Daily roundup / BATM doesn't make TASE indexes
CEO of Nanette Real Estate Group steps down; on sweet potatoes and margins; Tao Tsuot and Petro Group suspended from trading as of today.
BATM won't be fast-tracked onto TASE indexes: London-listed Israeli
technology BATM won't be fast-tracked onto any of the leading Tel Aviv
Stock Exchange indexes, even though it dual-listed in Tel Aviv a month
ago. The problem is that at $92 million, its market cap is too low.
BATM is known in part for hiring Benjamin Netanyahu as its adviser
when he temporarily stepped out of politics in 1999. Since local
trading in its stock began in September, the average daily volume of
trade has been a mere NIS 260,000. The share had risen from NIS 1 to
NIS 1.35, but in recent days it fell back to NIS 1.15.
Bitter price for sweet potatoes: In 2011, a deadly virus decimated Israel's sweet potato crop. Back them farmers sold the surviving sweet roots for NIS 10 per kilo, wholesale. After here tail markup consumers paid NIS 20 per kilo. Come this year, the virus has vamoosed, the crops are rich, farmers are getting only NIS 2.30 per kilo but consumers are paying anywhere from NIS 10 to NIS 14. Ergo, the ones making hay from the virus' eradication are the grocers, whose margin has widened to as much as 300%.
Nanette CEO quits: Oscar Kazanelson is stepping down as CEO of Nanette
Real Estate Group following a management dispute with the heads of
controlling companies Olimpia and Levinstein. Just a month ago Nanette
and Kazanelson signed an agreement extending his tenure for three
months, beyond March 2013, while they negotiated his employment terms.
The negotiations broke down, it seems.
Trading halted in Petro Group, Tao Tsuot: On Wednesday the Tel Aviv
Stock Exchange halted trading in Tao Tsuot and Petro Group, effective
today, because the companies never published financial statements for
the second quarter of 2012. Under the TASE rules, companies relegated
to the Maintenance List (made of companies in breach of listing
violations), or suspended from trading altogether, have 24 months to
remedy their failure. If they don't, they get tossed off the exchange.
Both Petro and Tao are in the process of renegotiating their debts
through the courts.
With reporting by Amiram Cohen, Shelly Appelberg, Yoram Gabison and Dror Raich