DELEK GROUP LTD. | Delek Group Approves Share Buy Back Plan | ||
Tel Aviv, December 9, 2014. Delek Group (TASE: DLEKG, OTCQX: DGRLY) ("the Company") reported that on December 8, 2014, its Board of Directors approved a Delek Group share buy back plan, that may be executed from time to time under management discretion. The Board of Directors of Delek Group believes, at this time, that the purchasing of its own shares represents a good economic and business opportunity. The Board has determined that the above buy-back plan is in accordance with section 302 of the Israeli company law - 1999, with regard to distributable profit which amounts to NIS 3,044 million (net of the dividend declared on November 27, 2014; please see the Company's Immediate report reference No. 2014-01-206520). In addition, the Board determined that the buy-back will not impact the Company's ability to stand behind its current financial obligations. The total amount that was approved for the buy-back plan is up to NIS 200 million during the period from December 9, 2014 through March 8, 2015. There is no obligation to execute the above plan in full or in part. This is a convenience translation of the summary of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on December 8, 2014.
The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF. In addition, Delek Group has a number of assets in downstream energy, water desalination, and in the finance sector. For more information on Delek Group please visit www.delek-group.com Contact
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