2024-03-17 18:02:00
The renewable energy company Doral Energy +13.02% base: 814 opening: 864.5 high: 929.1 low: 861.6 return: 9,629,057 page quote news graphs company profile recommendations additional articles on the subject: , signed a non-binding memorandum of understanding regarding the investment of about 400 million dollars in the company the subsidiary in the USA for 40%. The fundraising reflects a value of 600 million dollars, but this value is ambiguous. Yes, there are options and the actual value is expected to be between 650 and 930 million dollars. The meaning: the options of the former head of the Mossad go into the money and are estimated to be worth between 20 to 30 million dollars.
Cohen starred at the top of the salary charts in 2022 and then received a salary and benefits worth NIS 24 million from Doral LLC, the subsidiary (41%) of the public Doral. Doral LLC serves as Doral’s “dream” with large-scale future projects in the US. Cohen, who serves as a director in the company, received options that, according to a valuation done in March of last year, were then worth about NIS 50 million. The current salary – real money that goes into the pocket is Around NIS 900,000 a year and he is also entitled, according to the terms of his employment, to a management fee of $25,000 a month, and a grant of $2 million if the subsidiary is issued.
The appraiser valued Doral LLC at about $1 billion last year and that was the basis for calculating Cohen’s benefit. This valuation jumped Doral’s stake in Doral LLC almost 80 times from a total investment of 18 million shekels to an investment of 1.5 billion shekels – a net profit of 1.1 billion shekels recorded in the books of 2022. But this valuation took into account an amount of over 760 million dollars For future projects (under a 55% realization probability) which is the majority of the value of the business. Future projects should be taken with great caution especially given the great risks of non-realization or changes in the rules of the game – as indeed has been happening recently in the American market.
The former head of the Mossad received 37,000 options, but at an exercise price of $802. The value of the company according to the appraiser embodied a price of 790 dollars per share. That is, it was about out-of-the-money options whose naive value is zero. They were worth a significant amount because they have a “life”, a time of 5.8 years. In August of last year the vesting period of the options came to an end, hence he has another option for 4 years to exercise the options.
In regards to the recruitment, Doral said that the investment complements the company’s equity capital needs for a significant backlog of projects of about 2 gigawatts in the USA. In exchange for the investment, the investor will be allocated holdings in Doral’s subsidiary in the USA (LLC Doral) at a rate between 30-49% %, which will be determined according to the company’s next significant recruitment round, subject to agreed mechanisms (in the first stage it will be 40%).
Doral stopped consolidating the Doral LLC reports in its financial statements about a year ago after it decreased to holding less than 50% of the company. If the current transaction is completed, Doral’s holdings will shrink further and to a significant extent the company is controlled by Doron Davidovitz and Alon Kessel (who own approximately 38% of the company’s shares in equal parts). Doral went public in Tel Aviv in 2020 at a value of NIS 575 million (before money). Since then the share price has jumped by about 70%.
Will he enter politics?
The reports of Cohen’s entry into politics were never denied by him. Even if he still has such an intention, the length of time he has been employed at Softbank allows him to accumulate assets in a way that was never possible for him as a civil servant, and to prepare himself financially for his possible return to the position of a civil servant.
In one of the interviews, Cohen said that: “I haven’t decided yet if I’m going into politics, but I do pay attention to the environment and understand the expectations. It’s not a discussion that I’m ignoring, I just don’t have a deadline because I’m not the one keeping the clock. No one knows how long the war will last. It will continue and whatever the results will be. For 40 years I served my country without expecting anything in return, partly because the public was not aware of our contribution, but leading the country is a supreme responsibility, and it is not an easy choice that I have not yet accepted.”
Head of Softbank operations in Israel
For more than two years, the former head of the Mossad has served as the head of Softbank operations in Israel – one of the largest investment funds in the world. The fund’s name has been associated more than once with scandals such as the failed investment in Viverk and the provision of the unimaginable compensation package to entrepreneur Adam Newman, but also with major successes, such as that of chip designer ARM.
Cohen joined Softbank in July 2021, during the high tide of technology investments in Israel and around the world. In the weeks preceding the announcement of his assumption of office, Manday and Iron Source went public, and in the same year the Israeli industry concluded a fundraising record of 27 billion dollars, a record that has not been repeated since.
The entry of the former head of the Mossad into one of the influential positions in Israeli high-tech without any previous experience in managing high-tech investments or venture capital caused eyebrows to be raised. Cohen served for many years at the Mossad, including a five-year term in which he headed the organization. The estimates were that Cohen would help the company’s founder Asiyoshi Sun raise capital in territories such as Saudi Arabia and the United Arab Emirates, and would help open the market for companies in the Middle East.
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