The small real estate company Laminate She changes hands again. Three years after it passed from the control of Yigal Ahuvi to the control of the insurance people Yonel Cohen and Itzik Oz, the company is coming under the control of new owners – Roi Gil and Yehuda Sage.
The two are known to veterans of the capital market as former shareholders in the investment company Gibor Sport, which starred in the stock market in the mid-1990s, but later ran into difficulties and required a debt settlement of hundreds of millions of shekels, which was approved in late 2003.
Now, as part of the transfer of control of the laminate, Gil and Sage will purchase approximately 62% of the company’s shares at a value of NIS 327.5 million per laminate, reflecting a 41% premium on the company’s value on the stock exchange prior to the transaction, and handsome profit for sellers. However, before the completion of the transaction, a dividend of NIS 70 million will be distributed to all its shareholders, so that in practice Gil and Sage will pay NIS 160 million at a value of NIS 257.5 million.
The transaction will be made at a price (ex-dividend) of approximately NIS 9.84 per share, with the consideration being paid mostly on the date of completion and the balance within six months from the date of completion. Completion of the transaction is conditional on obtaining approval from the Company’s financing banks and its subsidiaries (Leumi and Discount) to change control of the Company.
The sellers in the deal are Yonel Cohen And Itzik Oz, who each hold 22.86% of the shares Laminate Company The Golden House Controlled by Yonel Cohen and the Rubinstein family, which holds 10.93% of Revad’s shares, and Eli Sapir, which holds 5.35% of Revad’s shares. Once the transaction is completed, the laminate shares will not be left in the hands of the sellers.
Laminate has three main areas of activity. The first of these is the management and operation of nursing homes in England, where she is a partner along with the current controlling owner of the Golden House. Ravad is also involved in the field of income-producing real estate and in the field of residential real estate development in Israel.
Revad ended 2021 with income from rental properties and management of NIS 13.75 million, which reflects a decrease of 2.6% compared to 2020. Despite this, the company presented a net profit attributable to the owner of NIS 8 million in 2021, compared with a loss of NIS 6.7 million recorded in 2020.
The high profit in 2021 was contributed by an increase in the fair value of investment real estate in the amount of NIS 15.2 million, as well as other income (net) of NIS 6.1 million, which resulted from the cancellation of a provision for impairment of real estate made in 2020. 2021 for NIS 290.1 million, compared to NIS 277.2 million at the end of 2020.
During the first quarter of 2019, Yigal Ahuvi and Zvi Biran completed the sale of 57% of Ravad’s shares to Yonel Cohen, Itzik Oz and the Beit HaZahav sheltered housing company, for NIS 128 million and a company value of NIS 220 million. After that deal, my lover was left with a 15% stake in Revad, which he still owns.
In response to the new sale agreement, the Revad share was traded at a 5% increase, at a price that reflects a value of NIS 245 million for the company, in contrast to the sharp price declines recorded on the entire stock exchange today.