Mirland Development to list in Tel Aviv as part of bondholder settlement

Mirland Development Corporation announced on Friday that it has satisfied a further procedural condition precedent to the settlement plan between the company and the holders of its Series A-F bonds.

The AIM-traded firm said it has received approval from the Tel Aviv Stock Exchange for its entire issued and to be issued share capital to be admitted to trading on TASE along with all securities to be issued under the Settlement Plan, upon its completion.

TASE Approval is conditional on, among other things, the share consolidation completing and suspension from trading on AIM of the company's issued share capital.

“Completion of the settlement plan remains subject to the fulfilment of further procedural conditions precedent including completion of the capital raising, ISA approval, AIM admission and TASE admission as set out in the previous announcement,” Mirland’s board said in a statement.

“There is no guarantee that TASE admission will occur and the settlement plan be completed in accordance with its terms.”