Friday July 31 2015
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Israel
Link: http://www.tase.co.il/Eng/NewsandEvents/PRArchive/2015/Pages/PR_20150730.aspx
The General Meeting of the Tel Aviv Stock Exchange (TASE) approved 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.
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.
Click on the link above for further details.