Delek Group Aktie (ADR)

Report scheint den Anlegern nicht zu gefallen, über -8,70% an der TSE aktuell

http://ir.delek-group.com/news-releases/news-release-details/delek-group-summarizes-2019-and-publishes-consolidated-reports

das sollten weitere rund 100 Mio Dollar für die Kasse sein. Es ist schon erstaunlich, wieviel man an Firmenanteilen aus den Hut ziehen kann um an Geld zu kommen. Aktuell sieht das gut aus. Sale of Company’s Holdings in Cohen Development Gas and Oil Ltd April 20, 2020 Tel Aviv, April 19, 2020 . Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announced that on April 19, 2020 an agreement was signed and the transaction completed for the sale of all the Company’s shares in Cohen Development Gas & Oil Ltd (“Cohen Development”), amounting to 51.76% of the issued and paid up share capital of Cohen Development (“the Shares Sold”) for a cash consideration of NIS 207 million. In addition to the cash consideration, the Company will be entitled to its share of the payment of a dividend of USD 5 million expected from Cohen Development that will be paid on April 21, 2020 (the Company’s share is USD 2.6 million). The shares were sold to various buyers in unequal parts, and each purchased its part separately: a company controlled by Mr. Gideon Tadmor (in his own name and that of persons associated with him) and Mrs. Rona Orlitzki, Union Investments and Developments Ltd (to the best of the Company’s knowledge, a company wholly-owned by Mr. George Horesh), and Yongil Ltd (to the best of the Company’s knowledge, a company owned by a family trust controlled by Prof. Yitzhak Swary). Since the Shares Sold were mortgaged and were used (together with other collateral - participation units of Delek Drilling Limited Partnership (“the Participation Units”)) as security for credit provided to the Company by a bank (“the Bank”), the consideration received from the sale of the shares of Cohen Development was deposited in the Company’s account at the Bank, with half of the consideration being released to the Company to be used for its current requirements, and half will be mortgaged in favor of the Bank in a deposit (in place of the lien the Bank had on the Shares Sold and in addition to the existing lien in its favor on the Participation Units). The Company has undertaken to the Bank that the consideration released to it will be used by the Company for its current needs and will not be used to make early repayment to any creditor or third party and also not to reinforce the collateral for any creditor or third party, and violation of the foregoing will represent a breach event towards the Bank. As of December 31, 2019 the balance of the Company’s direct investment in Cohen Development (before the impact of the said dividend distribution) amounted to NIS 305 million. At this point, the Company is assessing the accounting implications of this transaction on its financial statements including in the light of the theoretical realization of part of the gas and oil assets alongside realization of the royalties to which Cohen Development is entitled. This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on 19, 2020 . About The Delek Group

Ich gebe zu, dass ich nach der Hälfte des Artikels aufgehört habe, zu lesen. Zunächst wird gejammert, dass Israel mit Delek einen langlaufenden Vertrag geschlossen hat, in dem vorab (steigende) Preise festgelegt wurden. Das spricht aus meiner Sicht für das gute Management bei Delek. Und langlaufende Verträge bei Energielieferanten sind natürlich üblich, da so beide Vertragsparteien planen können. Hätte es diesen Artikel so gegeben, wenn die Öl- und Gaspreise nach oben explodiert wären?! Hier hat Delek weder unmoralisch noch ungewöhnlich gehandelt. Dann wird die Umstrukturierung kritisch betrachtet - die an sich sicher positiv war, aber zugegebenermaßen hoch gehebelt ist. In diesem Zusammenhang wird dann wieder die mittlerweile alte Citi-Geschichte aufgewärmt. Aber: Es ist doch total unerheblich, wie die Börse das Unternehmen in der aktuellen Phase bewertet. Wichtig ist, dass das Unternehmen gut durch die Krise kommt. Und wenn man langlaufende Abnahmeverträge einerseits und bei Ithaca ein Hedging bei $62 pro Barrel andererseits hat, sehe ich absolut nicht, wo das Unternehmen trotz hohem Leverage angeschlagen sein sollte. Ich vermisse Artikel, die die Statements von Delek sauber einarbeiten und die Dinge nicht einseitig mit Ausblenden von Fakten betrachten.