Company stock
Lodan
+16.54%
Base:1,397
opening:1,397
Tall:1,745
low:1,425
change:1,462,170
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Engaged in engineering services, project management and computer systems supply, jumps 17% in commerce in Tel Aviv after reporting the Memorandum of Understanding for strategic investment by the transportation company Dan in the subsidiary (100%) Shimkotek. Dan will invest NIS 25 million in exchange for 19.2% of the shares, according to a company value of NIS 105 million before the money, and NIS 130 million after it.
Shimkotech specializes in the supply and maintenance of smart ticketing systems, as well as in the development of software products that accompany the ticketing systems. For an additional consideration of up to NIS 10 million, Dan will receive an option to exercise within two years for an investment of an additional NIS 10 million in exchange for additional shares, according to two optional values in two scenarios: a 20% discount on the shares. Or if no such issue is made, then the additional shares will be issued at a value of NIS 150 million.
It was also agreed that the two companies will establish an investee company (49% for Shimkotek, 51% for Dan) that will exclusively carry out all of Shimkotek’s existing and future activities abroad. , As a derivative of the holding rate of each of them, with the money also used to acquire local companies.
As early as the end of December, Lodan reported on contacts with a strategic investor whose identity has not been revealed – and by the day of that announcement, the stock had already jumped. It has since lost about 15%, and is now rising again, to a rate of 16 shekels, which reflects a company value of 188 million shekels – only slightly lower than at the beginning of the year.
In July this year, the investment house Valio Base became a stakeholder in Lodan and owns 8.7% of the company’s shares. Migdal Insurance owns 10.1% of the company, and Willin Lapidot owns 10.7% and the public owns 44% of the company’s shares.
In the third quarter, the company’s revenues were NIS 122 million, compared with NIS 138 million in the corresponding quarter last year. The total profit was NIS 3 million, compared to NIS 3.6 million in the corresponding period last year.
Shimkotek CEO Avi Lieber: “I appreciate that we are at the beginning of a period of development and accelerated investment in the field in the coming years.”
CEO Dan Ofir Karni“Dan believes in Shimkotek’s ability to continue to grow in Israel while expanding its operations to additional target markets outside Israel. We believe that in cooperation with Shimkotek we will create a high synergy that will bring value to both Dan and Shimkotek.”
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