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Stock Market & Financial Investment News

News Breaks
July 1, 2014
05:40 EDTEMITFElbit Imaging announces settlement agreement with Bank Leumi
Elbit Imaging announced today, following its announcement dated February 20, that the company and Bank Leumi Le Israel B.M. have reached an agreement on the terms of a proposed settlement of the parties' disputes with respect to the company's debt to Bank Leumi. The consummation of the Settlement is subject to the approval of the Tel-Aviv District Court. Under the Settlement, Bank Leumi would receive ownership of all marketable securities held in the company's accounts at Bank Leumi and will offset the fair value of such securities against the company's debt. In addition, the ordinary shares and notes deposited in trust for the benefit of Bank Leumi pursuant to the company's debt restructuring as detailed in the Previous Announcement would be transferred to Bank Leumi, after deduction of such amount of ordinary shares and notes equal in value to the Offset Amount. The Settlement would constitute the full settlement of the company's obligations to Bank Leumi under the Debt Restructuring as well as the loan agreement entered between the parties on May 5, 2011, and Bank Leumi would release any lien registered for its benefit on the company's assets. The Settlement also includes a mutual waiver of claims. The balance of the ordinary shares and notes retained in trust will be cancelled.
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October 12, 2014
12:19 EDTEMITFElbit Imaging begins negotiations for sale of operation of Mango retail stores
Elbit Imaging announced that following its previous announcement dated September 29, that its subsidiary Elbit Fashion received from PUNTO FA, S.L written notice of its intention not to extend the term of the franchise rights of Elbit Fashion for operation of the "Mango" retail stores in Israel, that Elbit Fashion and the company are negotiating with Fox-Wisel and Punto the purchase of the operation of the Mango retail stores by Fox-Wisel. The consideration expected under the Transaction is estimated at approximately NIS 28M in addition to the price of Elbit Fashion's inventory that will be transferred to Fox-Wisel. The negotiations are expected to be consummated at the end of November.The closing of the transaction will be conditioned upon the approval of the Israeli Antitrust Authority as well as the satisfaction of certain conditions precedent as shall be set forth in the definitive agreements.

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