Company Update

About this update from Diales Group Plc

[{"type":"text","content":"\n \nBSD Crown Ltd. (LSE: BSD)\n\n(the “Company”)\n\nCompany Update\n\nRe: Motion for Discovery\n\nRamat Gan, 3 January 2016\n\nThe Company hereby announces that on 3rd January 2016 it was served with a motion for discovery  in accordance with Section 198A of the Israel Companies Law, 5769-1999 (the “Motion”) by Mr. Eldad Levi (the “Applicant”), who claims to hold 18,652 shares in the Company.\n\nThe Applicant is requesting the disclosure of certain documents and board minutes from the Company, the Company’s management and the Company’s treasury department/committee, relating to the deposit of approximately USD 30 million of the Company’s funds  with an  Austrian Bank and an additional deposit of USD 11 million of the Company’s funds held in a bank account in Azerbaijan.\n\nThe Applicant is claiming that the requested documents will allow him to examine whether the resolution to deposit the respective amounts in the above accounts were lawfully executed and whether the authorized representatives of the Company were in breach of their fiduciary duties by not taking adequate precautions to ensure  the Company’s ability to withdraw the funds at any time and by not monitoring the deposited funds.\n\nThe Company is reviewing the Motion and the claims set out in it in conjunction with its legal counsel. A further announcement will be made in due course.\n\nEnquiries:\n\nYossi Schneorson, CEO: [email protected]\n\n ","length":1776,"tagName":"div"}]

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