FRUTAROM INDUSTRIES LTD Below is the immediate report submitted today to the Israeli Securities Authority ('ISA') and the Tel-Aviv Stock Exchange through the ISA's electronic submission system in accordance with the Securities Regulations (Periodic and Immediate Reports), 1970.
Frutarom Industries Ltd.
Registration No.: 52-004280-5
The securities of Frutarom Industries Ltd.are listed for trading on the Tel-Aviv Stock Exchange
Name: Frutarom
25 HaShaish St., P.O.B. 10067, Haifa 2611001
Tel: +972-4-846 2401, Fax: +972-4-872 2517,www.frutarom.com
Email: esenay@futarom.com
August 23, 2018
Immediate Report Regarding Approval of Purchase Plan
Regulation 31L(a) of Israel's Securities Regulations (Periodic and Immediate Reports), 1970
Type of holder: | The Company |
Type of ID number: ID number of holder: Country of incorporation or registry: Type of security constituting the object of the purchase plan: Planned date for starting to implement purchase plan: Anticipated timing for implementing the future purchases: Estimated timing for conducting future purchases: Date of approval of the purchase plan by the Board of Directors: Reasons provided by the Board of Directors for implementing the purchase plan: Estimated overall cost of the purchase plan: The tax consequences to the Company and to securities holders from the implementation of the purchase plan: Sources of financing for implementing the purchase plan: Means of carrying out the purchase plan: | Registry of Companies 520042805 Israel Ordinary share -security listing no. 1081082 on the Tel Aviv Stock Exchange August 23, 2018 Beginning the day following approval of the purchase plan and for up to 21 calendar days. August 23, 2018 until September 13, 2018 August 22, 2018 1. Approval of the repurchase plan is for the sake of implementing the 2012 options plan adopted by the Company. 2. The Company's Board of Directors examined the distributable earnings based on the Company's financial statements as of December 31, 2017 which total approximately USD 783,029 thousand, and in its opinion there is no concern that the repurchase plan shall deprive the Company of its ability to pay its anticipated and existing debts when they become due. In light of this, the Board of Directors is of the opinion that the Company meets the distribution criteria specified in section 302(a) of the Companies Law, 5759-1999. USD 660,443. The purchase of shares by means of the repurchase plan does not create a taxable event for the Company and/or for the holders of the Company's securities. The purchases will be financed from the Company's own resources. Purchases on the stock exchange |
Purchase plans decided on during the three years preceding this report:
On March 19, 2018 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 950 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 2,997 shares (whose value at the time of the Board of Directors' approval stood at about USD 285 thousand) that were already held at that time by the Company. For further details see the Company's report on the matter from March 20, 2018.
On August 16, 2017 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 900 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 1,104 shares (whose value at the time of the Board of Directors' approval stood at about USD 78.8 thousand) that were already held at that time by the Company. For further details see the Company's report on the matter from August 17, 2017.
On March 22, 2017 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 900 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 3,362 shares (whose value at the time of the Board of Directors' approval stood at about USD 186 thousand) that were already held at that time by the Company. For further details see the Company's report on the matter from March 23, 2017.
On August 14, 2016 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 950 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 4,063 shares (whose value at the time of the Board of Directors' approval stood at about USD 214,717) that were already held at that time by the Company. For further details see the Company's report on the matter from August 15, 2016.
On March 16, 2016 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 950 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 5,661 shares (whose value at the time of the Board of Directors' approval stood at about USD 297 thousand) that were already held at that time by the Company. For further details see the Company's report on the matter from March 17, 2016.
On August 26, 2015 the Company's Board of Directors approved a repurchase of Company shares in the total amount of USD 800 thousand for the purpose of allocating options in the framework of the 2012 Plan, including 1,891 shares (whose value at the time of the Board of Directors' approval stood at about USD 75 thousand) that were already held by the Company. For further details see the Company's report on the matter from August 26, 2015.
The purchase plan is for shares or securities
convertible into shares: Yes
The profits of the corporation as defined in
Section 302 of the Companies Law: 3,235,399,740
Should the purchasing according to the plan be
expected to materially influence the percentage
of the related parties' holdings in equity and
voting rights: No
The Company's Board of Directors approved the repurchase of Company shares for an overall total amount of USD 950 thousand for the purpose of allocating options in the framework of the 2012 Plan, of which 2,830 shares (whose value as of the date of this report is about USD 289 thousand) were already in the hands of the Company.
Sincerely yours,
Eden Senay Tagania, Adv.
Legal Counsel
Frutarom Industries Ltd.
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Frutarom Industries Limited published this content on 23 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 August 2018 06:11:17 UTC
