Noam Lanir will sell shares in online translation company Babylon Ltd. (TASE:BBYL) as part of the company's planned offering on Nasdaq, the company stated in an updated filing with the US Securities and Exchange Commission (SEC). Lanir, publisher Reed Elsevier NV (NYSE: ENL, RUK; LSE: REL; Euronext: REN) and possibly other parties at interest in Babylon may sell shares.
Babylon has not yet set the size or price of its Nasdaq offering. It added that the offer to sell will not exceed one-third of the offering.
In July, "Globes" reported that Babylon's offering would include an offer to sell by Lanir. Babylon's current market cap is $348 million (NIS 1.34 billion), after its share price fell 12.5% over the past four sessions. The share price is correcting upwards today, up 2.9% in morning trading to NIS 29.57.
Lanir will report a paper profit of hundreds of millions of shekels on his investment in Babylon. He owns 24% of the company, worth NIS 315 million: 15.7% through Chanpak Managment Ltd. and 8.3% through Livermore Investments Group Ltd. (AIM:LIV). Reed Elsevier Ventures 2004 Partnership LP owns 18.3% of Babylon.
Babylon will hold its Nasdaq offering on the basis of its financial report for the third quarter of 2012. The company will publish its financial at the end of October, and under US Securities Law, the company's prospectus must be made public at least 21 days before the start of the road show, indicated that it will be published by mid-November.
Babylon's Nasdaq offering will be the second offering by an Israeli company on Wall Street this, following the IPO of Caesarstone Bat Yam Ltd. (Nasdaq: CSTE).
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012