Israel's Internet Gold grants put option to series A debenture holders

By Toni Weeks

San Diego, July 26 - Internet Gold - Golden Lines Ltd. said it was notified by the Tel Aviv Stock Exchange Ltd. on July 24 that based on data for June 30, the value of the public's holdings in the company's series A debentures was lower than the value required to maintain the stock exchange listing for the debentures and, consequently, the debentures will be delisted on Sept. 26.

The value of the remaining series A debentures in circulation as of July 25 is NIS 559,952.

According to a filing with the Securities and Exchange Commission, the last day of trade will be Sept. 22.

Because the value of the public's holdings in the debentures was less than the minimum amount for listing, the company was required to specify a date for early redemption. Internet Gold said the early redemption date will be Sept. 7, at which time it will redeem the debentures for which early redemption notices were received by the company.

Early redemption notices must be submitted to Bank Hapoalim Ltd., the nominee company, by 5 a.m. ET on Sept. 4. The nominee company will then transmit all early redemption notices to Internet Gold by 5 a.m. ET on Sept. 6.

The date for determining redemption eligibility is Aug. 26. Noteholders will not be permitted to convert their series A debentures from Aug. 23 up to the early redemption date.

Internet Gold is a telephone and internet provider based in Petach Tikva, Israel.

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