Israelis clammy to Adira stock: Israeli investors did not storm for shares of Adira Energy on Thursday. The oil and gas exploration company, which is listed for trade in Canada at a market cap of NIS 62 million pre-money, tried to sell stock and warrants in Tel Aviv and Canada in parallel - and locally at least, met demand for just NIS 6.2 million. The minimum the company needed to raise to close the move was NIS 20 million in Israel and Canada together: as of writing it was waiting for the Canadian part of the offering to finish. The company wants the proceeds to invest in exploring the Gabriella prospect, in which it owns a 10% stake. However, it only has to cover 7.5% of the exploration costs because of agreements in place with its partners.
Mizrahi raises NIS 1.5 billion: Then there's Bank Mizrahi-Tefahot, which unlike Adira, managed to achieve its fundraising goal. The bank scored NIS 1.5 billion in a placement of bonds at the institutional phase of a heavily oversubscribed offering on Thursday. Demand for its bonds reached NIS 3.5 billion. During the public phase on Sunday, Mizrahi-Tefahot intends to raise NIS 185 million more. S&P Maalot has rated the bonds at AA+.
Orbotech wins $40m Chinese deal: Orbotech, an Israeli company that makes kits to test flat-panel displays during manufacture, won a big $40 million deal from a Chinese maker of liquid crystal displays. Orbotech expects to supply most of the kits this year. The Orbotech technology will be used in making big TV screens and at the other end of the rainbow, screens for mobile devices.
Enlight shoots up 22% on solar power deal: Shares of solar-energy technology company Enlight shot up 22% on Thursday after the company reported closing a 20-year deal to sell its power to the Israel Electric Corp. Enlight is building the biggest photovoltaic field in Israel. The field, with capacity of 55 mW, will be hooked up to the national grid. The IEC agreed to buy electricity for 61.91 agorot per kilowatt/hour, starting at the end of 2014. The price will be linked to the consumer price index. Enlight envisions revenues in the range of NIS 1.4 billion throughout the project lifetime.
With reporting by Eran Azran and Yoram Gabison
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now