Amsterdam, 24 June 2020, Kardan N.V. (‘Kardan’ or ‘the Company’), active in Real Estate and Water Infrastructure, announces that its Board of Directors has requested Euronext Amsterdam to delist the ordinary shares of Kardan (the ‘Kardan Shares’) from the stock exchange Euronext Amsterdam (‘Euronext Amsterdam’). On 23 June 2020 Euronext Amsterdam approved the request. The shares of Kardan remain listed on the Israeli Stock Exchange (‘TASE’).
Kardan has been listed on Euronext Amsterdam and the TASE since July 2003. Delisting from Euronext Amsterdam will allow Kardan to reduce costs and it will further simplify the operations of the Company. In view of this, benefits relating to the Company’s listing on Euronext Amsterdam do no longer justify the costs and administrative requirements.
On 23 June 2020, Euronext Amsterdam approved the request to delist the Kardan Shares. Barring unforeseen circumstances, the Kardan Shares will be delisted effectively on 30 July 2020. Kardan Shares remain listed on the TASE.
In order to enable holders of Kardan Shares to either retain their Kardan Shares or sell them in an orderly sales process, a structured withdrawal procedure from Euronext Amsterdam market will be put in place, entailing continuation of the listing on Euronext Amsterdam until 29 July 2020 and a sales facility.
Under the sales facility, holders of Kardan Shares which are currently listed on Euronext Amsterdam (the ‘Shareholders’) can transfer their Kardan Shares cost-free to ABN AMRO Bank N.V. (‘ABN AMRO’) which will facilitate the sale of such transferred Kardan Shares on TASE. Proceeds of the sale of the Kardan Shares will be distributed to the beneficiaries upon receipt of the funds by ABN AMRO.
Shareholders who wish to sell their shares under this facility are requested to contact their Financial Intermediary, taking the timetable below into account. The Affiliated Institutions (aangesloten instellingen) to Euroclear Nederland should deliver the Kardan Shares of their clients wishing to participate in this sales facility to ABN AMRO. After such delivery, ABN AMRO will facilitate the sale of the delivered Kardan Shares on the TASE.
Shareholders should note that participation in the sales facility is entirely voluntary; Shareholders may also choose to retain their Kardan Shares under the terms and conditions stated by their financial intermediary. Shareholders should be advised that not all Financial Intermediaries provide access to trading on the TASE. Shareholders wishing to sell their Kardan Shares may also trade them on the Euronext Amsterdam market under the usual terms until the end of the trading session on 29 July 2020.