The bidders for the controlling interest in Leader Holdings and Investments Ltd. (TASE: LDER) are Zvi Barinboim, Dan David, Dan Barak at the head of an investment group, and a group of businessmen represented by Ron Fussman. They will meet Adv. Dr. Joshua Rosensweig and Alon Binyamini who represent Leader's bondholders, and with company representative Kuti Gavish, to discuss transfer of control of the company from Shrem Fudim Group Ltd. (TASE: SFG).
The four bidders have submitted their first, non-binding, bids to invest in Leader as part of the debt settlement with the bondholders and banks. The bidders will next submit binding bids for the 50.1% controlling interest in the company by acquiring equity and debt. The binding bids, together with their bank guarantees, are due on Tuesday.
Leader's bondholders earlier agreed to postpone the company's first principal and interest payment on the bonds, which was due on May 31, until November. At the same time, Bank Leumi (TASE: LUMI) again agreed to defer payment of a NIS 32 million loan until the end of September.
At last week's general shareholders meeting, Shrem CEO Yair Fudim said, "In a liquidation, bondholders will get only a third of what they will get in a debt settlement."
Shrem Fudim owns 59.18% of Leader Holdings. Its subsidiaries include Leader Capital Markets Ltd. (TASE:LDRC), Leader Real Estate Ltd., Polar Communications Ltd. (TASE: PLRC), and Greenstone Industries Ltd. (TASE: GRTN). Only Leader Capital Markets is profitable.
Leader Holdings' share rose 3.5% in early trading today to NIS 1.45.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009 Israel weak on information security Shmulik Shelah Israel is known in the world to be a key source of IT security technologies. It is therefore rather ironic that official databases containing personal information about the country's citizens, as well as corporate databases, including in the financial industry, are full of holes.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009