B.S.D. Crown Ltd Company Update
July 22 2019 - 2:00AM
UK Regulatory
TIDMBSD
B.S.D CROWN Ltd (LSE:BSD)
(the "Company")
Ramat Gan, Israel, 22 July 2019
Company Update
Further to the information set forth in Note 18(A)(1) to the consolidated
financial statements of the Company as of 31 December 2018 (as published on 28
March 2019) in respect of a claim that was filed in connection with the
bankruptcy of Mr. Eli Reifman, one of the founders and a former director of the
Company, against the Company and certain of its former directors and officers,
the Company hereby notifies that it has received a decision of the Israeli
Central District Court dated 19 July 2019, in which the Court accepted
partially the claims against the Company and certain of its former directors.
Based on the arrangement between the Company and its Directors & Officers
insurer, the Company's participation in the payment is NIS 6,185,000, linked to
the CPI + interest from the date on which the claim was filed plus NIS 730,000
to cover legal expenses of the parties.
The Company is reviewing the court decision and believes that it includes
certain legal inaccuracies. Therefore, the Company is considering filing an
appeal with the Israeli the Supreme Court, as well as a request to delay the
execution of the foregoing court decision.
Enquiries:
Joseph Williger, Active Chairman Yossi@ydekel.co.il
END
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