KMN Capital Ltd. (TASE:KMNK-L) today notified the Tel Aviv Stock Exchange (TASE) that it has entered into negotiations with "an international investment fund to invest in the company's capital against an allotment of shares." Sources inform ''Globes'' that the foreign private equity fund is Yorkville Advisors LLC.
KMN did not disclose the amount of the investment under negotiations, saying only that the investment will be in various amounts from time to time "on the basis of the company's investment needs", but the sources said that the total amount is $5 million.
Last month, Yorkville signed a $50 million Standby Equity Purchase Agreement (SEPA) with Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT).
Yesterday, KMN announced that its management has decided on a NIS 5 million bond buyback.
KMN's share price was unchanged in morning trading today at NIS 0.55, giving a market cap of NIS 46 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2011
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