The Tel Aviv Stock Exchange (TASE) update regarding the Plan for the Sale of the Arrangement Shares and the Distribution of a Special Dividend

Rhea-AI Summary

The Tel Aviv Stock Exchange Ltd. (TASE) has approved a plan to distribute a special dividend of NIS 2.5 per share to all shareholders and resolve disputes with certain members regarding their holdings. The plan also involves granting power of attorney to sell arrangement shares and transfer proceeds in excess of NIS 5.08 per share to TASE. The consideration from the plan will be utilized for investment in TASE's technological infrastructure.

TEL AVIV, Israel, Dec. 14, 2023 /PRNewswire/ -- Further to section 1.3.1 of the Description of the Company's Business chapter, which is included in TASE's periodic report for 2022, published on March 28, 2023 (reference no.: 2023-01-033528) (hereafter: "Section 1.3.1" and "the Periodic Report", respectively), The Tel Aviv Stock Exchange Ltd (TASE: TASE) hereby announces as follows:

On December 14, 2023, the Board of Directors of TASE approved a plan relating to the remaining Arrangement Shares (as described below) allocated to former members of TASE as part of 2017 restructuring of TASE, as part of which:

i.  TASE will announce and pay a special dividend in an amount of NIS 2.5 per share to all of TASE's shareholders; 

ii.  the five TASE members that hold 17,156,677 Arrangement Shares shall grant an irrevocable power of attorney to Leader & Co. Investment House Ltd., for the sale of the aforesaid shares, for the duration of 12 months commencing on the payment date of the aforesaid dividend, and for each such sale the sale consideration in excess of NIS 5.08 per share will be transferred to TASE, in accordance with the provisions of Amendment No. 63 of the Securities Law.

This plan will conclude the disputes between TASE and part of the aforesaid TASE members concerning their holdings of the TASE shares and their rights for dividends and the resolution of TASE on the discontinuance of TASE's dividend policy and the adoption and execution of the buyback plans.

The consideration that would be transferred to TASE as a result of the plan will be used for investment in technological infrastructure of TASE in accordance with the provisions of Amendment No. 63 of the Securities Law.

Click here for the link to the full report.

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

 

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SOURCE The Tel Aviv Stock Exchange Ltd.

FAQ

What is the plan approved by The Tel Aviv Stock Exchange Ltd. (TASE)?

The plan involves distributing a special dividend of NIS 2.5 per share to all shareholders, resolving disputes with certain members regarding their holdings, and granting power of attorney to sell arrangement shares.

What is the special dividend amount per share?

The special dividend amount per share is NIS 2.5.

How will the proceeds from the plan be utilized?

The consideration from the plan will be used for investment in TASE's technological infrastructure.

What is the reference to the full report?

You can access the full report through the provided link.