The Israel Land Development Co. Ltd. Announces a Submission to the Israeli Securities Authority and the Tel Aviv Stock Exchange of a Draft Prospectus Relating to the Issuance of a Series of Bonds.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)--May 7, 2001 The 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. Land Development Co. 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 :NMS/ILDCY) today announced that on Thursday, May 3, 2001, in the afternoon, the Israel Land Development Co. Ltd. submitted a draft prospectus to the Israeli Securities Authority and the Tel Aviv Stock Exchange Tel Aviv Stock Exchange Israel's only stock exchange. for the issue in Israel of a series of ordinary bonds linked to the Israeli consumer price index (Series 10), based on the Company's audited financial statements as of December 31, 2000. The Company intends to offer the bonds in Israel by way of a rights issue to its shareholders, who will be able to exercise their right by paying a partial and very low amount for the total bonds offered to them. Additional bonds of the series will be offered to the public in Israel on regular terms. The Israeli Income Tax Commission confirmed to the Company that the difference between the price of the bonds offered to the shareholders of the Company by way of a rights issue and the bonds average price immediately after the issue will be considered as a dividend distributed to such of the Company's shareholders who will choose to participate in this offering, and that tax applying to a distribution of dividends will apply to such difference. The extent and the terms of the bonds issue will be decided by the Company's management at a later stage, prior to receiving the approval of the Israeli Securities Authority and the Tel Aviv Stock Exchange Ltd. for the issue. The underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. managing the issue is planned to be I.B.I. Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and Issues Ltd. Investec-Clali - Trust Company Ltd. expressed its agreement to act as the Trustee for the proposed series of bonds. Maalot the Israel Rating Company Ltd., that rates the existing series of the Company's bonds will also rate the proposed series of bonds. ILDC ILDC Independent Lumber Dealers Co-operative ILDC Incremental Length Diffraction Coefficient , founded in 1909, maintains a diverse portfolio of business enterprises including the publishing of a major Hebrew daily newspaper, other forms of commercial media, insurance, real estate development, hotels, leisure products and income properties. The information contained in this press release contains forward looking statements that are subject to risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's business and such that are unpredictable and outside of the Company's control. This press release should be reviewed in conjunction with the Company's filing with the Securities and Exchange Commission including the Company's Annual Report on Form 20-F, copies of which are available from the Company upon request. |
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