IncrediMail Ltd. (Nasdaq:MAIL: TASE:MAIL) CEO Ofer Adler has substantially increased his stake in the company by buying shares on the open market, rather than through a private placement or the purchase of a colleague's stake.
IncrediMail reports that Adler has increased his stake in the company from 15.3% to 23.4% at an investment of $2.1 million. He financed the purchases from his own sources.
Adler told "Globes", "Yes, I simply bought shares on the market. It took a long time, but that was the objective. IncrediMail is traded at a discount, and this is my way of expressing confidence in the company."
Adler and his cousin, Yaron Adler, who is company president, co-founded IncrediMail. Yaron Adler owns 14.8% of the company. Mahony Associates Inc. is an institutional investor that is a party at interest with a stake of 9.3%.
IncrediMail develops free software for e-mails. Its share price has fallen 17% over the past 12 months, but risen 14% since the beginning of 2009. The share closed at $2.66 on Nasdaq on Friday, giving a market cap of $25 million. The share was unchanged on the TASE today at NIS 11.19. The company had $21.7 million in cash at the end of September 2008, which means that the capital market is pricing its business at just a few million dollars.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2009
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