Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, is compensating its new CEO, Erez Meltzer, with 392,630 options, worth NIS 56 million. The options are exercisable through 2011, and he will own 0.78% of the company afterwards. Meltzer took up his post seven months ago.
Meltzer can exercise options worth NIS 6 million this year, under his contract. He can exercise options worth NIS 13 million in 2007, NIS 12 million in 2008, NIS 9 million in 2009, NIS 5 million in 2010, and the remaining NIS 1 million in 2011.
Africa-Israel reports that Midroog Ltd. has given an Aa2 rating for the company’s private placement of NIS 775 million in bonds in two series (Series 14 and Series 15). The Series 14 bonds will bear an interest rate of 4.9% when listed for trading on the Tel Aviv Stock Exchange (TASE). They will be redeemable in five equal annual payments in 2014-18. The Series 15 bonds will bear an interest rate of 4.8% when listed for trading on the TASE. They will be redeemable in three equal annual payments in 2010-12.
Published by Globes [online], Israel business news - www.globes.co.il - on December 25, 2006
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