Energix Renewable Energy Ltd., a unit of Alony Hetz Property and Investments Ltd. (TASE: ALHE) subsidiary Amot Investments Ltd. (TASE:AMOT) today took another step toward an IPO on the Tel Aviv Stock Exchange (TASE), publishing its draft prospectus.
Energix plans to raise NIS 146 million next month by spinning off from Amot and issuing around 90% of its shares to Amot shareholders, who will invest NIS 108 million in the offering. Energix will also offer warrants, which will bring in NIS 72 million when fully exercised. The company will use NIS 37 million of the proceeds to repay an owner's loan from Amot.
Alony Hetz, controlled by president and CEO Nathan Hetz and the Wertheim family, will invest NIS 85 million in Energix's offering for a 51% stake. Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) will invest NIS 22 million for a 13% stake, and Nathan Hetz and the Wertheim family will personally invest NIS 1.8 million for 1% of Energix.
Energix will raise the rest from Amot's public shareholders. Amot will keep around 12% of Energix.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2011
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