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Damari's investment in Togder Pharma is being re-examined
The cannabis company, led by former police commissioner Yohanan Danino, has announced that the medical cannabis unit does not approve real estate developer Yigal Damari as an interested party in the company.
The decision led to a re-examination of Damari's investment transaction, possibility: Damari will provide the company with a "convertible loan"
Tags
Cannabis
Medical Cannabis
John Danino
Yigal Damari
Ministry of Health
Roast Greenberg
Wednesday, 06 October 2021, 09:00 Updated: 09:19
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Now it's official: Real estate developer Yigal Damari will not be able to become a stakeholder in the public cannabis company Togdar Pharma.
A question mark over the approval of Yigal Damari by the HQR arose about 3 weeks ago, when the company announced a postponement of the shareholders' meeting to approve its investment by 14 days, due to a "regulatory inquiry."
At the end of July, Damari invested NIS 15 million for About 13 million shares of Togder Pharma, along with 10.8 million warrants, in addition to which he provided the company with a loan of NIS 10 million at an annual interest rate of 6%.
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Real estate developer Yigal Damari. YH Damari is sure that the indictment will be shelved after the hearing (Photo: PR)
The source of the problem: an investigation by the Competition Authority
'Togdr Parma, whose chairman is former Inspector General Police Commissioner Yohanan Danino retired, says that will try to reach new agreements with Damari, whereby it will provide a convertible loan, the rights that shall be non-transferable.
It is estimated that inquiry The regulator, who ultimately decided not to approve Damari as a stakeholder, was required in light of an indictment subject to a hearing filed against Damari and the construction company under his control, Y.H. Damari, about three weeks ago by the Competition Authority, on suspicion of coordinating a price tender for a occupant in the Ramot Yoram project. In Netivot in August 2019.
The real estate company said in a response at the time that its management was confident that there was no defect in its conduct and that they had no doubt that after they leveled their claims before the competition authority, it would close the case.
Retired Chief of Staff Yohanan Danino. Looking for a new investor? (Photo: Noam Moskowitz)
Far from the peak of February 2019
Togder needs an investment in order to be able to continue to promote its activities. The company has convertible debentures issued in February 2020, which then raised 25.12 million gross from the high demand of 57 million.
The bond offering is based mainly on expected revenues of Togdr depending on sales contracts signed, totaling $ 200 million for 2020, Those she worked for in favor of debt repayment.
The company's revenues in the corona year, however, did not reach the expected level, and stood at NIS 11.1 million, along with a net profit of NIS 15.4 million, mainly as a result of recognition of NIS 34.1 million, after the company made fair value adjustments to its biological assets.
In the shelf offer report published by the company about a week before the bond was issued, it stated that it would repay the full principal in one payment, at the end of the period, and that the interest repayment would be made during the years 2020, 2021 and 2022.
The company's share has been cut by about 85.6% since it reached its peak during February 2019, and the company's value currently stands at about NIS 74.3 million.
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