The Ambassador Car Services Company will raise NIS 30 million from institutional entities in a private allotment in which the Moore Investment House, the Phoenix Insurance Company and the Sifra and Hummingbird Funds will take part. The offering was led by Barak Capital, after the move was approved by the company’s board of directors last night, after Ambassador reported deals with the Unger family and the Trefilog company, which raised the share by about 20% in two days.
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The allotment will be made at a price of NIS 20 per share, 2% higher than the closing price last Thursday. It was also determined that Shagrir will allocate 1.5 million non-negotiable warrants without consideration, each of which can be exercised against a single share at an exercise price of NIS 25.
The ambassador says that the recruitment will allow them to work to realize the growth strategy through mergers and acquisitions, as well as diversifying the sources of income. As mentioned, the raising takes place after last Thursday Shagrir reported that Talkar of the Unger family, an importer of Kia in Israel, will invest $ 3.5 million in Go-To, Shagrir’s cooperative car company (49% after the deal), in exchange for 8% of the shares and a value of 45 million Lego-Tu dollars.
Less than a day earlier, Shagrir announced that it would acquire the Trefilog locating activity for NIS 6 million in cash and an additional NIS 14 million depending on performance. Ambassador David Michael explained in an interview with BizPortal about the moves: “Until six months ago, we supported ourselves all the way in Go-To, and then we decided that we put enough money and that we want to share the risk / chance with others,” he said of Go-To. Detailed that “we will also get certain motifs of diagnostics developed in the trilogy and we will know about a lot of malfunctions in the vehicles.”
Michael added that “Trefilog’s model is that customers purchase technology and use it for their own needs, when they pay it a monthly subscription fee for services. Today we pay them for locating, tomorrow we can pay an additional amount for additional services. This is software that can be added or downloaded. ‘rim”.
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