Elbit Imaging Ltd (EMITF)

[midastouch017]

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.