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Elbit Imaging Ltd. Announces FDA Approval of Insightec's Phase I Clinical Trial for the Treatment of Neuropathic Pain
TEL AVIV, ISRAEL / ACCESSWIRE / June 26, 2017 / Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the "Company") announced today that the FDA has approved the commencement of Phase I clinical trial for the treatment of neuropathic pain by INSIGHTEC's Exablate Neuro system (the "Trial"). The Trial will include 10 patients and will be fund by the Focused Ultrasound Foundation. INSIGHTEC is the regulatory sponsor of the clinical Trial. The purpose of the Trial is to examine the safety and the efficiency of the treatment.
INSIGHTEC cannot estimate at this stage when the Trial will actually commence and when the first patient will be recruited.
Exablate Neuro uses focused ultrasound waves to precisely target and ablate tissue deep within the brain with no incisions or implants. The treatment is done under MRI guidance for real time treatment monitoring.
The Company holds approximately 89.7% of the share capital of Elbit Medical Technologies Ltd. (TASE:EMTC-M) (86.1% on a fully diluted basis) which, in turn, holds approximately 31.3% of the share capital in INSIGHTEC (26.6% on a fully diluted basis).
Midas.. why the company going bankrupt? Didn't they secure $40 million placement with Gamida cell?
Elbit Imaging Announces Signing A Non-Binding Loi Regarding The Sale Of Torun Plaza Shopping And Entertainment Center In Poland, By Its Subsidiary, Plaza Centers
Tel Aviv, Israel, June 21, 2017, Elbit Imaging Ltd. (“EI”or the
“Company”) (TASE, NASDAQ: EMITF)announced today, that Plaza Centers N.V.(“Plaza”) (LSE: PLAZ), an indirect subsidiary of the Company, has signed a non-binding Letter of Intent with an investment fund (the Purchaser ”) regarding the sale of Torun Plaza shopping and entertainment center in Poland.
The LOI binds the Purchaser to a strict timeline for undertaking a comprehensive due diligence process which would result in the transaction being completed by the middle of September 2017.
Should the transaction proceed towards a signed share purchase agreement, following the due diligence process, Plaza will receive approximately Euro 70 million followed by additional payments up to a maximum potential amount of Euro 4 million after an additional earn out period following the closing of the transaction. The expected net proceeds to Plaza, following the repayment of the related bank loan are estimated to be approximately Euro 27-29 million.
At this stage, there is no certainty that the transaction will be completed.
Midas.. what should I do? I literally put my whole life saving into this stock? I can't take it for a loss!! I'm in too deep now!! If I do I will be broke!! Literally no money!!!!! ????????
Elbit Imaging Announces Signing A Revised Agreement To Sell Its Project In Bangalore, India By Its Subsidiary, Elbit Plaza India Real Estate Holdings Limited
TEL AVIV, ISRAEL / ACCESSWIRE / June 19, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, in further to its announcements dated on September 30 and November 16, 2016, that its jointly controlled subsidiary Elbit Plaza India Real Estate Holdings Limited (in which EI holds a 50% stake with its subsidiary, Plaza Centers N.V.) ("EPI") signed a revised agreement in relation to the sale of a 100% interest in a special purpose vehicle which holds a site in Bangalore, India to a local investor (the "Purchaser").
The Purchaser and EPI have agreed that the purchase price will be amended to INR 338 Crores (approximately Euro 47 million) instead of the INR 321 Crores (approximately Euro 44.6 million) agreed in the previous agreement. As part of the agreement, INR 110 Crores (approximately Euro 15.3 million) will be paid by the Purchaser in installments until the Final Closing. The Final Closing will take place on September 1, 2018, when the final installment of INR 228 Crores (approximately Euro 31.7 million) will be paid to EPI.
If the Purchaser defaults before the Final Closing, EPI is entitled to forfeit certain amounts paid by the Purchaser as stipulated in the revised agreement. All other existing securities granted to EPI under the previous agreement will remain in place until the Final Closing.
Elbit Imaging Ltd. Announces That Gamida Cell's Has Signed A $40m Private Financing
TEL AVIV, ISRAEL / ACCESSWIRE / June 19, 2017 / Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the "Company") announced today, in further to its announcement dated March 8, 2017, that it was informed by Gamida Cell Ltd. ("Gamida"), an indirect associate of the Company, (24.7% and 21.8% on a fully diluted basis) regarding the following:
Gamida has signed a $40million private financing investment agreement ("the Investment").
The Investment was led by Shavit Capital Fund joined by Novartis and additional investors, including VMS Investment Group, Israel Biotech Fund, IHCV and Clal Biotechnology Industries.
According to the Investment, the investors shall invest an amount of $40million for the allotment of preferred shares (the "Allocated Shares"), based on $120million pre-money valuation.
In addition, the investors shall receive options to preferred shares in the amount of 60% of the Allocated Shares. The exercise price of the options shall be 120% of the shares price on the Investment closing date. The options will expire 5 years after the Investment closing.
The Allocated Shares granting to the investors, Inter alia, anti-dilution and valuation protections and distribution preference in some circumstances as determined in the Investment documents and the right to appoint additional director in Gamida's board of directors. Part of the investors receive the right to appoint an observer in Gamida's board of directors.
The Company's subsidiary, Elbit Medical Technologies Ltd. (TASE:EMTC-M) (89.7% and 86.1% on a fully diluted basis), ("Elbit Medical") shall not take part in the Investment. Upon the Investment closing, Elbit Medical will hold approximately 17.9% of the share capital in Gamida (13.7% on a fully diluted basis).
The Investment requires few customary condition precedents. As of the date herein, there is no certainty that the Investment will be completed and that the investors will exercise their options.
Gamida informed the Company that the Investment proceeds will be used to complete Nicord's Phase 3 clinical trial and to prepare for product commercialization by expanding its in-house manufacturing capacity, expanding Gamida's presence in the US, as well as continuing to develop additional pipeline products.
Gamida Cell has commenced Phase III trial of NiCord for patients with blood cancer and Lymphoma Cancer. NiCord has an FDA Breakthrough Therapy Designation as well as FDA and EMA orphan drug designations. In addition, Gamida is conducting a Phase II trial for patients with hematological diseases such as sickle cell disease.
As of today, NiCord is in a clinical stage of development.
Told you to sell several times,
you don't listen, now, do you!
Sell, SELL, SELL!!!
Midas..what happened to this company?
Midas or anybody...can anyone tell me what's going on with this company? Why the stock price been going down every single day? Are they going bankruptcy?
Midas..is the company and the stock price doomed?
Financials - Top 5 Gainers / Losers as of 1:00 PM
Jun. 9, 2017 1:00 PM ET|By: Gaurav Batavia, SA News Editor
Gainers: DFT +10%. WDR +7%.CWH +7%. OFG +7%. HRTG +6%.
Losers: EMITF -10%. AFSI -5%.
Elbit Imaging Announces Availability of Investor Relations Presentation on Its Website
TEL AVIV, ISRAEL / ACCESSWIRE / June 8, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF, NASDAQ: EMITF) announced today, that it has placed a new investor relations presentation, which includes a forecasted cash flow analysis, on the Company's website at www.elbitimaging.com under "Investor Relations - Group Presentations - Company Presentation" in favor of the notes holders meeting, which will be held on June 12, 2017.
LOL, perhaps EMITF is not really close to BK.
Who knows....
Midas..still here my friend with 10,000 shares..not going anywhere...gonna be here until the bitter end...
Gamida Cell Appoints Nobel Prize Laureate Professor Roger Kornberg and Immune Oncology Expert Dr. Michael Perry to its Board of Directors
JERUSALEM, June 5, 2017 /PRNewswire/ — Gamida Cell, a leader in cellular and immune therapies for the treatment of cancer and orphan genetic diseases, announced today the appointment of Nobel Prize Laureate Professor Roger Kornberg and immune oncology expert and recently retired Novartis executive Dr. Michael Perry to its Board of Directors.
„We are pleased to welcome Professor Kornberg and Dr. Perry to our Board, especially now as Gamida Cell completes the final stages of clinical development of its flagship product NiCord and plans for potential commercialization. We look forward to their important guidance during this crucial time in the Company’s development and in preserving Gamida’s leading position in bone marrow transplantation,” said Gamida Cell Chairman of the Board, Julian Adams, Ph.D.
Professor Roger Kornberg has been a Professor of Structural Biology at Stanford Medical School since 1978. He won the Nobel Prize for Chemistry in 2006 for his studies of the molecular basis of transcription, the process whereby information in DNA is read out for the direction of all activities of all organisms, including humans. Professor Kornberg began his career as a postdoctoral research fellow at the Laboratory of Molecular Biology in Cambridge, England and went on to be an Assistant Professor of Biological Chemistry at Harvard Medical School in 1976, before moving to his present position. Professor Kornberg is also the recipient of the 2006 Dickson Prize from University of Pittsburgh and the 2006 Louisa Gross Horwitz Prize from Columbia University. In 2009, he was elected a Foreign Member of the Royal Society. Professor Kornberg earned his bachelor’s degree in chemistry from Harvard University in 1967 and his Ph.D. in chemical physics from Stanford in 1972 supervised by Harden M. McConnell.
„Gamida Cell’s novel platform technology and scientific approach to expand functional cells in culture have broad potential to change the way cell based therapies are used clinically. NiCord, has demonstrated clinically that it could fill the unmet need in bone marrow transplantation,” said Professor Kornberg.
Dr. Michael Perry recently retired from Novartis, following a highly successful tenure where he served as SVP and Chief Scientific Officer, Global BD&L, Chief Scientific Officer, Cell & Gene Therapy Unit, Global Head, Cellular Therapy/VP, Integrated Hospital Care Franchise and as Novartis’ observer on the Gamida Cell Board of Directors. Novartis is a major shareholder in Gamida Cell. He is currently a Director and Operating Partner at venture capital firm Bioscience Managers Pty Ltd. Dr. Perry currently serves on the Boards of Avita Medical Ltd (AVH:ASX), Arrowhead Pharmaceuticals (ARWR:NASDAQ) and AmpliPhi Biosciences (APBH:NYSE). He is an Adjunct Professor at the University of Colorado, School of Medicine, Gates Center for Regenerative Medicine and Stem Cell Biology and serves as Chair of the Translational Medicine Advisory Board of the Houston Methodist Research Institute. Dr. Perry holds a Hon. B.Sc., in Physics from the University of Guelph in Ontario, Canada. He also earned a Doctorate in Veterinary Medicine & Surgery from the Ontario Veterinary College and a Ph.D. in Biomedical Science/Pharmacology from the University of Guelph.
Dr. Perry said, „Gamida Cell is a very attractive commercial opportunity with its cutting edge science, a lead product with FDA Breakthrough Therapy designation, compelling clinical data in bone marrow transplantation, an experienced and strong team, and a robust and cost effective manufacturing process. I am very much looking forward to supporting Gamida Cell to help translate these achievements into a business success.”
About NiCord
NiCord is a stand-alone graft derived from a single umbilical cord blood unit which has been expanded in culture and enriched with stem and progenitor cells using Gamida Cell’s proprietary NAM technology. NiCord leverages the advantage of umbilical cord blood which does not need full tissue matching to the patient, and can therefore be available to practically all patients in need. It also aims to address the major barrier of umbilical cord blood transplantation – delayed hematopoietic recovery – by demonstrating an advantage with a primary endpoint that is clinically meaningful.
Results from the Phase 1 and Phase 2 studies of NiCord were recently published in an article published by the Journal of Biology of Blood and Marrow Transplantation (BBMT, the official publication of the American Society for Blood and Marrow Transplantation) entitled „Transplantation of Ex Vivo Expanded Umbilical Cord Blood (NiCord) Decreases Early Infection and Hospitalization„.
Gamida Cell is currently enrolling patients in an international, multi-center, Phase 3 registration study of NiCord as a graft for bone marrow transplantation for patients with blood cancer who do not have a rapidly available fully matched donor. The Company announced in February 2017 that the first patient in the study had been transplanted. NiCord has an FDA Breakthrough Therapy Designation as well as FDA and EMA orphan drug designations, the most recent granted in March 2017. For more information on enrolling transplantation centers and study inclusion and exclusion criteria please click here.
About Gamida Cell
Gamida Cell is a world leader in cellular and immune therapies for the treatment of cancer and orphan genetic diseases. The company’s pipeline of products are in development to treat a wide range of conditions including cancer, genetic hematological diseases such as sickle cell disease and thalassemia, bone marrow failure syndromes such as aplastic anemia, genetic metabolic diseases and refractory autoimmune diseases. Gamida Cell’s current shareholders include Novartis, Elbit Imaging, Clal Biotechnology Industries, Israel Healthcare Venture, Denali Ventures and Auriga Ventures. For more information please visit www.gamida-cell.com.
Press Contact:
Marjie Hadad
MH Communications
+972-54-536-5220
marjierhadad@gmail.com
Investor Contact:
Beth DelGiacco
Stern Investor Relations, Inc.
+1-212-362-1200
beth@sternir.com
SOURCE Gamida Cell
midas..what's going on? why the stock price keep dropping every single day? are they on the verge of bankructcy?
Splendid policy MK,
I will adapt as of now!
He has never answered any question I have ever asked him either.
I honestly used to try to help him. I tried to explain how stocks work, how to read quotes, what a market cap and PE are, how a RS works, etc.
I (and a lot of people at Yahoo forum) tried to ask him questions that would explain his behavior, like how old he was, has he ever bought stocks before, how many shares had he bought, was he leaving himself enough money to live on... Nothing too personal, but info that could have helped us to advise him better.
All he ever did was lie about everything. He lied about his age, his location, buying and selling, number of shares, being married... anything he could possibly lie about, he lied about.
Meanwhile, he spammed the forum with repetitive posts that buried the DD posts and other useful info. We would beg him not to do that, and he'd always say "Is it a crime?" We'd tell him, yes, it is a crime, because you are inconveniencing ALL the other shareholders for no reason at all.
He has never once displayed any respect for anybody, he has never listened to anything anyone has ever told him, he has never stopped lying, and he has never stopped spamming.
I honestly wish iHub would just ban him once and for all. I almost think EMITF would be worth double were it not for him ruining every online forum about it in the last 3 years.
So no, don't answer his questions. He won't answer ours. And now, nobody cares about his stupid answers. Let him twist in the wind.
I would be quite happy if you pull the trigger. Point up, not sideways.
The day you will sell, share
price will increase substantially!
Sell now, tomorrow will be too late.
Midas..you haven't answer my question yet..what is the state of the union for EMITF? Comeback or bankruptcy? I wanna pull the trigger.. as for my friend here mokyo Toe ..are you anywhere near Jeff Bezos yet?
Get my name right, at least.
Hey starteam, by selling you
do not do me a favour!
In fact you will reduce your
loss, so my advice is to sell
NOW!
Do so and you will thank me
for saving the rest of your
poor investment!
(Not that i need your thanks)
ok midas.
before I sell for real this time can you just tell me what is the future of EMITF? are they gonna survive ? going bankrucpt?
what is the state of the union of this company?..honest truth please..
on BTW- hi Mokyo Joe...can you beleive its been 4 years that we met?..how time flies?
im surprise your picture is NOT next to Bill Gates..Warren Buffet..Jeff Bezos..Mark Zuckerberg and Larry Ellison..
you not a billionare yet?
Let me be VERY clear!!!
My advice to you is:
sell, sell, SELL
The sooner, the better!!!
BTW, president Trump would
not touch this stock with
a 100 ft. pole!
Do yourself a HUGE favour,
SELL!!!
There is no reason for you not to sell. We've both been telling you for ages to sell.
hi midas and mokyo joe..my "old friends:"
no I did not sell my shares..but eager to pull the trigger..still have my 10,000 shares.
my question to you midas..will the stock price will ever go up again? whats going on with this company?
please give me some reassurance for me to NOT to sell? will ya please?
oh BTW- will President Trump visit to Israel help EMITF at all?
Announcing to have sold
10k shares when the total
volume was a measly 302
shares is pathetic to say
the least. BTW, i advised
him to sell a few times.
An 'interesting' type of
person, ain't no doubt about it.
Is he still using the old "I sold all my shares" line? He's been doing that for 3 years now. He claimed to have sold "all" of his EMITF shares well over 50 times now, no exaggeration. At least 20 of those times are right here at iHub.
I've never understood why he does it. It seems to be a kind of superstition, like he believes if the Stock Gods hear him say he sold his shares, then they will magically raise the stock price. He gets caught lying every single time too.
The funny thing is, if he really had sold the first time he claimed to, he would have made a 10% profit on his shares. Instead, after claiming to sell 50 times, he is now down about 75%.
My last question to you:
Have you sold most of your
shares the other day, or
have you?
Midas..one last question ..how much longer this recovery will take in order for this stock to go up? Another 2 years?
LOL, how can you say that?
Elbit Imaging Ltd. - (EMITF)
3.1565 ? 0.0465 (1.50%)
Volume: 302 @ 3:17:10 PM ET
... and yet you claim to own 10,000 shares.
Assuming all 302 shares traded were yours,
you still have 10,000-302=9698 shares!
I enjoyed the joke!
Midas..sold most my shares yesterday..hope I don't regret it.. are you still bullish on EMITF? If so , why?
Elbit Imaging Announces Release of Its Unaudited Financial Results
TEL AVIV, ISRAEL / ACCESSWIRE / May 18, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF; NASDAQ: EMITF) is publishing today, further to its announcement dated May 15, 2017, its unaudited financial statements for 2016 on Form 6-K.
The Company announced on May 15, 2017 that it was unable to complete and file with the Securities and Exchange Commission (the "SEC") its Annual Report on Form 20-F for the year ending December 31, 2016 (the "2016 Form 20-F") by the extended deadline of May 15, 2017.
On May 15, 2017, the Company's subsidiary, Plaza Centers N.V. ("PC" or "Plaza"), published its annual financial statements for 2016, which contained a report in which its independent auditor, KPMG Hungaria Kft. ("KPMG"), expressed no opinion with regard to PC's financial statements.
KPMG indicated that the basis for its disclaimer related to potential irregularities with respect to certain contracts entered into by PC concerning the Casa Radio project in Romania, which contracts PC had reported to the Romanian authorities. KPMG noted also that the Company appointed a special committee in 2016 to examine these matters, as they may involve potential violations of the requirements of the U.S. Foreign Corrupt Practices Act ("FCPA"), including the books and records provisions of the FCPA, and that the Company approached and is co-operating fully with relevant authorities regarding these matters. For additional information, see notes 4 C (1) and 13 C (12) to the unaudited financial statements.
KPMG indicated that the basis for its disclaimer also related to an agency and commission contract signed in 2011 regarding the sale in 2012 of property in the United States jointly owned by PC and the Company. KPMG stated the characteristics of such contract indicates that it may involve a potential violation of laws and regulations. KPMG further said that it believes that PC had not completed a sufficient investigation of the circumstances of this contract and of the implications of the payments made thereunder. See note 13 C (13) to the unaudited financial statements.
KPMG further said that, as part of its responsibility to ensure that PC's business activities are conducted in accordance with laws and regulations, and to identify and address any non-compliance, it expects PC to carry out a full review of past contracts to identify whether or not there may be other contracts which could involve potential violations of the laws and regulations of any of the jurisdictions to which PC may be subject. PC did not agree to carry out such a review to the extent KPMG considered sufficient and appropriate, according to KPMG.
In addition, KPMG noted the risk that the public authorities could seek to terminate the Pubic Private Partnership Agreement ("PPP Agreement") and/or relevant permits and/or could seek to impose delay penalties based on perceived breaches of Plaza's commitments under the PPP Agreement. KPMG indicated that PC's management has assessed this risk as unlikely, on the basis that the public authorities have not sought to assert their rights since the perceived breach in 2012 and on the assessment of the merits of Plaza's counter claims against the public authorities. KPMG noted that in the event that the public authorities seek to terminate the PPP Agreement and/or seek to impose penalties, and Plaza's counter claims are not upheld, PC may incur penalties and/or recover less than the carrying amount of the Casa Radio assets recorded in the consolidated financial statements as at year-end (approximately €73.2 million). Additionally, PC's ability to realize these assets may be delayed. See Note 4 C (1) to the unaudited financial statements.
Furthermore, KPMG noted that there are significant risks and uncertainties pertaining to the achievement of PC's cash flow forecasts, which include the occurrence of events which are beyond PC's sole control. Any delays in the realization of PC's assets and investments and collection of proceeds thereof or realization at lower prices than expected by PC, as well as any other deviations from PC's assumptions, could have an adverse effect on PC's cash flows and its ability to service its indebtedness in line with contractual terms. See Note 7 B (2) to the unaudited financial statements.
Elbit Imaging Announces Restoring the Listing of Plaza Centers' Ordinary Shares to Trading on the London Stock Exchange & Listing on the Official List, Trading on the Warsaw Stock Exchange & the Tel Aviv Stock Exchange & Restoring the Trading of Series A & Series B Notes on Tel Aviv Stock Exchange
TEL AVIV, ISRAEL / ACCESSWIRE / May 18, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF; NASDAQ: EMITF) announced today, that with effect from 10.30 a.m. (London time) this morning, Plaza Centers N.V. ("Plaza") (PLAZ.L), an indirect subsidiary (45%) of the Company ordinary shares have been restored to trading on the London Stock Exchange's main market for listed securities and to listing on the Official List of the Financial Conduct Authority.
Plaza's ordinary shares and its Series A Notes and Series B Notes have now also been restored to trading on the Tel Aviv Stock Exchange. Plaza expects that its ordinary shares will be restored to trading on the Warsaw Stock Exchange tomorrow morning.
Midas..is this company going bankrupt? What's going on? I'm getting very nervous and scared!!!!????????
I am of the solid opinion you
should sell when you still can!
midas..all jokes aside..is the company and the shareholders screwd?..im thinking selling my shares and never look back..
whats your opinion on the company right now? another delisting? really???
Elbit Imaging Announces Receipt of Noncompliance Notice From the NASDAQ
TEL AVIV, ISRAEL / ACCESSWIRE / May 17, 2017 / Elbit Imaging Ltd. (the "Company") (TASE, NASDAQ: EMITF) announced today that it has received notice from The NASDAQ Stock Market ("Nasdaq") that the Company is not in compliance with Nasdaq Marketplace Rule 5250(c)(1) because the Company has not yet filed its Annual Report on Form 20-F for the period ending December 31, 2016 (the "Form 20-F") with the Securities and Exchange Commission.
As previously disclosed by the Company, Plaza Centers N.V. ("Plaza") (LSE: PLAZ), an indirect subsidiary (45%) of the Company, published its annual financial statements for 2016, which contain a report by Plaza's auditor that expresses no opinion with regard to Plaza's financial statements. As a result of this disclaimer by the auditor of Plaza, the Company's auditor has notified the Company that it is unable to provide an audit opinion regarding the Company's financial statements for 2016. Consequently, the Company is not in a position to file the Form 20-F at this time.
The Company is required to submit a plan to Nasdaq within 60 days from May 15, 2017 to regain compliance with the requirements for continued listing. If Nasdaq accepts the plan submitted by the Company, it can grant an exception of up to 180 calendar days from the due date of the Form 20-F, or until November 13, 2017, to regain compliance. The Company intends to submit within the 60-day timeframe a plan to regain compliance with Nasdaq's requirements for continued listing. There can be no assurance that the Company will successfully regain compliance with such requirements.
If Nasdaq does not accept the Company's plan, Nasdaq will provide notice that the Company's ordinary shares will be subject to delisting from the Nasdaq Global Select Market. The Company would have the right to appeal a determination to delist its ordinary shares.
The Company's audit committee and Board of Directors are reviewing the Company's financial statements and the Company intends to submit unaudited financial statements for 2016 on Form 6-K no later than May 19, 2017. In addition, the Company is working diligently to prepare its audited financial statements for 2016 and intends to submit its Form 20-F, including such financial statements, as soon as practicable.
midas..you still saying EMITf has a bright future? how you come to this conclusion? still have my 10,000 shares my friend...
No way! EMITF has a very
bright future ahead!!!
Midas..looks the end of EMITF as we know it.. nice knowing you ????????????
Midas..is this good news or bad?
Elbit Imaging Announces Release Of Plaza Centers N.V.'S 2016 Financial Statements And Intention To Release Elbit Imaging's Unaudited Financial Results This Week
TEL AVIV, ISRAEL / ACCESSWIRE / May 15, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced that Plaza Centers N.V. ("Plaza") (PLAZ.L), an indirect subsidiary (45%) of the Company, today published its annual financial statements for 2016, which contain a report by Plaza's auditor that expresses no opinion with regard to the financial statements. Plaza's 2016 annual financial statements, including the independent auditor's report with the above-referenced disclaimer, are available on the website of the London Stock Exchange at the following link:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PLAZ/13225101.html
As a result of this disclaimer by the auditor of Plaza, the Company's auditor has notified the Company that it is unable to provide an audit opinion regarding the Company's financial statements for the year ending December 31, 2016. Consequently, the Company is not in a position to file its Annual Report on Form 20-F for 2016 at this time. The Company's audit committee and Board of Directors are reviewing the Company's financial statements, and the Company intends to submit unaudited financial statements for 2016 on Form 6-K no later than May 19, 2017. In addition, the Company is working diligently to prepare its audited financial statements for 2016 and intends to submit its Annual Report on Form 20-F, including such financial statements, as soon as practicable.
As previously disclosed by the Company in its announcement dated May 1, 2017 and in its Form 12b-25 filed with the SEC on April 28, 2017, the Company was unable to file its 2016 Form 20-F by the original deadline of May 1, 2017 without unreasonable effort expense due to the ongoing audit process of Plaza for its annual financial statements, which prevented Plaza from timely publishing its annual financial statements. Accordingly, the deadline for filing the Company's 2016 Form 20-F was extended until May 15, 2017 in accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934.
Can you explain how come you
came to the decision to buy
into a company you have absolutely
no idea about what it is doing?
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