Dankner Investments to Increase Its Holdings in Matav Cable Systems.NETANYA Netanya (nətän`yə), city (1994 pop. 144,900), W central Israel, on the Mediterranean Sea; also spelled Nathania. It is a beach resort and the trade center for agricultural settlements in the region. , Israel--(BUSINESS WIRE)--May 10, 1999-- Matav-Cable Systems Media Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MATVY) today announced that one of its shareholders, Dankner Investments Ltd. ("Dankner Investments"), has agreed to buy 2,710,200 ordinary shares of the Company (par value: NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 1 per share) from Most Millenium Ltd. ("Most") for a total consideration of $41 million ($15.128 per share). At the time of the agreement, this represented 9.9523% of the issued share capital of the Company. The sale is subject to final approvals, as well as to conditions of the agreement between the two shareholders of the Company. After the sale closes, Dankner Investments will hold about 47% of the share capital of the Company. As such, Dankner Investments will have the right to appoint an additional director to the Company's Board of Directors, increasing its Board representation to 7 out of 12 directors. Matav is a leading operator and provider of broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Cable TV services in Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. . As one of three CATV (Community Antenna TV) The original name for cable TV. It used a single antenna at the highest location in the community in order to deliver a quality signal to homes in areas with hilly terrain or other interference. operators in Israel, the Company operates in exclusive franchise areas which cover approximately 25% of Israel's households. The Company provides CATV services to about 25% of all CATV subscribers in Israel. The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections, or future performance of the Company, the occurrence of which involve certain risks and uncertainties, including risk of market acceptance, the effect of economic conditions, possible regulatory changes, and/or technological developments, and the impact of competitive pricing, as well as certain other risks and uncertainties which are detailed in the Company's filings with the Security and Exchange Commission. |
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