Delek Glbl Share Discussion Threads

[badtime] 22/7/2009 21:33

Cheers piggy

[flying pig] 22/7/2009 17:56

Take your choice

Registered Office:
2nd Floor
Mielles House
La Rue des Mielles
St Helier
Jersey JE2 3QD
[e-mail]

Tel: [phone] [phone]

Fax: [phone] [phone]


Yossi Friedman, Chief Financial Officer and Director

Mr. Friedman was appointed as a director of DGRE on 15 July 2007. Mr. Friedman is currently CFO and European Head of DGRE. Mr. Friedman has served as CFO at Delek Real Estate Limited, Delek Belron International Limited and Dankner Investments Limited since March 2001. Before this, Mr. Friedman was business manager in the real estate department of Bank Leumi.



Howard Stanton, Non-Executive Director and Chairman

Mr. Stanton was appointed as a non-executive director and chairman of the board of directors of DGRE, on 15 March 2007. He currently holds a number of directorships, including being a director and non-executive chairman of Anglo Scottish Properties plc, a non-executive director of O Twelve Estates Limited, an AIM-listed Guernsey based property group, a senior non-executive director of Stylo plc, an AIM-listed retailer, and chairman of Rock Joint Ventures Limited, a newly formed property company. He was previously executive chairman of Allied London Properties plc, a property company that was listed on the main market of the London Stock Exchange. Mr. Stanton is a certified accountant, and when in practice, specialised in taxation, particularly property taxation.

Ilik Rozanski-President, Chief Executive Officer and Director

Mr. Rozanski was appointed as a director and CEO of DGRE on 15 March 2007. Mr. Rozanski has been the president and CEO of Delek Belron International and the CEO of Delek Real Estate Limited for the past six years and the CEO of Dankner Investments for the past three years. Mr. Rozanski serves as director of a number of Delek Group's Limited subsidiaries and affiliates. Mr. Rozanski holds degrees in Business Administration and Economics from Northwood University in Boston and Rupin College in Israel, respectively. Mr. Rozanski continues in his roles at Delek Real Estate Limited, Delek Belron International Limited and Dankner Investments Limited, but intends to spend approximately 20% of his time performing these roles, devoting approximately 80% of his time to DGRE.

Asaf Bartfeld, Non Executive Director

Mr. Bartfeld was appointed as a non-executive director of DGRE on 15 March 2007. In addition to his role at DGRE, Mr. Bartfeld is the president and CEO of Delek Group and serves as the chairman of the board of directors of Delek Real Estate and as a director of a number of its subsidiaries and affiliates. Mr. Bartfeld holds a BA degree in Economics and Social Sciences from Tel Aviv University.

Elisha Flax, Non-Executive Director

Mr. Flax was appointed as a non-executive director of DGRE on 15 March 2007. He currently engages in various real estate entrepreneurial activities, including the recent restructuring and re-organisation of a UK real estate company, and was previously employed as a solicitor at the London offices of Chadbourne & Parke LLP and Akin, Gump, Strauss, Hauer & Feld LLP and General Counsel at PlaneStation Limited, a subsidiary of Wiggins Group plc. Mr. Flax holds an LLB degree from Keio University in Tokyo, Japan, and is qualified as a solicitor in England and Wales.

Armin Zucker, Non-Executive Director

Mr. Zucker was appointed as a non-executive director of DGRE on 15 March 2007. He is currently also a partner with the law firm Meyer Lustenberger in Switzerland, specialising in corporate law and Mergers and Aquisitions, media law, labour law and real estate and rental law and holds degrees in law (iuc.jur and Dr.iur) from the University of Zurich. Mr. Zucker is a member of the board of directors of several Swiss companies, including companies active in the areas of finance, technology and consumer goods and the chairman of the Association of Commercial Tenants in Zurich.

Jonathan Scott Warren, Non-Executive Director

Mr. Scott Warren was appointed as a non-executive director of DGRE on 15 July 2007. Mr. Scott Warren is a Jersey resident, Chartered Accountant and has served as a partner of a Jersey based firm of accountants for the last 20 years. He is a member of the Society of Trust and Estate Practitioners and is the founder and director of a Jersey trust company, Corniche Trust Company Ltd, which is regulated by the Jersey Financial Services Commission.



Paul Harvey, Non-Executive Director

Mr. Harvey was appointed as a non-executive director of DGRE on 20 August 2007. Mr. Harvey is a Jersey resident, and has experience working in both public and private UK property-related organisations based in London for over ten years. He is currently associate director Jersey-based property consultancy, Barnes Daniels and Partners, and qualified Chartered Surveyor, specialising in commercial investment, agency, valuation, rent reviews and management work. Mr. Harvey has also worked overseas in an international off-shore jurisdiction.
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[badtime] 22/7/2009 09:50

Tell me where and I will

[flying pig] 22/7/2009 09:42

Badtime


No obligation re AGM info as far as I know - as unlisted co. Indeed Chair may not even say anything about plans progress etc at the meeting.

However, nothing to stop you emailing Co and asking for update. Matched bargain trading scheme, property value trends, Parent plans et al.

Please post anything received back.

[badtime] 22/7/2009 09:05

Are they obliged to let shareholders know what happened at the agm?

[kenny] 22/7/2009 08:33

Did not attend the AGM but note they have updated their website for the de-listing. Unfortunatly, they also seem to have removed the historical RNS announcements and accounts.

[grollfam] 20/7/2009 17:56

kenny, you,re going to AGM tom ??

[kenny] 14/7/2009 08:21

NO Roadchef has not been sold. I imagine they received offers which proved to be so far below what they paid for it, that they decided they could not take the hit, and have quietly dropped the idea of a sale. Nine out of ten of their proposed transactions never seem to occur.

The article is incorrect to suggest DGRE owns any part of Roadchef.

[grollfam] 14/7/2009 08:03

ANYBODY KNOW IF DELEK HAS SOLD ROADCHEF ?????


Delek selling Roadchef to reduce debt with view to delisting from AIM
Delek Group Ltd., controlled by Yitzhak Tshuva, has received six bids in the tender for UK motorway restaurant and hotel chain RoadChef. Sale manager NM Rothschild and Sons has not yet closed the tender because one bidder asked for a few days' delay. Delek is reportedly asking the same price at which it acquired the company.

In the next phase, two or three finalists will be allowed to begin due diligence, with the deal's completion anticipated in March.

RoadChef operates 29 sites with 25 petrol stations and 15 hotels of the Premier Inn chain, restaurants, cafes, and convenience stores. Delek Group acquired RoadChef in March 2007. Delek Real Estate Ltd. the AIM - listed subsidiary Delek Global Real Estate Ltd. acquired 75% in the chain for £158 million, at a company value of £217 million, and Delek Petroleum Ltd. acquired the other 25%. Delek Real Estate financed part of the acquisition with a $150 million loan from Merrill Lynch.

If RoadChef is sold for its purchase price, Delek Real Estate will report no capital gain on the sale, but the proceeds will enable the company to substantially reduce its $1 billion consolidated debt. Meanwhile, Menorah Mivtachim Holdings Ltd. boosted its stake in Delek Global Real Estate to 4.45%, becoming a party at interest in the company.

The deal, if it goes through, will lead to Delek Global Real Estate being delisted from London's AIM.

Delek Global Real Estate owns stakes in properties and companies in the UK and elsewhere in Western Europe and Canada, some of them in partnership with Igal Ahouvi's Blenheim Properties Group Ltd. Delek's portfolio is comprised of high quality office buildings which are let to blue-chip tenants such as the UK Government, McKinsey, Merrill Lynch and Deloitte. The current occupancy rate for these assets is 95.2%. The Company's NCP car park portfolio of 127 mainly freehold sites and buildings are let at least until May 2037. Delek's 17% interest in the owners of both Marriott and Hilton Hotels is secured by management agreements lasting for a minimum of 30 years from November 2005.

It was announced on 28 January 2009 its wholly owned subsidiary, Delek Belron International Limited ("Delek Belron"), made an initial non-binding approach to DGRE (of which approximately 85%. of its issued share capital is held by the Company and by Delek Belron). This initial non-binding approach could lead to an offer being made to acquire the entire issued share capital of DGRE not held by Delek Belron and the Company, equivalent to approximately 15 per cent. of DGRE's issued share capital. The initial non-binding approach to DGRE included an indicative offer price of 50 pence per share.

Mon, 2nd Feb 2009

[flying pig] 13/7/2009 14:31

Delek Real Estate CEO resigns
Ilik Rozanski will continue to lead the company until a replacement is found.
Avi Shauly13 Jul 09 09:57
After a long period of rumors, Delek Real Estate Ltd. (TASE: DLKR) CEO Ilik Rozanksi has resigned.

Rozanski notified the company's board of directors of his decision at the board meeting which ended yesterday. Rozanksi and Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva will decide in the near future the exact date and terms of his resignation.


Kenny I rather agree - DGRE holds the value.

[flying pig] 10/7/2009 08:38

Website needs updating - still says trading on AIM, which is not true!


About DGRE

The Company was incorporated in Jersey in February 1999 as a wholly-owned subsidiary of Delek Belron International Limited, 100% owned by Delek Real Estate Limited which is a subsidiary of Delek Group Limited, a diversified Israeli conglomerate traded on the Tel Aviv Stock Exchange. The Company went public in April 2007, and has been trading in the AIM London Stock Exchange since then.

But equally remember ...................

It also says

Overview
Delek Global Real Estate plc. (DGRE) is one of the largest and most profitable European Real Estate companies in the world. Impressive asset portfolio, spanning Europe and North America, includes 194 properties in the UK, 35 in Canada, 23 in Germany and 91 in Scandinavia, 5 in Switzerland , with a purchase value of £4.2bn, and with a track record of an average annual return on equity of more than 50%. Market leader ranking results from having seized opportunities and leveraging investments through sound strategy, sophistication, drive, and a talented management team. This powerful combination has lead DGRE to identify market potential, and capitalise on high-yield real estate opportunities, which generate large cash flows. Our impressive property portfolio is leased to top-tier clients including UK Ministry of Foreign Affairs, Deutsche Telekom and Bell Canada, amongst others, and with a near 100% tenancy rate. These assets bring low-risk, high-yield opportunities and equally impressive profit margins, benefiting both our shareholders and business partners.
Our Mission

DGRE's goal is to leverage the vast experience and success of our founders, shareholders and business partners to identify and develop high profit real estate projects to increase in size and profitability. Through continued sound strategy, perseverance and business savvy, we aim to further diversify and expand our long-term, low-risk investments primarily in Europe and North America, letting to top-tier clients in prime locations with high value-potential properties, where people seek long-term residence and quality of life.
DGRE's goal is to leverage the vast experience and success of our founders, shareholders and business partners to identify and develop high profit real estate projects to increase in size and profitability. Through continued sound strategy, perseverance and business savvy, we aim to further diversify and expand our long-term, low-risk investments primarily in Europe and North America, letting to top-tier clients in prime locations with high value-potential properties, where people seek long-term residence and quality of life.





So now we have it confirmed

[tiltonboy] 03/7/2009 10:04

Kenny,

Thanks for posting that. I am very much encouraged by the article, and hope that it comes to fruition.

tiltonboy

[kenny] 02/7/2009 22:33

What is LLs?
I do not think they are a related party on any of the transactions I set out? They are just another shareholder?

[grollfam] 02/7/2009 20:04

Kenny, 2 LLs please,

DRE can only vote on deals where they are not related parties. I think this is not unique to Jersey. Knowing the punters, they will move the assets to a place less friendly & transparent if they have the chance....

[kenny] 02/7/2009 19:00

Grolfam, I will defer to your knowledge of Jersey company law but I do not think that any vote is needed on that part of the transaction - DRE is free to do what it likes with it's own shares; that is the shares it acquires in NCP REIT.

[kenny] 02/7/2009 17:23

Do not think the above article or one in Globes I read, has reported the potential transaction correctly.

I am guessing, but I think the transaction they have in mind is:

1. Establish a new company, which I will refer to as NCP REIT.
2. Issue shares in NCP REIT to DGRE shareholders pro rata, including minorities, in exchange for NCP REIT acquiring DGRE's holding in the NCP properties.
3. Delek Real Estate ("DRE") offers some or all of its shares in NCP REIT to DRE bondholders in consideration of their bonds being cancelled.
4. At the same time or shortly thereafter shares in NCP REIT are listed on the London main market in order to become a UK fully qualifying REIT.

Current minority shareholders in DGRE would still have their shares in DGRE but would also own shares in NCP REIT; which in turn would own the NCP parking lots.

To my mind, a very complicated transaction just in order to use DGRE property to buy off some of DRE's bondholders. We minority shareholders in DGRE should not lose out as we will own exactly the same assets, just in the form of shares in two rather than one company; one of which will be quoted in London.

I imagine the discussions with bondholders will include the question of how much of the existing debt attached to the NCP properties goes into NCP REIT. Also, RBS which is the issuer of the debt on the NCP properties will not want to be left holding less covenant cover than it is currently.

I do not think this transaction has much chance of actually proceeding unless the existing debt can be refinanced e.g. because RBS is suffering losses because of the swaps it undertook with DGRE relating to the original purchase. Also, what is in it for the DRE bondholders unless they are getting shares in a REIT whose assets have either little or no borrowing against them. In any event, so much for wanting to delist DGRE because the listing costs did not offer any benefit, when a few weeks later they wish to list another company using some of the same assets!

[kenny] 02/7/2009 12:26

Below is an interesting article from today's Israeli press. The article is probably a bit inaccurate e.g. on what DGRE owns. However, if 59% of DGRE is worth £200m then that is 128p per share. A little different to the 50p per share they offered to buy out minorities!!

Article also implicitly confirms that it is Delek Real Estate and not DGRE that has the financial problems.

Also, what is going to be the source of income for bondholders exchanging their bonds for shares in the new REIT - I am guessing it could be dividends paid by DGRE to the REIT!!!

Comments welcome.

=======
Delek Real Estate offering bondholders units in English REIT instead of cash
By Michael Rochvarger

Yields on Delek Real Estate bonds have dipped to 11% to 15%, indicating that investors are regaining some of their confidence about the company's ability to repay them. But the company's debt problems are far from over.

The company, only one of the property arms owned by energy and real estate magnate Yitzhak Tshuva, owes about NIS 2.2 billion to holders of series B4, B5 and B25 bonds. Now it's looking for creative ways to reduce this figure.

The latest idea being kicked around by Delek Real Estate managers is to establish a real estate investment trust. It would be listed for trade in London. Its status as a REIT would grant it special tax status, under English regulation.

The REIT's chief asset will be 59% of group company DGRE (Delek Global Real Estate), which owns 130 parking lots in Britain.

The parking lots are worth an estimated 400 million pounds sterling, which would render the 59% in DGRE worth something over 200 million pounds, or, about NIS 1.25 billion.

That amount would be allocated to bondholding institutional investors that agree to waive their share of the debt, based on the fair value of the bonds.

Delek Real Estate has already met with institutional investors to discuss this idea, which could pay for both parties. The moment it is implemented, Delek Real Estate would reduce its debts to bondholders by about NIS 1.25 billion, and would have to make the next payment on its B5 bond series only in 2014.

Delek Real Estate's shareholder equity will likewise increase by about NIS 2 billion, once the debt is erased. Also, as said, it could save tax because of the status of the REIT it plans to establish.

DGRE's parking lots are leased to Britain's national parking lot chain, NCP, for 35 years. NCP operates them.

"As the company has stated in the past, we are examining creative ideas that will provide bondholders with a solution and security," said Delek Real Estate CEO Ilik Rozanski.

"The ideas are being examined by professionals and are subject to all the taxation, legal and economic tests, plus the approval of banks in Israel and abroad. When a plan is formulated, the company will notify the public as required."
=========

[abdelmesbah] 23/6/2009 00:06

thank you, I spoke to my stock brokers and they are sending me a share certificate as they no longer can keep them on a nomminee account.

[flying pig] 18/6/2009 22:08

Abdelmesbah it all depends when & where the money is lost!

Many of the remaining holders believe that there is significant potential from a dividend stream and an almost certain offer to buy out the minority shares at some point at a higher price.

High risk, but potentially high reward. Rather late now to ask the question in my view.

[abdelmesbah] 18/6/2009 21:59

does that mean any share holders loose the money?