18th Apr 2016 10:32
LONDON (Alliance News) - BSD Crown Ltd Monday said that the Economic Department of the Tel-Aviv District Court has opted to postpone two hearings in relation to the company to May.
The first hearing had been scheduled for March 24, but has now been postponed to May 5, and relates to a motion brought against controlling shareholders Israel 18 and BGI Investments.
Back at the beginning of March the company had said it had received a request from shareholder Rotenstreich Gitzelter Trust Co Ltd in early February to convene an extraordinary general meeting in order to remove the directors of the company, except non-executive Zvi Shur, and replace them with its own nominees.
At that time it had said that it believed Rotenstreich held around 10.3 million shares in the company, or an around 9.3% stake, on trust for the Naftali Shani Group amongst others, as a security in connection with a share purchase agreement entered into by BSD's indirect controlling shareholder, Israel 18.
However, whether Naftali Shani could call a general meeting was disputed by BSD Crown and Israel 18, on account of a dispute over the ownership of that 9.3% stake.
Later in the month BGI further revealed that it had in February received an email with minutes of a "special general meeting" held February 17. The minutes stated that Shani, Arnon Gitzelter, Yonatan Malka and David Balas were appointed as directors of BGI, and that other than for external directors of BGI, all other directors were removed.
In February the trustee of the BGI bondholders and Shani submitted a motion to the Economic Department of the Tel-Aviv District Court seeking declaratory relief that this special general meeting be recognised as a bona fide general meeting of BGI, and the resolutions passed in the meeting regarding the change in directorship of BGI be legally recognised.
The hearing on this motion will now be held May 5, BSD said.
The second hearing is in relation to motion served in January by a minority shareholder in BGI Investments, Dan Iram, against BGI Investments and BSD Crown requesting the disclosure of "certain documents and board minutes relating to certain bank accounts held by the respondents and their subsidiaries in Austria and Azerbaijan, as well disclosure of certain other documents from the relevant banks."
A hearing on this matter was scheduled for Sunday, but has been postponed to May 24.
Shares in BSD Crown were down 0.2% at 25.70 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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