Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Frutarom Industries (FRUT)

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Thursday 11 January, 2018

Frutarom Industries

Entering into Loan Agreements

RNS Number : 6600B
Frutarom Industries Limited
11 January 2018
 

Below is the immediate report submitted today to the Israeli Securities Authority ("ISA") and the Tel-Aviv Stock Exchange through the ISA's electronic submission system in accordance with the Securities Regulations (Periodic and Immediate Reports), 1970.

 

Frutarom Industries Ltd.

("Frutarom")

Registration No.:  52-004280-5

The securities of Frutarom Industries Ltd. are listed for trading on the Tel-Aviv Stock Exchange

Name:  Frutarom

25 HaShaish St., P.O.B. 10067, Haifa 2611001

Tel:  +972-4-846 2401, Fax:  +972-4-872 2517, www.frutarom.com

Email:   tmirsky@frutarom.com

 

January 11, 2018

 

 

Israeli Securities Authority

Tel Aviv Stock Exchange Ltd.

http://www.isa.gov.il/

http://www.tase.co.il/

 

Dear Sir/Madam,

 

Subject: Entering into Loan Agreements  

In accordance with Regulation 36(a) of the Securities Regulations (Periodic and Immediate Statements), 5730-1970, Frutarom is pleased to hereby announce having entered into loan agreements with Israeli and foreign banking corporations (the "Lenders") via Frutarom Ltd., a fully-owned subsidiary (the "Borrower") on January 11, 2018 for the extending of loans totaling USD 235 million (respectively: the "Loan Agreements" and the "Loans") for the purpose of financing the merger transaction with Enzymotec Ltd.[1], of which the main terms are as follows:

1.    The Loans shall be for a period of five years beginning January 11, 2018 (the "Period") and bear annual interest of LIBOR plus a weighted annual spread of 1.52% (whereby in some of the Loan Agreements the interest spread is based on Frutarom's leverage ratio), payable in consecutive quarterly installments. Half of the principal of the Loans shall be paid starting 12 months after receiving the Loans and over the course of 16 consecutive quarters, with the balance payable at the end of the Period, and all according to the amortization schedule set out in each of the Loan Agreements.

2.    As security on its obligations toward the Lenders, Frutarom has undertaken to meet the following financial covenants which are  identical to the existing financial covenants in Frutarom's other loan agreements: (a) Frutarom's equity according to its financial statements will not at any time fall below USD 375 million; (b) Frutarom's equity according to its financial statements will equal no less than the value of 25% of its total assets; and (c) The ratio of Frutarom's total financial liabilities net of cash to its operating profit on a pro-forma basis equivalent from operating activities plus depreciation and amortization ("EBITDA") will not exceed 4, whereby the calculation of EBITDA shall be done on a pro-forma basis and net of nonrecurring expenses. The examination of the financial covenants specified above in this paragraph shall be according to Frutarom's annual and quarterly consolidated financial statements. As of the date of this report, Frutarom is in compliance with the financial covenants specified above.

3.    In addition to the financial covenants specified in paragraph 2 above, Frutarom has subjected itself to further restrictions as customary in agreements of this type, including in regard to dividend distributions and creating any security interest over its assets without obtaining the Lenders' consent, except for a number of exceptions set out in the Loan Agreements.

4.    Subject to Frutarom complying with all of the financial covenants specified in paragraph 2 above, and as long as no event of default occurs that would grant the Lenders the right to demand immediate repayment of the Loans as specified in paragraph 5 below, Frutarom shall be entitled to pay its shareholders dividends subject to the provisions of the Companies' Law, 5759-1999 and applicable regulation, in the amounts specified as follows: (1) up to 50% of the retained earnings accumulated until December 31, 2011 as this figure appears in Frutarom's 2011 balance sheet; and (2) up to 50% of Frutarom's annual income in any calendar year as this figure appears in Frutarom's annual financial statement concerning the same calendar year in which these profits were accumulated.  

5.    The Loan Agreements include grounds for demanding immediate repayment as customary in agreements of this type, including in cases of cross default with regard to the Frutarom Group, breach of covenants and representations  by the Borrower in accordance with the Loan Agreements, insolvency and liquidation, merger or change of structure ending with the Borrower not being the surviving entity,  direct or indirect change of control of the Borrower (except for exceptions as specified in the Loan Agreements), a halt in business, or a major change in business activity, as well as a deterioration in Frutarom Group's business, operations or assets and the Borrower's ability to meet its payments on the Loans taking into account the resources Frutarom Group has at its disposal.

6.    The Borrower shall be entitled to prepay the Loans, in whole or in part, in accordance with the conditions specified in the Loan Agreements.

 

 

Sincerely yours,

Eden Senay Tagania, Adv.

Legal Counsel

Frutarom Industries Ltd.



[1]     See Frutarom's reports on the merger transaction dated August 1, August 4, August 24, September 19, October 29, December 12 and December 26, 2017, which are hereby included by way of reference.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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