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FIMI Fund acquires 25% of Scope’s shares in return for NIS 157 million


From: Globes, 13 February 2006

The FIMI Opportunity Fund, managed by Ishay Davidi, is investing NIS 157 million in the metal company Scope. In return, FIMI will receive 25% of Scope’s share capital in full dilution and 50% representation on the board of directors. This private placement, at a price of NIS 53.5 per share, represents a 6.7% premium over last Thursday’s closing price and will increase Scope’s value to approximately NIS 590 million. On completion of the transaction, Shmuel Shiloh, the controlling shareholder, will hold 40.8% of the company.

Gil Haver, Scope CFO, said: “We are being assisted by FIMI to implement the future consolidation of our plans to expand into overseas markets.”

He added: “This also means activity in international financial markets. FIMI has vast activities abroad, mainly in the United States, where we are expecting to expand our activities starting from the coming year. FIMI will take an active part in managing the company.”