1st May 2009 16:32
SimiGon Ltd ("SimiGon" or the "Company")
Director and Employee Shareholding
SimiGon announces that, as part of the ongoing initiatives to decrease its expenses where possible, the Board is planning to implement a one year salary reduction of 15 per cent. for senior management and other employees. The individuals will instead be issued ordinary shares of 0.01 NIS in the Company ("Ordinary Shares") with an equivalent value, which will be issued to the Company's trustee and will vest in 12 equal monthly instalments.
Pursuant to this initiative, Ami Vizer and Haim Yatim, Directors of the Company, were issued342,717 and 123,217 Ordinary Shares respectively, in return for the one year salary reduction. Following this transaction, Mr Vizer has a beneficial interest in 3,437,291 Ordinary Shares, representing 8.30 per cent. of the total issued share capital of the Company, and Haim Yatim has a beneficial interest in 193,217 Ordinary Shares, representing 0.47 per cent of the total issued share capital of the Company.
A further 1,757,675 Ordinary Shares will be issued to other employees of the Company under these arrangements.
Accordingly, application will be made for a total of 2,223,609 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. The new Ordinary Shares rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 8 May 2009.
1 May 2009
Enquiries:
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SimiGon Ltd |
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Ami Vizer, Chief Executive Officer Haim Yatim, Chief Financial Officer |
+972 9 956 1777 |
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Evolution Securities Ltd |
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Jeremy Ellis Chris Clarke |
+44 (0)20 7071 4300 |
Related Shares:
SIM.L