|Purchase of the Remaining Share Capital of Ithaca Energy Inc. - Compulsary Shares Acquisition|
Tel Aviv, May 12, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) hereby announces that further to its offer to purchase all of the share capital of Ithaca Energy Inc. ("the Offer" and "Ithaca", respectively), as set out in the Company's immediate reports dated April 21, 2017 and May 4, 2017, DKL Investments Limited, a wholly owned foreign subsidiary of the Company ("the Subsidiary") will carry out a compulsory acquisition of all the remaining issued and outstanding common shares of Ithaca, that are not currently owned by the Subsidiary, at the offer price.
As of now, the Subsidiary holds 94.2% of Ithaca's issued capital. Following the compulsory acquisition, the Company, through the Subsidiary, will acquire all of Ithaca's common shares not held by it, at a price of CAD 1.95 per share, the price of the offer, and total consideration of USD 35 million.
Following completion of the compulsory acquisition, the admission of Ithaca's shares to trading on the AIM market of the London Stock Exchange will be cancelled and the shares will be delisted from the Toronto Stock Exchange.
Ithaca will continue to report its annual and quarterly financial statements as required by the terms of its indenture notes.
For Ithaca's announcement, see its website at: www.ithacaenergy.com.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on May 12, 2017.
About The Delek Group
The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF.
In addition, Delek Group has a number of assets in downstream energy, water desalination, and in the finance sector.
For more information on Delek Group please visit www.delek-group.com