The Tel Aviv Stock Exchange examine Contemplated Scheme for Buyback and Allotment of Shares to TASE Members

Rhea-AI Summary

The Tel Aviv Stock Exchange (TASE) announced on February 17, 2021, that its Board of Directors has initiated a feasibility study for a proposed buyback and allotment scheme of shares to TASE members. This recommendation follows preliminary discussions on February 10, 2021. The TASE management is tasked with obtaining necessary economic, tax, and legal opinions. The execution of this scheme remains uncertain and depends on various factors, including regulatory approvals and market conditions, as clarified in the release.

Positive

• None.

Negative

• The execution of the buyback scheme is uncertain and dependent on several external opinions and market conditions.
• There is no guarantee of approval from the TASE Board of Directors or acceptance by TASE members.

TEL AVIV, Israel, Feb. 17, 2021 /PRNewswire/ -- The Tel Aviv Stock Exchange (TASE: TASE) announces that according to the Board of Directors preliminary discussion held on February 10, 2021, The TASE management was requested to proceed with a feasibility examination of a scheme, including the obtaining of an economic opinion, a taxation ruling and a legal opinion with respect to the implementation of the scheme for Buyback and Allotment of Shares to TASE Members. Once these are obtained and the details of the Scheme are finalized, the Company's Board of Directors will discuss the matter and issue its resolution.

To read full details visit: https://maya.tase.co.il/reports/details/1351185/2/0

It is hereby clarified that the Scheme is still under examination and its execution, which is at the sole discretion of the Company's Board of Directors, has not yet been approved. Accordingly, the execution of the Scheme constitutes forward-looking information, the realization of which is uncertain, inter alia, due to the conclusions of the various opinions and/or the tax ruling that the Company plans to obtain, and/or due to changes in the market conditions and/or due to non-acceptance by the TASE members

Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972-76-8160405
tase.ir@tase.co.il

View original content:http://www.prnewswire.com/news-releases/the-tel-aviv-stock-exchange-examine-contemplated-scheme-for-buyback-and-allotment-of-shares-to-tase-members-301230075.html

SOURCE The Tel Aviv Stock Exchange Ltd.

FAQ

What is the buyback scheme proposed by TASE?

The buyback scheme involves examining the feasibility of repurchasing shares and allotting them to TASE members, subject to approvals and market conditions.

When was the buyback scheme discussed?

The Board of Directors discussed the buyback scheme on February 10, 2021, and announced the examination on February 17, 2021.

What factors could impact the implementation of the buyback scheme?

The implementation may be affected by the outcomes of economic, taxation, and legal opinions, as well as changes in market conditions.

Is the buyback scheme approved yet?

No, the buyback scheme has not been approved; it is still under examination and subject to final decisions by the Board of Directors.