Givot Olam Oil Exploration LP (TASE:GIVO.L) is trying to prevent its participation units form being dropped from Tel Aviv Stock Exchange indices. The partnership reported this morning that "the general partner is conducting talks with the stock exchange with a view to persuading the stock exchange not to remove the participation units from the indices in accordance with the decision by the Tel Aviv Stock Exchange CEO."
Givot Olam seeks to convene participation unit holders on December 15 to approve a reverse split of the units by a ratio of 30 to one (that is, 30 units will become one unit and the price of a unit will rise 30-fold).
The majority required for the resolution at the participation unit holders meeting is 75% of the unit holders present and voting at the meeting.
Givot Olam also reported this morning that the TASE CEO had decided for the time being not to remove the units from the Oil and Gas, and Yeter 50 indices, but that if before the start of trading on December 21 the partnership had not carried out a consolidation of capital such that at least every 10 units would become a single unit, on December 22 the partnership would be removed from all the stock exchange index universes and indices to which it belonged.
On Thursday, Givot Olam reported that it would be removed from the Tel Aviv Stock Exchange indices this Monday, after its participation units had fallen in price almost to NIS 0.01.
Published by Globes [online], Israel business news - www.globes-online.com - on December 7, 2014
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