Registrar of Cooperative Societies Uri Seligman has requested a 6 month extension on the High Court of Justice's ruling on a petition requesting a current redemption rate on the Co-Op share.
Registrar of Cooperative Societies Uri Seligman has requested that the High Court of Justice's ruling on the Co-Op matter be postponed by at least six months, according to Seligman's response to the court query, submitted at the end of last week. The Registrar of Cooperative Societies and Co-op was meant to give its response to the petition against them, filed by Adv. Eliezer Levitt
In the petition, filed in December 1998, Levitt requested that shares held by members of the Co-Op society, with a nominal value of one old Israeli pound, and a current redemption rate of NIS 500, be redeemed at a rate equal to the current volume on the expiration date of each individual's membership, or by turning Co-Op from a cooperative society into an incorporated company, with shares listed on the Tel Aviv Stock Exchange.
It should be noted that Co-Op's assets are currently valued at over NIS 2 billion. Levit requested that the High Court to recognize his appeal as a class action suit.
Published by Israel's Business Arena on June 4, 2000.