6th May 2008 07:00
Leumi International Investments NV05 May 2008 BANK LEUMI LE-ISRAEL B.M. - (GUARANTOR - GUARANTEED EURO MEDIUM TERM NOTE PROGRAMME OF LEUMI INTERNATIONAL INVESTMENTS N.V.) Translation of Immediate Report Bank Leumi le-Israel B.M. Registration No. 520018078 Securities of the Corporation are listed on The Tel Aviv Stock Exchange Abbreviated Name: Leumi Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546 Phone: + 972 3 5148111, + 972 3 5149419; Facsimile: + 972 3 5149732 Electronic Mail: [email protected] 4 May 2008 To: Israel Securities Authority (www.isa.gov.il) The Tel Aviv Stock Exchange (www.tase.co.il) Immediate Report Nature of the Event: Agreement for the Sale of Shares in "Hot" Further to the Immediate Report of 17 April 2008, Bank Leumi le-Israel B.M. (the"Bank") announces that today, 4 May 2008, the Bank signed the agreement withNetvision Ltd. ("Netvision") for the sale of a parcel of shares in Hot -Communications Systems Ltd. ("Hot") held by the Bank (some 15% of the issued andpaid-up share capital of Hot), for a consideration of some NIS 480 million.Approximately two thirds of the consideration will be paid on the date ofcompletion of the transaction, and the remaining approximately one third will bepaid, with interest, within 18 months of the date of the completion. To securethe delayed payment, the approximately one third of the shares being sold willbe pledged in favor of the Bank, with no additional right of recourse againstNetvision. The estimated after tax net capital gain from payment of the first part of theconsideration (approximately two thirds) is some NIS 30 million, and frompayment of the second part of the consideration (approximately a third) - anadditional amount of some NIS 15 million. Completion of the transaction is expected to be carried out by no later than 15August 2008, and is dependent on fulfillment of the following conditionsprecedent by such date: (a) non-exercise of first refusal rights, regarding thepurchase of the shares being sold, by the shareholders of Hot who are entitledthereto; (b) receipt of all legally required permits for the purchase of theshares being sold. Date and time at which the corporation first became aware of the event ormatter: 4 May 2008 at 15:00.________________________________________________________________Name of Electronic Reporter: Jennifer Janes, Position: Executive Vice President,Group SecretaryPOB 2 Tel Aviv 61000, Phone: + 972 3 5149419, Facsimile: + 972 3 5149732,Electronic Mail: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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