preface

44
BUSINESS STRUCTURE
As mentioned earlier, requirements exist for adequate spread of the
issued securities. The following tables summarize these requirements.
Minimum Public Equity (US$ 1 = NIS 3. 549):
When Public equity is:
(US$ million) Non R&D
company
Share of public equity out of total
equity should exceed
R&D
company
From 4.51 - 10.0%
From 5.64 25.0% 10.0%
From 8.45 20.0% 10.0%
From 11.27 15.0% 10.0%
From 14.09 10.0% 7.5%
From 56.35 7.5% 7.5%
Minimum Number of Holders (US$ 1 = NIS 3.549):
Type of Security
Minimal #
of Holders
Minimal Holding
per Holder
Stocks 100 US$ 4,508
Convertible Bonds 100 US$ 4,508
Bonds 35 US$ 56,354
An individual is designated as a stockholder if the holding’s worth
exceeds the minimum specified in the above table, or if the individual
holds, together with others, a total higher than the required minimum
per holder, as specified in the above table.
In the event that requirements for the minimum number of holders are
not fully met, the TASE Board may alter these to a certain extent. If the
altered requirements are not fully met, the securities will not be listed on
the TASE.
BDO Israel