At a meeting of the bondholders of Golden Pages Publications, which publishes Yellow Pages telephone directories in Israel, it was decided that the institutions that hold the bonds will receive all the shares currently held by the GPM fund of Australian investment company Babcock and Brown, which will transfer the shares almost without consideration.
The debts of Golden Pages, which ran into difficulties about six months ago, amount to NIS 350 million to bondholders, and another NIS 160 million to Bank Hapoalim.
The ownership of Golden Pages will now be diversified. The largest shareholder will be Menorah-Mivtachim, which will hold 20% of the company. Psagot will hold 11%, and Clal Insurance 10%.
Other shareholders are DS (7%), Altshuler Shaham (6%), Excellence (6%), and Bank Leumi (6%).
"I'm optimistic," a source at one of the institutions that will soon become a shareholder in Golden Pages told "Globes" today. "As soon as there is no single shareholder who interferes in management, that's a recipe for success for the company." The involvement in the management of Golden Pages will be via the chairman who will be appointed on their behalf next week, and through directors representing them.
It appears that CEO Nir Lampert will remain at his post, and will manage the company together with the new chairman.
Published by Globes [online], Israel business news - www.globes-online.com - on October 22, 2009
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