Electronics Line 3000 Ltd.
Electronics Line 3000 Ltd.: Handling of the Israeli withholding tax
DGAP-News: Electronics Line 3000 Ltd. / Key word(s): Squeeze Out/Miscellaneous Electronics Line 3000 Ltd.: Handling of the Israeli withholding tax Rishon LeZion, Israel (September 11, 2015) – On August 3, 2015, the special general meeting of Electronics Line 3000 Ltd. (the “Company”) approved the proposed merger between the Company and a fully owned subsidiary of RISCO. Under the Merger Agreement, RISCO agreed to purchase all of the Company’s outstanding share capital, which is held by shareholders of the public against a compensation of EUR 0.46 per share, such that the total consideration paid in cash by RISCO for the shares will be approximately EUR 2.3 million (the “Total Merger Consideration”). The Merger will become effective upon the issuance of the Certificate of Merger by the Companies Registrar in accordance with the Israeli Companies Law. The Company applied for the Certificate of Merger. Shortly after the merger will have become effective, the Company will publish the dates for the settlement of the Merger including payment of the consideration to the shareholders of the public. On September 8, 2015, the Company was granted a Withholding Tax Ruling, with regard to the Merger. The Company has appointed an Israeli paying agent, who will be responsible for the remittance of the Israeli taxes to the Israeli Tax Authority. The Israeli paying agent will withhold at source 26.5% of the Total Merger Consideration (the “Withheld Tax Amount”). The remaining 73.5% of the compensation will be paid out in the course of the settlement of the squeeze-out by the German Paying agent. Shareholders, who are not Israeli residents, must apply to the Israeli Paying Agent to get the Withheld Tax Amount refunded. All applications must be filed with the Israeli Paying Agent until and no later than December 28, 2015. Shareholders who fail to do so, will have to handle their tax issues by themselves and deal with the Israeli Tax Authority directly. The complete original ruling in the Hebrew language and an extract of its main terms as well as detailed instructions for applying for the refund of the Withheld Tax Amount, including a list of the required documents and the necessary forms, are available for download at the Company’s website in the investor relations section. For more information please contact: Ms. Sari Ellenberg About Electronics Line (EL): Upgrading Everyday Security EL’s wireless solutions offer enhanced detection and PSTN/IP/GSM/GPRS-based event reporting, along with advanced remote management tools. The back-office support and customized branding of EL solutions provide superior security with significant business benefits and market expansion potential. Global Partnerships EL has made emerging technology, user-friendly design and exceptional quality the benchmarks for serving its international network of clients and partners. Drawing on a tradition of pioneering expertise, EL specialists also provide security integration consultancy, installation service, training and technological support. EL was established in 1982 and is headquartered in Israel. The Company is publicly traded on the Frankfurt Stock Exchange (ELN) and is part of the RISCO Group, an established leader in the international security market. Disclaimer: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from those expressed or implied by such forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company’s Annual Report and its other filings and releases. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2015-09-11 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Electronics Line 3000 Ltd. | |
14 Hachoma St. | ||
75655 Rishon LeZion | ||
Israel | ||
Phone: | 00972 3 9181333 | |
Fax: | 00972 3 9616 584 | |
E-mail: | investor.relations@electronics-line.com | |
Internet: | www.electronics-line.com | |
ISIN: | IL0010905052 | |
WKN: | A0B5R7 | |
Indices: | DAXsector All Technology, DAXsector Technology, DAXsubsector All Communications Technology, DAXsubsector Communications Technology , Prime All Share, Technology All Share, | |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Munich, Stuttgart | |
End of News | DGAP News Service |
394185 2015-09-11 |