A new pension fund will soon begin operations and join the seven new pension funds operating today. Globes has learned that the provident and pension company of Mor Received a draft operating permit from the Capital Market Authority, the regulator responsible for the world of pensions. This means that the Capital Market Authority has gone through the preparations submitted by Moore’s provident and pension company and that the company is ready to operate the fund, and that the launch is very close.
There are several summaries left between the parties before the fund officially goes into operation. When the pension fund does start operating, probably in the next few days, it will precede the date set for the start of operations by more than a month – April 2022. This is a new pension fund that won the tender of the selected funds of the Capital Market Authority. Meitav Dash, as well as that of Infiniti, which is also a fund that did not exist until the last tender, and is scheduled to begin operations by this coming April. This will return the number of new funds to nine, after in the past year Psagot’s fund was merged into Altshuler Shaham and that of Hellman Aldubi into Meitav Dash (after Hellman Aldubi’s pension activity was acquired from Phoenix, which acquired the entire Hellman Aldubi investment house).
A jump of 17.6% on the first trading day
Simultaneously with the receipt of the draft activity permit, Moore’s provident and pension company began trading on the Tel Aviv Stock Exchange today (Sunday). This is after last week it completed an IPO. It ended the company’s first trading day with a 17.6% jump in the share value, which rose from a price of NIS 5.95 to a price of NIS 6.98.
The provident company raised NIS 100 million in the IPO, based on a company value of NIS 600 million (before cash). The issue recorded demand of more than three times, ie more than NIS 300 million, which was channeled by the leading institutional entities in Israel, most of them by Moore’s competitors in the fields of savings and investments.
The very completion of the offering, which was led by Discount Capital, promised Moore Gamel an investment of approximately NIS 54 million from a group of investors who conditioned its investment in holding the offering. Keren Sifra, which invested 25 million of this amount, will now hold about 4% of Mor Camel, Eyal Lapidot (through the company Moonstone under his control) has invested about NIS 6 million and will hold 0.96% and the rest of the investors according to the SAFE agreements will hold 3.65% of shares The camel company.
Moore Provident’s parent company, Moore Investments, is the main shareholder in the company and after the issue will hold 66.36% of the shares. The investment house has been traded on the Tel Aviv Stock Exchange since 2017 and currently stands at NIS 1.1 billion, meaning that the subsidiary will trade about 70% of the parent company.
The controlling shareholders of the investment house, which was established about 16 years ago, are the Meirov family and the Levy family, and it is managed by Yossi Levy and Eli Levy – who serve as co-CEOs of Moore Investments. The largest issuer is Uri Keren, who serves as a partner and chief investment officer at Mor Gamel, which purchased 15% of the provident fund’s shares in 2019 for NIS 1.5 million, and today holds a smaller share than the shares, but its holdings stand at about NIS 90 million. Ivy, who serves as the company’s CEO, who owns options that he can exercise with a benefit worth NIS 4 million.
As of the end of December 2021, Moore’s Provident and Training Company manages approximately NIS 30 billion, and it recorded a growth of approximately 212% in 2021. According to Provident Net, Moore Provident ended 2021 with net transfers of NIS 12.9 billion (first in the provident fund industry) and accrual Net of NIS 17.6 billion.