Delek will issue Ithaca in London and Tel Aviv – the capital market

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Reports that the company’s board of directors has decided to promote the listing of the Ithaca share for trading on the London Stock Exchange and then also in Tel Aviv, through an exchange purchase offer through a voluntary tender that will be offered to Delek Group’s bondholders.

Upon completion of the move, Delek Group will hold approximately 75% of Ithaca’s shares, and according to the Board’s decision, the tender will offer bondholders the option to exchange part of the debentures held by them for tradable Ithaca shares up to a maximum of 25% of Ithaca.

In the last 12 months, Delek Group has crashed by about 80%, and the company is interested in strengthening in front of investors.

According to the company, the current proposal is in addition to the other moves promoted by the Delek Group, with the aim of strengthening capital and liquidity: reducing the Delek Group’s bond balance (early repayment); allowing bondholders to diversify their investments and exposure to the company’s assets; Strengthening the group’s capital and more.

Idan Wells, CEO of Delek Group: “Following the series of complex actions we have successfully taken over the past year, in accordance with the goals we have set and our commitments to the bondholders, we continue to initiate transactions and examine new moves that will strengthen the group’s capital and further improve its financial position. The move under consideration is complementary to the additional moves we are planning in connection with our holdings in Ithaca, and will even support their success, and it holds the potential for significant value flooding, for the Delek Group and its securities holders. ”

This year, the Delek Group will have to repay a debt of NIS 1.2 billion, and in a series of steps it has taken, including the accelerated realization of assets and the securitization of super royalties from the Whale Reservoir, has secured repayment. In April, it will have to raise NIS 50 million in accordance with an arrangement reached with the bondholders. In 2022, the group must repay NIS 1.97 billion, and according to the forecasted flow it announced for 2021, NIS 2.25 billion will remain in the coffers at the end of the year.