Ormat Technologies Inc (ORA)

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Ormat Industries earns $55m gain on subsidiary deal
Jim Cramer: Ormat Technologies is a better play than Teva....if Jim says so
Globes' correspondent 13 May 08 14:14
Ormat Industries Ltd. (TASE: ORMT) today notified the Tel Aviv Stock Exchange (TASE) that it will report a capital gain of $55 million on the sale of 3.1 million shares of subsidiary Ormat Technologies Inc. (NYSE: ORA) to Lehman Brothers Inc. (NYSE: LEH). Lehman is expected to sell the shares to investors. Ormat Industries' stake in Ormat Technologies will fall from 60% to 56% as a result of the sale.
Ormat Technologies has notified the US Securities and Exchange Commission (SEC) that the final net price of the sale was set at $149.6 million. The company announced the sale last Friday, and noted that the registration statement relating to the securities was filed with the SEC and became effective in January 2006. The registration statement covers the issue of $1 billion worth of shares, warrants, and bonds, and the company has already held a number of offerings on this basis.

Also on Friday, Jim Cramer told CNBC that he was very bullish on Ormat Technologies, and that it was a better play than Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA).

Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2008