ROSH HAAYIN, Israel,
May 27, 2016 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR)
- a leading developer, manufacturer and operator of Mobile
Resource Management (MRM), today announced that it has filed an
information statement with the United States Securities and
Exchange Commission ("SEC") in connection with its contemplated
spin-off of Shagrir Group Vehicle Services Ltd. ("Shagrir"). The
information statement contains information regarding Shagrir,
including a free translation of the Hebrew language prospectus
filed by Shagrir in Israel for the
listing of the Shagrir ordinary shares on the Tel Aviv Stock
Exchange.
As previously announced, the shareholders of Pointer as of the
close of trading on June 7, 2016 (the
"Record Date"), will be entitled to receive one ordinary share of
Shagrir (the "Shagrir Shares") for each ordinary share of Pointer
held as of the Record Date. The distribution itself is expected to
occur on or about June 23, 2016 (the
"Distribution Date"). After the completion of the distribution,
Pointer will no longer hold any Shagrir Shares. It should be noted
that trading of the Shagrir Shares on the Tel Aviv Stock Exchange
(the "TASE") is anticipated to start approximately two business
days following the Distribution Date. The TASE's ex-dividend date,
which is the date on which the Pointer Shares will begin trading on
the TASE without the entitlement to the distribution of the Shagrir
Shares (the "Distribution"), will also be June 7, 2016 (the "TASE Ex-Dividend Date"). The
TASE will manually adjust the price of the Pointer Shares on the
TASE Ex-Dividend Date to reflect the reduction in value of the
Pointer Shares resulting from the distribution of the Shagrir
Shares, based on the shareholder equity of each of Shagrir and
Pointer.
In order to align with the practice of the TASE, the ex-dividend
date of the NASDAQ Capital Market, which is the date on which the
Pointer Shares will begin trading on the NASDAQ Capital Market
without the entitlement to the Distribution, will also be the same
date as the Record Date. On such ex-dividend date the ordinary
shares of Pointer will trade "regular way" on the NASDAQ Capital
Market, without the right to receive the distribution in question
in the form of due bills or otherwise. Holders of Pointer Shares
which are traded on the NASDAQ Capital Market are advised to refer
to the NASDAQ website for information regarding the
Distribution.
Pointer has previously informed its shareholders that in
order to ensure that their Shagrir Shares are
received in a timely manner, certain actions may be required on
their part. Shareholders of Pointer are specifically referred
to Pointer's Current Report on Form 6-K
filed with the SEC on May 18,
2016.
A copy of the information statement may also be viewed on the
Company's website at http://www.pointer.com
About Pointer Telocation
Pointer Telocation is a leading
provider of technology and services to the automotive and insurance
industries, offering a set of services including Road Side
Assistance, Fleet Management and Stolen Vehicle Recovery. Pointer
has a growing list of customers and products installed in 50
countries. Cellocator, a Pointer Products Division, is a leading
AVL (Automatic Vehicle Location) solutions provider for stolen
vehicle retrieval, fleet management, car & driver safety,
public safety, vehicle security and more. Pointer Telocation's top
management and the company's development center are located in the
Afek Industrial Area of Rosh Ha'ayin,
Israel. For more information
visit http://www.pointer.com
Safe Harbor Statement
This press release contains forward-looking statements with
respect to the business, financial condition and results of
operations of Pointer and its affiliates. These forward-looking
statements are based on the current expectations of the management
of Pointer, only, and are subject to risk and uncertainties
relating to changes in technology and market requirements, the
company's concentration on one industry in limited
territories, decline in demand for the company's
products and those of its affiliates, inability to timely develop
and introduce new technologies, products and applications, and loss
of market share and pressure on pricing resulting from competition,
which could cause the actual results or performance of the company
to differ materially from those contemplated in such
forward-looking statements. Pointer undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more
detailed description of the risks and uncertainties affecting the
company, reference is made to the company's reports filed from time
to time with the Securities and Exchange Commission.
Contact
Zvi Fried, V.P. and Chief
Financial
Officer
Tel.: +972-3-572
3111
E-mail: zvif@pointer.com
Gavriel Frohwein/Ehud Helft, GK Investor Relations
Tel: +1-646-688-3559
E-mail: pointer@gkir.com
SOURCE Pointer Telocation Ltd