An Agreement in Principle was Signed With a Dutch Fund for the Acquisition of 51% of ``ILD Hotels'' for 27 Million Dollars.Business Editors TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--Feb. 22, 2000 The Israel Land Development Company Ltd. ("ILDC ILDC Independent Lumber Dealers Co-operative ILDC Incremental Length Diffraction Coefficient ") (Nasdaq:ILDCY) announced it has sold to a Dutch Fund, Metallia Holding b.v. 51% of the shares of "ILD (Inter Layer Dielectric) The insulation used between layers of aluminum or copper wire that interconnect the transistors in a chip. There are three to four layers in a memory chip and five to seven in a logic chip with hundreds of meters of wiring. Hotels"; the size of the transaction is estimated at US $27 million, Ron Weissberg, acting CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ILDC announced. After the notice to the stock exchange Ron Weissberg, the CEO of ILD added that "this in an important step in implementing the Group's long-term strategy and this step will enable it to release capital for future development. The goal of the Company is to reach a market value of 4 billion shekels within four years." "ILD Hotels" is owned by ILDC (75%) and the public. After signing the transaction ILDC holds 24.3% of the shares. The selling price was US $ 2.4028 per share which was 50% higher than market price. "The transaction is subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. which will be carried out by the purchaser over a period of 75 days from the date of signing the transaction, and for the completion of a number of additional conditions." Mr. Weissberg added, "We decided to keep 24.3% of the shares of `ILD Hotels' as we believe that the new professional management of the Company will bring higher added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
"The `ILD Hotels' chain comprises 950 rooms in seven hotels. The Neptune hotel in Eilat includes 278 rooms. Adjacent to it is the Galei Eilat hotel with 107 rooms and the two hotels have additional building rights. The Galei Kinneret hotel in Tiberias has 130 rooms and building rights, and the Optima hotel in Ramat Gan includes 86 suites. The Ruth Rimon Inn in Safed has 76 room and the Nevei Ativ Vacation Village on the Golan Heights includes 44 rooms. ILDC is a partner (33%) in a new hotel in Nazareth with 230 rooms. `ILD Hotels' has land of 200 dunam A dunam or dönüm, dunum, donum is a unit of area used in the Ottoman Empire and still used, in various standardized versions, in many countries formerly part of the Ottoman Empire. (approximately 50 acres) which is designated for hotels in the north of the Dead Sea, together with the Ofer Brothers Group." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The Information contained in this press release, including any "forward looking statements" within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's Annual Report on form 10-KSB and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties. Risks and uncertainties related to the Company's business and such statements including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion