FORTY » Topics » FORMULA SYSTEMS (1985) LTD. ANNOUNCES SHAREHOLDER APPROVAL OF PRIVATE PLACEMENT OF $36 MILLION TO AN ENTITY OWNED BY FIMI AND DAN GOLDSTEIN

This excerpt taken from the FORTY 6-K filed Feb 17, 2005.

FORMULA SYSTEMS (1985) LTD. ANNOUNCES SHAREHOLDER APPROVAL OF PRIVATE PLACEMENT OF $36 MILLION TO AN ENTITY OWNED BY FIMI AND DAN GOLDSTEIN


Herzliya, Israel, February 17, 2005 – Formula Systems (1985) Ltd. (Nasdaq: FORTY), a leading provider of information technology products, solutions and services, today announced that its shareholders have approved the previously announced private placement of 2,400,000 Formula shares for an aggregate purchase price of $36,000,000. The resolution was passed by a special majority of the Company’s non-interested shareholders, as required by Israeli law.   More than 80% of the votes cast, including more than 68% of the votes cast by non-interested shareholders, voted in favor of the transaction.

The shares will be issued to FIMGold Limited Partnership, an entity owned in equal parts by Dan Goldstein, Formula’s CEO and Chairman of the Board, and FIMI Opportunity Fund and parties related to it. Prior to the private placement, Dan Goldstein also will transfer to FIMGold all of his shares of Formula and Formula Vision Technologies (F.V.T.) Ltd. (a subsidiary of Formula).

Following the transactions, FIMGold will hold a total of 4,400,000 Formula shares, which will constitute a controlling interest comprising of approximately 33% of Formula’s outstanding shares, and 15,500,000 shares of Formula Vision, which constitutes approximately 24% of Formula Vision’s outstanding shares.

The parties have entered into definitive agreements relating to these transactions, and the closing is scheduled to occur in approximately two weeks.

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