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Trading in securities and derivatives and securities distribution reports that in light of the continuing crisis in the capital markets in Israel and around the world, following the spread of the Corona virus, the company suffered an additional loss in the last two days estimated at NIS 5 million and a cumulative loss from the beginning of the year estimated at NIS 30 million.
In a company controlled by Gali Lieberman and Amir Elder, the accumulated loss, as stated, amounts to the company’s equity as of December 31, 2019. As a result, the company no longer complies with its covenants (financial conditions) towards the bank.
The Company makes it clear that the loss and equity are based only on preliminary examination of the Company’s financial data and on infinite data, with the whole data set not yet approved by the Company’s Board of Directors and reviewed by the Company’s auditors. Therefore, the final result may differ from this estimate, even substantially.
Inbar Group’s stock has lost about 80% of its value since the beginning of the year and the company is now trading at a market value of only NIS 6.5 million (very close to the value of a bursai skeleton).
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