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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.
News For EMITF From The Last 14 Days
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August 22, 2014
09:31 EDTEMITFElbit Imaging announces effectiveness of reverse share split
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August 19, 2014
05:11 EDTEMITFGamida Cell announces investment, option agreement with Novartis
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August 14, 2014
06:49 EDTEMITFElbit Imaging approves one-for-twenty reverse share split
Elbit Imaging's shareholders approved a one-for-twenty reverse share split of the company's ordinary shares. The previously announced split will become effective at 5:00 p.m. NY time on Thursday, August 21, such that the shares will start trading on a reverse split-adjusted basis upon the open of trading on the NASDAQ Global Select Market on Friday, August 22. The reverse share split is intended to increase the per share trading price of the company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing.

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