Adira Energy to list shares on Tel Aviv exchange
2012-05-02 10:54 ET - News Release
Mr. Alan Friedman reports
ADIRA ENERGY ANNOUNCES INTENTION TO LIST ITS COMMON SHARES ON THE TEL AVIV STOCK EXCHANGE
Adira Energy Ltd.'s board of directors has approved the listing of Adira's common shares on the Tel Aviv Stock Exchange (TASE) in Israel. In connection with the potential TASE listing, the company has filed a preliminary prospectus with the Israeli Securities Authorities (ISA) and the necessary application with TASE. The TASE listing is subject to the receipt of all applicable regulatory approvals, including approval of the TSX Venture Exchange, the ISA and the TASE. In the company's view, the TASE listing is still conditional and there can be no assurance that such listing will be completed.
As part of the TASE listing, the company has called a special meeting of the shareholders, currently scheduled to take place on May 30, 2012, in Toronto, Ont., in order to propose the change in the company's bylaws to conform the bylaws to the requirements of the relevant laws and regulations in Israel. The company's management information circular prepared in connection with the meeting will be filed on SEDAR on May 2, 2012.
The company's common shares are currently listed on the TSX-V. The company intends to maintain the listing and posting for trading of its common shares on the TSX-V such that the company's common shares will be listed on both the TSX-V and the TASE.
The board of directors of the company determined that it was in the best interests of the company to have its common shares listed on both the TSX-V and the TASE to:
- Assist in creating greater public awareness of Adira in Israel;
- Demonstrate the company's commitment to Israel given the location of the company's licences;
- Provide Israeli investors and institutions with easier access to ownership of Adira's common shares while maintaining Adira's strong North American investor and institutional base;
- Better engage Israeli investment banks and other sources of capital in the company and its projects while maintaining Adira's existing relationships with North American investment banks and sources of capital.
Gadi Levin, the company's chief financial officer, commented, "The TASE listing will broaden Israeli participation in the company's projects and could in the future provide the company with access to additional capital to advance the company's work programs." Mr. Levin went on to say, "Even though the company sees advantages to listing its shares on TASE, management and the board believe that maintaining the listing of the company's shares on the TSX Venture Exchange in Toronto is a key part of the execution of the company's strategy and the company's future."