Elbit Imaging Ltd. transferred its shares in Netherlands-based shopping center developer Plaza Centers NV to a trustee, so that it is no longer the company's controlling shareholder.
Israel-based Elbit vested all of its voting rights with the trustee, but retained the right to receive all other rights connected with the shares, effective Dec. 18. Elbit may also instruct the trustee to sell any or all of the shares.
The trust agreement will be terminated if all the shares are sold to a third party or when any liens Elbit granted to holders of Elbit-issued series I notes are realized.
Elbit expects to record in its Dec. 31 financial statements a loss of about 550 million Israeli shekels from the transaction, and a 45 million-shekel increase in shareholder equity.
As of Dec. 18, US$1 was equivalent to 3.76 Israeli shekels.