Without such an agreement the Company's sale of bunker fuel in Israel is expected to decline," ORL said.
A 37 percent interest in ORL is possessed by Israel Corp.
makes special refractories and monolithic products for the iron and steel industry and posted earnings before interest and tax (EBIT) of around EUR 7 million for fiscal 2011/12, ended March 31.
Akiva Mozes will continue to serve as director of ORL
, but due to the aforementioned circumstances Mr.
The Company has received an announcement from the Israel Corporation Ltd, one of the Company's controlling shareholders, whereby the Israel Corporation will positively consider participating in the rights issue and purchasing ORL
shares, if ORL
proceeds to raise capital through a rights issue.
Ambulatory, Cardiovascular, Dental/Oral, Emergency, ENT or ORL
, Gastro/Intestinal General, Gynaecological, Maxillo/Facial, Kidney/Liver/Gallbladder, Neurosurgery Ophthalmic, Orthopaedic, Paediatric, Plastic, Thoracic, Transplant, Urological and Genital, Vascular
The published outline, which will be put to the vote at a meeting of ORL and CAOL debenture holders, is intended to ensure both stability and control during the subsidiary's repayment process.
In accordance with its policy of realizing the full potential from the Group's merger, ORL sees in the current move the first step in an arrangement (subject to the agreement of its and CAOL's creditors) whereby it would take upon itself CAOL's debts.
ORL has also agreed as part of the arrangement, inter alia, to grant the debenture holders of ORL and CAOL the right of proportional early redemption in the event that CAOL shall decide to make early repayment to its banks.
ORL is an organization of major international standing in the field of data communications and networking, and we welcome its involvement in deploying demanding, real-life applications on our system.
We anticipate the distributed multimedia applications ORL is developing for our AB-Access platform will increase demand for our broadband point-to-multipoint product.
Buchris also added, "The Company's management today is faced with carrying out wide ranging managerial processes and serious strategic tasks in order to transform ORL
into an efficient, competitive, profitable and technologically advanced Company.