B.S.D. Crown Ltd Company Update

 
TIDMBSD 
 
B.S.D Crown LTD (LSE: BSD) 
 
                           ("BSD" or the "Company") 
 
                                Company Update 
 
Ramat Gan, Israel, 20 October, 2015 
 
    Application for Liquidation and Appointment of Temporary Liquidators for 
             Israel 18 BV, Controlling Shareholder of the Company 
 
The Company hereby announces that on 19 October 2015 it received notice from 
its ultimate controlling shareholder, Israel 18 BV ("Israel 18"), that an 
urgent motion has been filed against it by Fortissimo Capital Management Ltd 
("Fortissimo"), S.G. Textile Holdings Ltd and Z. Birinboim Holdings Ltd 
(jointly referred to as "S.G."), (Fortissimo and S.G. to be jointly referred to 
as the "Applicants") in the District Court of Haifa for liquidation and the 
appointment of temporary liquidators for Israel 18. The motion is based on the 
claim that Israel 18 has failed to comply with its debt obligations towards the 
Applicants (the "Applications"). 
 
The hearing to determine the status of the parties is scheduled for today at 12 
noon (BST). 
 
The position of Israel 18, as presented to the Company, is that it challenges 
the Applications submitted against it and intends to fulfill its full debt 
obligations owed to the Applicants. 
 
Enquiries: 
 
Emil Budilovsky, Joint CEO, CFO and Company Secretary; Emil@bsd-c.com 
 
 
 
END

(END) Dow Jones Newswires

October 20, 2015 04:45 ET (08:45 GMT)

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