TIDMPGB
RNS Number : 3873Z
Pilat Media Global PLC
05 February 2014
FORM 8 (OPD) Amendment
(Details of persons acting in concert in Q3 amended from version
of 22 January 2014)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the disclosure: Pilat Media Global plc (the "Company")
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(b) Owner or controller of interests and short positions disclosed, if
different from 1(a): N/A
The naming of nominee or vehicle companies is insufficient
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(c) Name of offeror/offeree in relation to whose relevant securities this Pilat Media Global plc
form relates:
Use a separate form for each party to the offer
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(d) Is the party to the offer making the disclosure the offeror or the Offeree
offeree?
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(e) Date position held: 21 January 2013
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(f) Has the party previously disclosed, or is it today disclosing, under the No
Code in respect
of any other party to this offer?
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2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security:
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Interests Short positions
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Number % Number %
-------------------------------------------------- -------- ------------- ---
(1) Relevant securities owned and/or controlled: 0 0 0 0
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(2) Derivatives (other than options): 0 0 0 0
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(3) Options and agreements to purchase/sell: 0 0 0 0
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TOTAL: 0 0 0 0
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All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
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Details, including nature of the rights concerned and relevant percentages: None
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
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None. The Company notes the joint offerors opening position disclosures in relation to irrevocable
commitments and letters of intent and for completeness these are repeated below:
Name of Pilat shareholder Number of Pilat Shares in Approximate percentage of
giving the undertaking respect of which the Pilat's existing issued
undertaking is given share capital
Pilat Directors
Michael Rosenberg 198,000 0.32
Avi Engel 2,202,102 3.52
Martin Blair 68,500 0.11
Samuel Sattath 3,111,993 4.98
Or Elovitch 92,250 0.15
Alex Rabinovitch 1,813,100(1) 2.90
Other Pilat Shareholders
Eurocom Investments LP 12,186,360 19.49
Eurocom Holdings (1979) Ltd 238,107 0.38
Michael Zuckerman 2,440,991 3.90
Benjamin Moneta 1,137,864 1.82
Ronnie Erlichman 1,415,000 2.26
Total 24,904,267 39.83
(1) The irrevocable undertaking provided by Alex Rabinovitch includes reference to 12,186,360
Pilat Shares in the name of Eurocom Investments LP who, themselves, have provided an irrevocable
undertaking in respect of such Pilat Shares.
In addition the Company notes the following which was included in 2.7 offer announcement,
in particular that certain of the irrevocable undertakings listed above extend to a vote proposed
by the Company in relation to the Payments (as defined in the 2.7 announcement):
"All the irrevocable commitments continue to be binding in the event of a higher competing
offer being made for Pilat and will cease to be binding only if the Scheme lapses or is withdrawn.
All of the irrevocable commitments, except those from Michael Rosenberg, Avi Engel, Martin
Blair, Samuel Sattath, Michael Zuckerman, Benjamin Moneta and Ronnie Erlichman contain an
undertaking to vote in favour of the resolution at the General Meeting to approve the Payments."
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3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
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Directors of the Company
Name Number of ordinary Percentage of issued
shares of 5 pence share capital
each ("Ordinary
Shares")
------------------- ------------------- ---------------------
Avi Engel 2,202,102 3.52%
------------------- ------------------- ---------------------
Martin Blair 68,500 0.11%
------------------- ------------------- ---------------------
Michael Rosenberg 198,000 0.32%
------------------- ------------------- ---------------------
Samuel Sattath 3,111,993 4.98%
------------------- ------------------- ---------------------
Or Elovitch 92,250 0.15%
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Alex Rabinovitch 1,813,100 2.90%
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Other persons deemed to be acting in concert
Shareholding agreement concert party
Pursuant to the shareholders agreement which was announced by the Company on 11 August 2009,
the following are deemed to be acting in concert with Mr Engel and Mr Sattath (both directors
of the Company):
Name Number of Ordinary Percentage of issued
Shares share capital
------------------------------ ----------------------------- --------------------------------
Michael Zuckerman 2,440,991 3.90%
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Benjamin Moneta 1,137,864 1.82%
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Ronnie Erlichman 1,415,000 2.26%
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Total(2) 4,993,855 7.99%
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(2) The total holding in the table above, together with
Mr Engel's and Mr Sattath's holdings is 10,307,950 Ordinary
Shares (representing approximately 16.48% of the Company's
issued share capital).
Eurocom concert party
Alex Rabinovitch, a Non-Executive Director of the Company,
is a director and 49.99% shareholder of Eurocom Investments
LP which is directly interested in 12,186,230 Ordinary
Shares (representing approximately 19.49 per cent. of
the Company's issued share capital). The remaining 50.01
per cent. of Eurocom Investments LP is owned by Eurocom
Investments Management 2005 Limited ("Eurocom 2005").
Eurocom 2005 is 80 per cent. owned by Mr Shaul Elovitch
and 20 per cent. owned by his brother, Mr Yossef Elovitch.
Mr Shaul Elovitch and Mr Yossef Elovitch are jointly
directly interested in 1,932,897 Ordinary Shares (representing
approximately 3.09 per cent. of the Company's issued
share capital). Mr Or Elovitch, a Non-Executive Director
of the Company, is the CEO of Eurocom Communications
Lts. and is Mr Shaul Elovitch's son. Furthermore, Eurocom
Holdings (1979) Ltd ("Eurocom 1979") is directly interested
in 238,107 Ordinary Shares (representing approximately
0.38 per cent. of the issued share capital); Eurocom
1979 is 80 per cent. owned by Mr Shaul Elovitch and 20
per cent. owned by Mr Yossef Elovitch. Accordingly, given
what is set out above, the following are considered to
be acting in concert with Mr Alex Rabinovitch and Mr
Or Elovitch (both directors of the Company):
Name Number of Ordinary Shares Percentage of issued
share capital
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Eurocom Investments LP 12,186,360 19.49%
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Eurocom Holdings (1979) Limited 238,107 0.38%
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Mr Shaul Elovitch and Mr Yossef
Elovitch 1,932,897 3.09%
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Eurocom Investments 2005 Limited - -
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Total(3) 14,357,364 22.96%
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(3) The total holding in the table above, together with
Mr Rabinovitch's and Mr Or Elovitch's holdings is 16,262,714
Ordinary Shares (representing approximately 26.01% of
the Company's issued share capital).
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3 for each additional class of
relevant security.
The interests of the Directors under the Company's share based
incentive schemes were as follows:
Options under the Unapproved Share Option Plan
Name Number of Exercise Period Exercise Price
Options (GBP)
---------------------- ---------- ---------------- ---------------
15 June 2009-14
Avi Engel (Director) 1,000,000 June 2019 0.235
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Options under the Enterprise Management Scheme
Name Number of Exercise Period Exercise Price
Options (GBP)
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Martin Blair 19 July 2006-18
(Director) 90,000 July 2015 0.455
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Martin Blair 15 June 2010-14
(Director) 250,000 June 2019 0.235
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Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) No
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Supplemental Form 8 (SBL) No
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Date of disclosure: 21 January 2014
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Contact name: Martin Blair
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Telephone number: +44 (0) 20 8782 0700
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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