Internet Gold debenture holders vote in favor of selling shares

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Internet Gold - Golden Lines Ltd. said its debenture holders voted at meetings on Dec. 24 and Dec. 26 in favor of an investor’s offer to purchase the company’s ordinary shares, according to a news release.

Specifically, the debenture holders voted in favor of an offer submitted by Yona Levi.

The offer includes the purchase of 99.99% of the company's outstanding share capital on a fully diluted basis for NIS 8.5 million, payable half at closing and half 12 months later.

The consideration will be paid to the creditors of the company and will be provided to a trustee, which will be appointed by the court as part of the company's creditors’ arrangement.

The offer is subject to some conditions, including the receipt of court approval, confirmation that no resale restrictions will apply on the shares purchased and that the company will not be defined as a shell company under the Tel Aviv Stock Exchange rules.

Internet Gold is negotiating the definitive agreement, which shall be included in the company’s creditors’ arrangement and will be subject to the approval of the applicable Israeli court.

As previously announced, the company is not able to fully pay its debt and expects to initiate a creditors’ arrangement that will be submitted to the applicable Israeli court.

Internet Gold is a telephone and internet provider based in Ramat Gan, Israel.

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