Stock Exchange (Flash 90, pixabay)
The arbitrage investment fund Valio purchased a package of shares of Avgad in a private placement and a premium of 10% on the market price of the share. In response to the deal, Avgad’s share on the stock exchange rose by about 4% and it can be assumed that the share would have risen even more had it not been for the negative trend that dominates the markets today.
Michael (Michi) Ratzon, Chairman and Founder of Av-Gad: “As a stable and strong long-term company in the field of urban renewal, the group is in a growth process and we are in the right position, in terms of performance and financial capabilities to take a significant part in this market. We thank the Arbitrage Fund and Elio, the hedge fund that led the return in 2021, for expressing confidence in the company’s business and management.
Shlomi Ardan and Ilan Rosenberg, managing partners in the fund, said: “The field of urban renewal is expected to be responsible for the initiation of tens of thousands of housing units in the coming years and a huge amount of money.” “The company is engaged in this. In our estimation, the capabilities that the company has developed will carry value for investors in the near future and in general.”
Av-Gad, engaged in residential development and construction and execution in the urban renewal market, allotted, as stated, 150,000 shares and 125,000 warrants, without consideration, which can be exercised per share at a price of NIS 15 per option, for a price of NIS 1.95 million, at a price of NIS 13 per share, which reflects a premium of about 10% on the share price at the end of the trading day on the transaction day.
Av-Gad specializes in the urban renewal market. The company was founded in 1996 by Michael Ratzon, and is managed by the company’s CEO, Ram Ratzon, and currently employs 30 people.
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