08. August 2012 
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Kardan announces end of debenture repurchase plan
Kardan N.V. announces that today the plan to purchase Kardan Debentures listed on the Tel Aviv Stock Exchange (TASE), up to an amount of €50 million, as announced on July 12, 2012, through its subsidiary GTC Real Estate Holding B.V. has been completed.
On December 15, 2011, Kardan announced a plan to repurchase, through its subsidiary GTC RE, debentures up to a maximum amount of €50 million. On July 17, 2012, this plan was completed. In this plan the Company repurchased 252,591,895 Debentures Series A for a total amount of NIS 243 million (approximately €50 million) which were represented in the Company’s financial statements as a total liability of NIS 304 million (approximately €62 million).
Consecutively, on July 12, 2012, Kardan announced a new identical plan to again repurchase debentures up to a maximum amount of €50 million. Today, this plan has been completed, in which Kardan has repurchased 211,945,290 Debentures Series A and 120,222,513 Debentures Series B for the total amount of NIS 245 million (approximately €50 million), which were presented in the Company’s financial statements as a total liability in the amount of NIS 401 million (approximately EUR 82 million). Through the repurchases of these two plans combined, the Company has reduced the corresponding liability by NIS 705 million (approximately €144 million).
The total profit on the plans initiated in December 2011 and in July 2012 amounted to €44.2 million, of which €9.4 million will be reported in the second quarter 2012 results of the Company as financial income, and €32.7 million in Q3 of 2012. A profit of €2.1 million was recognized in earlier periods.
On December 15, 2011, Kardan announced a plan to repurchase, through its subsidiary GTC RE, debentures up to a maximum amount of €50 million. On July 17, 2012, this plan was completed. In this plan the Company repurchased 252,591,895 Debentures Series A for a total amount of NIS 243 million (approximately €50 million) which were represented in the Company’s financial statements as a total liability of NIS 304 million (approximately €62 million).
Consecutively, on July 12, 2012, Kardan announced a new identical plan to again repurchase debentures up to a maximum amount of €50 million. Today, this plan has been completed, in which Kardan has repurchased 211,945,290 Debentures Series A and 120,222,513 Debentures Series B for the total amount of NIS 245 million (approximately €50 million), which were presented in the Company’s financial statements as a total liability in the amount of NIS 401 million (approximately EUR 82 million). Through the repurchases of these two plans combined, the Company has reduced the corresponding liability by NIS 705 million (approximately €144 million).
The total profit on the plans initiated in December 2011 and in July 2012 amounted to €44.2 million, of which €9.4 million will be reported in the second quarter 2012 results of the Company as financial income, and €32.7 million in Q3 of 2012. A profit of €2.1 million was recognized in earlier periods.
