Sela raises NIS 80 million from assets and building – the capital market

The Foundation

Real Estate Rock
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Sela will allocate a private placement of NIS 80 million to a property and building company from DSK. Sela will allocate 10.25 million blocked shares and 10 million warrants at a net price of NIS 7.8 per share – a 12% premium to the closing price yesterday of NIS 6.99.

The blocked shares will constitute approximately 4.99% of Sela’s capital, while the exercise of the options by Properties and Building will increase the latter to a holding of 9.41% in Sela, or 9.12% in full dilution. The options will be exercisable at a price of NIS 8.4 until 2.7.2023. Giza Singer Stone served as the transaction consultant.

“Properties and Building believes that Sela’s current dividend yield, given its status as a Wright fund, plus the inherent value not yet reflected in the share price and additional growth capabilities in the future, which will also be affected by such capital strengthening and management capabilities In the management of its liquid balances, “the company said.

Recently, after a two-month struggle, Sela’s shareholders’ meeting rejected the offer of

a building
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Directed by Dudu Zabida to take over Sela and cancel his status as a Reit Foundation. 72% of rock stakeholders voted against the takeover bid, while the majority needed to pass it was 75%. Private and institutional investors have supported keeping the company in its current form, for all the tax benefits derived from it.

“We strongly believe that by mid-2021 or in the third quarter the economy will begin to return to normal and Sela Capital will be there,” Sela chairman Shmuel Slavin said recently in an interview with BizPortal. “In a difficult problem, we are moving towards it. Yes, there are those who have difficulty, but they are on the margins.”