Businesswoman Pnina Rosenblum, who announced last month her intention of holding an offering for a cannabis-based cosmetics business, is taking steps to acquire stock exchange shell Internet Gold, into which she plans to merge this activity. Rosenblum’s original plan was to hold an IPO for Pnina Rosenblum Cannabis (PRC), rather than merging it into a stock exchange shell, the usual practice in the local cannabis industry.
In a presentation to capital market investors last month, Rosenblum announced that PRC was planning to raise NIS 25 million at a company valuation of NIS 100 million, before money. Investors such as Adi Zim, Chaim Hurvitz, and Rami Levy declared their intention to invest in the offering. Rosenblum said today, “I received ot an offer today to put the activity into a stock exchange shell, and it is my obligation to consider it. As of now, PRC is going ahead with its IPO.”
Communications company Internet Gold, formerly part of the Shaul Elovitz’s Eurocom Group, went bankrupt early this year. Following the company’s debt arrangement and that of its B Communications subsidiary, which held the controlling interest in Bezeq, Internet Gold called for offers to acquire it as a stock exchange shell. Two official offers were received. The highest was by Liat Bidas, who as far as is known initiated the contact with Rosenblum (Rosenblum met yesterday with Internet Gold’s bondholders).
Bidas’s bid is 75% of the shares in the stock exchange shell for NIS 4.1 million, with the rest of the shares going to Internet Gold’s bondholders. Another bid, by Apex Issuances, is NIS 1.8 million for 90% of the shares in the stock exchange shell.
Published by Globes, Israel business news – en.globes.co.il – on December 3, 2019
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