Friedman brothers raise stake in Starlims

The brothers bought shares for $1.5 million.

Starlims Technologies Ltd. (Nasdaq:LIMS); TASE: LIMS) controlling shareholders, chairman and CEO Itschak Friedman and his brother, CFO Chaim Friedman, have taken the opportunity of the slide in the company's share price to increase their stake. During October, each man bought 180,000 shares, amounting to 2.1% of the share capital, for a total of $1.5 million altogether.

On October 14, the brothers each bought 50,000 shares at $4.87 per share, and on October 24, they each bought 130,000 shares at $3.90. As a result of the purchases, Itschak Friedman now owns 1.5 million shares, amounting to 18% of the company, and Chaim Friedman owns 544,000 shares, amounting to 6.4%. Starlims co-founder and VP and CIO Dinu Toiba, owns 8.8%.

Like many companies, Starlims, which produces laboratory information management systems, has seen its share slide for a long time, and it was not helped by a profit warning earlier this month. The share fell 1.8% to NIS 12.87 on the TASE by midday, and closed at $3.36 on Nasdaq yesterday, giving a market cap of $28 million. The share was dual-listed on Nasdaq 18 months ago at $13.50.

Published by Globes [online], Israel business news - - on October 30, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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