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Elbit Imaging Announces Several Steps Intended to Strengthen its Financial Position
Posted on Wednesday July 18, 2018
The Company has entered into a Non-Binding Memorandum of Understanding ("MOU") with the Exigent Capital Group ("Exigent") for the sale of between 11,574,146 ordinary shares of Elbit Medical Technologies Ltd. (" Elbit Medical") (5% of its outstanding share capital) and 115,741,467 ordinary shares of Elbit Medical (50% of its outstanding share capital) (the "Maximum Quantity") for a price per share of NIS 0.96 ($0.26 based on the NIS-US$ representative rate of exchange as of today) ("Per Share Price"). Under the terms of the MOU, Exigent is to purchase 11,574,146 shares of Elbit Medical within 30 days of signing a definitive agreement between the parties (the "Initial Closing").
Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) announced today that Gamida Cell Ltd. ("Gamida"), an indirect shareholding of the Company, informed that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation for NiCord as a treatment for hematopoietic stem cell transplantation (HSCT). Gamida was previously granted orphan drug designation for NiCord by the FDA as a treatment for several hematologic malignancies.
Elbit Imaging Announces Term Sheet In Respect Of A Plot In Chennai, India
Posted on Thursday July 05, 2018
TEL AVIV, ISRAEL / ACCESSWIRE / July 5, 2018 / Elbit Imaging Ltd. ("EI" or the "Company") (EMITF.TA) (EMITF) announced today, further to its press release dated August 2, 2016 (regarding Elbit Plaza India Real Estate Holdings Limited ("EPI") (a jointly controlled subsidiary in which the Company and its subsidiary, Plaza Centers N.V. ("Plaza") each hold a 50% stake) signing a Joint Development Agreement with a local Indian partner (the "Buyer") relating to its 74.7 acre plot in Chennai, India (the "Plot")) that EPI has signed a term sheet with the Buyer in respect to the sale of EPI's subsidiary ("SPV") that holds the Plot (the "Term Sheet"). Under the terms of the Term Sheet, the Buyer shall have a period of 60 (sixty) days to undertake a due diligence process solely with respect to the SPV, following which definitive agreements for the sale of the SPV, in consideration for INR 110 Crores (approximately €13.8 million, subject to adjustment with respect to the previous amount deposited and the existing cash in the SPV) shall be signed and closing shall take place on the same day.
Elbit Imaging Ltd. Announces Israeli Court Ruling In Regards to VAT Assessments
Posted on Monday July 02, 2018
TEL AVIV, ISRAEL / ACCESSWIRE / July 2, 2018 / Elbit Imaging Ltd. (EMITF.TA) (EMITF) ("Elbit" or the "Company") announced today that an Israeli court issued a decision in a lawsuit brought by the Company against the Israeli Tax Authority relating to VAT assessments issued to the Company and relating to the period from April 2006 to June 2011. In the decision, the court accepted in part the Israeli Tax Authority's position and ruled that the Company should have deducted input tax at rates lower than those actually deducted by the Company. Accordingly, the Company is required to pay the Israeli Tax Authority a payment of approximately NIS 16.5 million (excluding interest and linkage differentials) for the relevant period.