An investor apparently needed to raise capital.
Biotech incubator Maayan Ventures Ltd. (TASE:MAYN) said yesterday that Magari Ltd., a privately held company, parted with its holdings in the incubator, sending them to Deutsche Bank AG (NYSE: DB; XETRA; LSE: DNK). Magari is a company held in a trusteeship by Investec Trust (Guernsey) Limited on behalf of the UK-based Iranian millionaire brothers Vincent and Robert Tchenguiz. Sources close to the company said that Vincent Tchenguiz had probably offered the shares as collateral to Deutsche Bank in exchange for a credit line. Deutsche Bank is now a party at interest in Maayan Ventures.
Maayan Ventures said in response that it been advised that it had a new party at interest, and that it had no more information to report beyond this.
Magari invested $1 million for a 9.26% stake in a private placement which Maayan Ventures held in 2005, prior to its IPO. It subsequently became the largest shareholder in Maayan Ventures the following year with a 19% stake, after it invested a further NIS 9.2 million in second private placement for a 10% stake in shares and warrants. It later sold part of its holdings, lowering its stake in Maayan Ventures to 15%, which it sold in yesterday's deal for a total of NIS 12.9 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008