Tel Aviv, July 26 , 2018. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) hereby announces that further to Note 23A(4) to the Company's financial statements as of December 31, 2017 regarding advanced negotiations for a settlement in respect of a class action against the Company, the chairman of the board and the Company CEO for alleged impairment of the value of the shares of the subsidiary Delek Energy Systems Ltd. of NIS 400 million, on July 26, 2018, subsequent to a review of the motions of the parties for a settlement agreement and the settlement agreement, the Tel Aviv-Jaffa District Court instructed the parties to announce the settlement agreement in accordance with the Class Actions Law, 2006 and set dates for announcement and submission of the notices. The Court held that within 14 days from the decision, the parties will submit a copy of the published announcement, the motion for approval of the settlement agreement, the settlement agreement and copies of the statements of claim to the Attorney General, the Administration of the Court and the Securities Authority and that they would submit their response within 45 days from the date of receipt of the documents (excluding recess days). The Court further held that a decision in respect of the need to appoint an assessor will be given after the date of filling objections, which was fixed at 45 days from the date of publication of the announcement.
Under the settlement agreement filed by the parties with the court, a total amount of NIS 31 million will be paid against which all proceedings related to the case, including all of its costs, will be finally and absolutely terminated and exhausted.
It should be noted that most of the settlement amount will be paid by the insurance company which issued the directors and officers insurance policy for the Company, and the balance will be paid by the Company.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on July 30, 2018.
Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.
For more information on Delek Group please visit www.delek-group.com