Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") announces today that on October 9 ,2009 it sold a total of 4,794,292 ordinary shares of it subsidiary, Plaza Centers N.V., (LSE: PLAZ) (WSE: PLAZ/PLAZACNTR) ("Plaza"), to a number of Polish institutional investors. The aggregate consideration for the shares sold by Elbit is approximately GBP6.7 million (approximately $10.6 million) representing a price of 6.5 Polish Zlotys ("PLN") per share (approximately GBP1.41 ), compared to the Warsaw Stock Exchange closing price on October 9, 2009 of 6.6 PLN per share (approximately GBP1.43 ). These shares were originally purchased by Elbit for a total consideration of GBP2.9 million (approximately $4.6 million), representing an average price of GBP0.61 per share. As result of this transaction, Elbit will generate a net cash flow of approximately GBP3.8 million (approximately $ 6.0 million).
In addition, Plaza has also notified today that it has sold 14,500,000 of its shares for a total aggregate consideration of approximately GBP20.5 million (approximately $32.5 million) representing a price of 6.5 PLN per share (approximately GBP1.41) to such investors. These shares were originally repurchased by Plaza for a total consideration of GBP7.7 million (approximately $ 12.2 million), representing an average price of GBP0.53 per share. As a result of this transaction, Plaza will generate a net cash flow of approximately GBP12.8 million (approximately $20.3 million).
The said shares were originally purchased within the framework of Plaza's repurchase shares program announced on October 20, 2008 which was executed between October 2008 and January 2009.
Following these transactions Elbit currently owns approximately 68.3% of Plaza share capital.
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