Poalim IBI stole the students – auditor Ofer Alkalai, confirms the exposure of BizPortal

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The student union solemnly announced five months ago that it sold 16% of the shares of the tourism and travel company


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For NIS 200 million, which she will “invest in students and new avenues” – this was really not a celebration, it’s a big blunder and we exposed it here at Bizportal in several articles. Not selling at a 24% discount. Such a discount is a gift to buyers. Here was a gift that stems from stupidity, innocence or “envelopes”. We received threats from lawyers, letters. But we continued to present the truth.

We understood that it could be that the association and its head, Elhanan Fellheimer, were misled by the foxes of the capital market, the underwriters. Poalim IBI was behind this deal. We talked to those involved, they all provided excuses and explained that the price was excellent and the stock would go down, that they would not buy. Dear friends, this is bullshit. A discount of 5% is reasonable, 10% is very rare, but you can somehow live with it, although it will also receive criticism. But 24%? A gift of NIS 50-60 million? A normal discount would have reduced the gift by half.

We demanded an investigation, we wrote about the huge loss for each student (thousands of shekels), we showed that the deal was a failure and the stock price returned to record levels. And now it turns out that the conclusions of CPA Ofer Alkalai, the special auditor on the transaction appointed by the members of the student union, strengthen the claims-estimations. From here to a lawsuit against Poalim IBI the road is short.

According to the auditor – the price in the transaction was unusual and lower than usual compared to transactions carried out in Israel. He recommends that the student union examine the legal responsibility of Poalim IBI for the sale at a lower price than usual. The directors of Poalim IBI are Ofer Greenbaum, Shai Nebo and Yaron Mozes. The chairman is Ron Weisberg from IBI and also serves as a director Ido Kook from IBI IBI and Hapoalim IBI are “connected” at the navel when Bank Hapoalim recently announced a disconnection and demanded the name change operate from the name of the underwriting company) and this in light of the salary increase for the company’s executives far beyond what is acceptable and even though the shareholders did not approve it.

The auditor states that no findings were found that the chairman of the student union Elhanan Fellheimer acted with extraneous motives or that he had any personal interest in the process. In other words, he is not corrupt, but…

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The auditor supports the assessment we presented that “the information provided by Poalim IBI regarding the lack of interest in the transaction by several parties was inaccurate and raises (questions) whether an effort was indeed made to obtain the maximum price or alternatively to close a transaction in the fastest way.”
Ofer Alkalai, accountant
The auditor’s report shows that in April 2022 Fellheimer contacted two underwriters, Poalim IBI and Giza, and received price offers. The underwriting company Poalim IBI was chosen after its offer was more attractive in the eyes of the association – only percentages, while Giza offered a fixed price and percentages.

Poalim IBI, according to the report, returned to the association with price offers of approximately NIS 75 per share, and received a green light from the association to continue. In the end, a deal was closed for NIS 80, with the company’s stock trading at NIS 97 per share. According to the report, Fellheimer stated to the auditor that he relied fully on the information provided to him by Poaleim IBI, according to which the maximum price that could be received was NIS 80 per share. The auditor checked with the senior officials of Poalim IBI, headed by the deputy general manager Shai Nebo, who stated that the process took about two months, and they went above and beyond to execute the deal, and at the best price for their customers.
Shay Nebo, Poalim Ivyai
According to the auditor’s report, EBA executives said that among the entities that did not express interest in the share package were the insurance companies Harel, Migdal and Kelal. But, accountant Ofer Alkalai checked with the three investment managers of these entities and the conclusions were completely different – in fact they said that a certain broker offered them to take part in the transaction, but they replied in the negative that they believed it would be carried out according to the market price and at a discount of no more than 3% as is customary in other transactions. In fact, they specifically said that if they had known that the shares would be sold at the price they were sold at, they would have wanted to be in the deal.

Beharel claimed that they didn’t talk to them at all and if they had talked to them they would have definitely considered a discount purchase. A Migdal representative also said that after his initial refusal, he was not presented with an option to purchase the shares at a significant discount at a later stage.

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