TEL AVIV, Israel, July 30, 2015 /PRNewswire/ --
The General Meeting of the Tel Aviv Stock Exchange (TASE) approved today (July 30, 2015) the proposed arrangement between TASE members and TASE, which will enable the execution of TASE's demutualization. The proposed restructuring will turn TASE into a profit-seeking corporation with a single-class equity structure. Shares will be allocated to TASE's existing members on the basis of an economic model, with certain adjustments as stipulated in an allocation table, found in the attached appendix.
In addition, the arrangement includes a framework for implementing an equity compensation package for the employees and officers of TASE and its subsidiary clearing houses.
At the same time, the Israel Securities Authority is promoting a bill to amend the Securities Law, a measure which is essential for the completion of the demutualization process. After completion of the legislative process, the detailed arrangement will be brought for the approval of the TASE members.
Amnon Neubach, TASE Chairman of the Board, remarked: "Today's General Meeting resolution constitutes an additional and important step in propelling the demutualization process forward, a process which is highly significant for TASE's development and the development of Israel's capital market."
For more information please contact:
Idit Yaaron or Orna Goren, TASE, +972(076)8160405/6
Visit the Tel Aviv Stock Exchange's Website: http://www.tase.co.il
SOURCE Tel Aviv Stock Exchange (TASE)