Benny Gaon, who will cease to be Koor’s CEO in a few days’ time, has not waited a day more than necessary. Immediately following the lifting of the restriction on the balance of his Koor options last Sunday, he exercised them, and sold his shares to the Claridge group, exercising PUT options Claridge awarded him a year ago. At the end of this procedure, Gaon made a cash, pre-tax profit of NIS 21.3 million.
In summary, it can be said that the plan by Shamrock and Koor’s previous owners awarded Gaon NIS 50 million gross in benefits three years ago. Shamrock is not the only factor responsible for this profit, there is also the stock market which raised the share price, and Claridge, which turned the profit into cash.
Published by Israel's Business Arena June 28, 1998