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News Breaks
April 13, 2014
21:18 EDTEMITFElbit Imaging announces discussions for an investment in InSightec
Elbit Imaging announced that Elbit Medical Technologies, a subsidiary of the company in which it holds approximately 86% of the voting power, announced that on March 25, InSightec, in which Elbit Medical holds approximately 48.2% of the share capital, approximately 42.3% on a fully diluted basis, has notified Elbit Medical that the board of directors of InSightec has approved the terms of a certain non-binding draft term sheet with a third-party investor, which is not a current shareholder of InSightec, pertaining to an investment, pursuant to which the Investor shall invest in InSightec share capital. The proposed investment shall amount to few dozens of millions of US dollars, and will be based on a company valuation which is significantly higher than the company valuation set on the previous round of capital investment in InSightec; and on April 6, InSightec has notified Elbit Medical that the aforementioned non-binding term sheet was signed by it and the Investor. It shall be noted that no definitive agreement has been signed to date and there is no certainty that the negotiation of such non-binding term sheet will lead to the conclusion of a definitive agreement or that a transaction will be completed. The execution of a definitive agreement is subject to certain conditions precedent, including but not limited to, the approval of the authorized corporate organs of each of Elbit Medical, other shareholders of InSightec and the Investor.
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September 14, 2014
13:24 EDTEMITFElbit Imaging announces investment of $12.5M in Insightec
Elbit Imaging announced further to the company's announcement dated June 29 and September 8, that it was informed by InSightec, of the closing of investment of $12.5M by Shanghai GEOC Hengtong Investment Limited Partnership and Fortune China Limited. In the framework of the present investment round in InSightec, the Chinese Group has exercised the right granted thereto in the investment round documents and has acquired a total of 6,444,404 Series D preferred shares of InSightec, which represent approx. 5% of the share capital of InSightec on a fully diluted basis, in consideration for a total payment of U.S. $12.5M. Upon the closing of the transaction, the, Elbit Medical's holding in InSightec is 37.6%. The company holds approximately 85% in Elbit Medical Technologies on fully diluted basis.
September 10, 2014
05:39 EDTEMITFElbit Imaging announces compliance with Nasdaq minimum bid price
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September 8, 2014
05:48 EDTEMITFElbit Imaging announces execution of amendment to InSightec investment
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