Delek Group is looking at the possibility of listing the Ithaca shares on the London Stock Exchange, the Company provides the following update:

1. On January 26, 2021 the Company's Board of Directors authorized its management to assess and progress the plan for listing the shares of its subsidiary Ithaca Energy Ltd (“Ithaca”) on London Stock Exchange Pemium Main Market, including by way of an exchange purchase offer whereby a part of the Company’s debentures would be exchanged for shares of Ithaca in an amount of up to 25% of Ithaca’s shares, so that following the exchange the Company will hold 75% of Ithaca’s traded shares (“the Plan”). In the opinion of the Company's Board, the Plan being assessed should have significant advantages for the Company and for its securities holders.
2. As part of the Plan being assessed, the Company will offer the Company’s debenture holders the possibility to exchange part of the debentures they are holding for Ithaca shares (up to 25% of Ithaca’s shares), which will be listed on the Premium list on the London Stock Exchange, simultaneously with exchange of the securities as a condition for implementation. Shortly after listing the Ithaca shares for trading in London, if it comes about, the Company will act to list the Ithaca shares in parallel on the Tel Aviv Stock Exchange, in accordance with the rules for dual listing.
3. In the Company’s opinion, the Plan being assessed, if completed, is likely to have material benefit for the Company and the securities holders, and it is in line with the Company’s strategy, including: (1) will create the potential for value creation; (2) will help to materially reduce the Company’s debt, through early repayment; (3) will strengthen the Company’s capital; and (4) will let the Company advance the financing processes it intends with the Ithaca shares, as well as carrying out other equity actions in connection with its holdings in Ithaca, at preferential terms from the Company’s point of view and at shorter timetables.
4. It is the Company’s intention to advance the Plan being assessed with the target of completing it as soon as possible, taking into account the terms of the capital and energy markets.
5. The Plan being assessed is subject inter alia to receiving the approvals required in law and obtaining the agreement of third parties, as well as the approvals required under the Amendment to the Deeds of Trust of the Company’s debentures.
6. It should be noted that in parallel to assessment of the feasibility of the Plan, the Company is continuing to examine and advance other alternatives for financing against the Ithaca shares and carrying out an equity process that could be in parallel with the stated actions or complementary ones.

KeyFacts Energy: Delek Energy Israel country profile   l   Ithaca Energy UK country profile