Orad Hi-Tec Systems Ltd
Orad Hi-Tec Systems Ltd: Orad’s Merger Agreement with Avid Technology has become effective; delisting of Orad’s shares expected soon
Orad Hi-Tec Systems Ltd / Key word(s): Mergers & Acquisitions/Delisting Orad Hi-Tec Systems Ltd. Corporate News __________________________________________________________________________ Orad’s Merger Agreement with Avid Technology has become effective; delisting of Orad’s shares expected soon The merger agreement between Orad Hi-Tec Systems Ltd. (“Orad”), Avid Technology, Inc. (“Avid”) and Messinio Ltd., a 100% subsidiary of Avid, has become effective upon today’s issuance of the Merger Certificate by the Registrar of Companies in Tel Aviv, Israel. Under the merger agreement, which was approved by the extraordinary shareholders’ meeting of Orad on 21 May 2015, Messinio Ltd. has been merged into Orad and at the time the merger became effective all minority shares in Orad were converted into rights to cash compensation in the amount of EUR 5.67 per share. Since then, the minority shareholders’ shares in Orad only bear the right to request payment of the cash compensation. The listing of Orad’s shares on the regulated market of the Frankfurt stock exchange (Frankfurter Wertpapierbörse -“FWB”) (Prime Standard) is expected to be cancelled with effect as of the end of 23 June 2015; the revocation of the admission to trading on the regulated market of the FWB is also expected soon. The payment of the cash compensation in general is subject to Israeli withholding tax in the amount of 26.5% at maximum, which can be reduced or completely dispensed upon presentation of specific verifications (“Forms”) about the tax status of the shareholder. Payment of the cash compensation will be made depending on the time of receipt and review of the Forms and in accordance with the provisions of the merger agreement for the first time on 20 July 2015 as well as finally on 24 August 2015. Orad’s shareholders are urged to contact their depositary banks for further details on the settlements. About Orad About Avid Additional information: The Proxy Statement of Orad’s ordinary shareholders’ meeting which contains additional information about the merger and the cash compensation (in the English language) is available on Orad’s webpage and can be ordered for free at Deutsche Bank AG, Institutional Cash & Securities Services, Issuer Services, Post IPO Services, 60262 Frankfurt am Main. For further information, please contact: Orad Hi-Tec Systems Ltd. Investor Relations 2015-06-23 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: | Orad Hi-Tec Systems Ltd | |
15 Atir Yeda str POB 2177 | ||
44425 Kfar Saba | ||
Israel | ||
Phone: | +972-9-7676862 | |
Fax: | +972-9-7676861 | |
E-mail: | orad@orad.tv | |
Internet: | www.orad.co.il | |
ISIN: | IL0010838071 | |
WKN: | 928634 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; London | |
End of News | DGAP News-Service |
370849 2015-06-23 |