The Pimi Fund is selling another share of its holding in the company Discovered satellites . The fund reported tonight on an agreement it signed with the insurance company The Phoenix Which will purchase Gilat shares from Pimi for $ 22.5 million and at a price of $ 8 per share.
The Phimie Fund also allocated Phoenix options to purchase additional shares of Gilat at a price of $ 8.5 per share, to be exercised by the end of the year. If the option is fully exercised, the Pimi Fund will part with its full holding in Gilat – in exchange for about $ 70 million.
Last week the fund sold Gilat shares for $ 22 million, after during 2021 it sold shares worth a cumulative $ 93.5 million. Even then, the sale was priced at $ 8 per share, lower than the prices at which the Pimi Fund was exercised last year: In February 2021, when Gilat shares soared to a record price, the fund sold shares at $ 15 per share, and in August it sold at $ 9.7 per share.
Even at a price of $ 8 it is still a matter of realizing a profit for the Pimi Fund. The Foundation, headed by Yishai Davidi, Entered an investment in Gilat in 2012 and subsequently increased its holding in the company. Over the years, it purchased Gilat shares for $ 81.3 million, and later received $ 20.3 million in dividends from the company.
Gilat’s share price on NASDAQ at present is about $ 7.9 and reflects a value of $ 447 million for the company.
The company, managed by Adi Tzafdia, provides solutions and services in the field of satellite communications. A report by the Pimi Fund states that its investment in Gilat is realized at a return of more than 2.7 times, with the fund realizing $ 215 million and the cumulative profit standing at approximately $ 135 million.