Shaking in communication space. Chairman Haim Romano decided not to stand for re-election at the company’s next shareholders’ meeting. Calcalist has learned that two other senior directors, Delek Group’s CFO Tamir Poliker and former Ministry of Communications CEO Avi Berger, also did not decide. Run for another term.
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The surprising move apparently came after a confrontation with Hagai Ullman, who represents the creditors of Eurocom Real Estate, which hold the controlling shares in the company (47%). This is to strengthen the company’s capital structure, in light of fears of a deep reduction in the value of Amos 17 and the failure to comply with the terms of the note vis-à-vis its bondholders.
As far as is known, Ullman and Eurocom Real Estate Creditors – Mizrahi Tefahot Bank, Altshuler Shaham, Psagot and Menora Mivtachim – opposed the move, which would dilute their holdings and interfere with the sale of control of the company in the future. Romano, Poliker and Berger In their place, new members are expected to be appointed, whom Ullman will recommend.
Space Communications operates in the field of satellite communications and operates four satellites, Amos 3, 4, 7 and 17, which currently generate annual revenues of $ 82 million.