Lipman Electronic Engineering Ltd (LPMA) (LPMA)

[midastouch017]

Lipman shareholders to sell 7 pct of company
Tue May 10, 2005 07:06 AM ET
TEL AVIV, May 10 (Reuters) - Shareholders in Israel's Lipman Electronic Engineering Ltd. (LPMA.O: Quote, Profile, Research) (LPMA.TA: Quote, Profile, Research) will sell about $60 million worth of shares, equivalent to 7 percent of the company, through Merrill Lynch on Tuesday evening, a financial source said.
Last month Lipman, a maker of electronic payment systems, filed a registration statement with the U.S. Securities and Exchange Commission for a proposed public offering of its ordinary shares by certain shareholders.

The selling shareholders are insurer Mivtach Shamir Holdings (MISH.TA: Quote, Profile, Research) , Mez-Op Holdings Ltd and Lipman's President and CEO Isaac Angel, as well as the company's Chairman Jacob Perry.

The selling shareholders are offering 1,973,044 ordinary shares. Lipman's shares closed at $29.94 on Monday on Nasdaq.

Merrill Lynch is the sole manager for the offering.

Two of the selling shareholders have granted Merrill Lynch the option to purchase up to an additional 295,956 shares to cover any over-allotments.

A spokeswoman for Merrill Lynch declined to comment.

Lipman's shares in Tel Aviv were down 1.2 percent at 129.6 shekels in afternoon trading.

($1 = 4.36 shekels)

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