on the day the agreement was signed, while the balance of the loan, in the amount of NIS 6.5 million, will be provided at the date of allotment of the conversion shares. The loan will be repaid in full within 3 years, during which time Zim will be able to convert the loan fund into shares of up to 27.9 million shares, which constitute approximately 18.34% of the company.

The shares will be allotted to ZIM at a discount of up to 30% on the base price of the stock this morning, so that during the first year, the exercise price of the option shares will be 43 cents per share. As of January 2022, the exercise price will be 47.3 agorot and a year later, the exercise price will be 52 agorot per share.

In the past year, the company’s share rose by 52% to a market value of about 114 million shekels, following the sale of Dekel Infrastructure to the Generation Capital Fund and the signing of a new agreement with the Jerusalem Municipality. This is after it has known mainly declines in recent years against the background of a consistent decline in the Group’s revenues, from a level of NIS 682.2 million in 2017, to a level of NIS 627.6 million in 2019, in parallel with a decline in the Group’s gross profit, from NIS 73.7 million in 2017 To a level of about NIS 40.8 million in 2019.