Private allotment of 150,000 shares and 125,000 warrants, without consideration, which can be exercised per share at a price of NIS 15 per option, at a price of NIS 13 per share
Av-Gad Holdings, which deals with residential development and construction and execution in the urban renewal market, reported this morning a private placement of 150,000 shares and 125,000 warrants, without consideration, which can be exercised per share at a price of NIS 15 per option, to the Arbitrage hedge fund and to it, in return Of approximately NIS 1.95 million, at a price of NIS 13 per share, which reflects a premium of approximately 10% on the share price at the end of the trading day on the transaction day.
Michael 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 itself 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 initiating tens of thousands of housing units in the coming years and a huge amount of money. “It seems that Av-Gad is exceptional in its conservatism among the companies in the industry, which in our opinion creates an interesting investment opportunity in the plant field in which the company is engaged. In our estimation, the capabilities that the company has developed will be valuable for investors in the near future.”