99% of bondholders voted to accept Moti Ben-Moshe's offer in a landslide victory over Gindi Holdings.
Moti Ben-Moshe has won a landslide victory with 99% of Alon Blue Square Israel Ltd. (NYSE: BSI; TASE:BSI)bondholders voting for him rather than Gindi Holdings. A last minute attempt by Gindi Holdings to postpone the vote failed.
A statement by the bondholders said, "The representatives, trustee and bondholders worked strenuously over the recent period to bring before the bondholders the best alternative and opposed activities by various bodies to sabotage bondholders rights."
The institutional bodies chose Ben-Moshe's offer after Gindi insisted that its offer was dependent on implementing an investment agreement approved by the Mega trustee. On the other hand, Ben-Moshe agreed to cancel this demand, claiming that such a situation would reduce the time available for completing the settlement. Last night the Gindis did agree to drop this demand but the last minute change was insufficient.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2016
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Moti Ben-Moshe