The Ticker

The Ticker / Rules Eased for Opening Accounts at Investment Houses

Nano Dimension lists ADRs in the U.S.; Vitania raises NIS 76 million in institutional tranche of IPO; European Commission clears Mylan to take over Perrigo.

At the entrance to the Tel Aviv Stock Exchange, 2011.
Bloomberg

Clients will no longer have to personally come to the offices of an investment house or brokerage to open a trading account under new rules approved by the Knesset Constitution and Law Committee Wednesday. Until now the law has barred opening an account remotely to deter money-laundering by requiring a new client to show identification. But the ban also made it harder for investment houses to recruit new clients. The new rules require that the money used to open the account will come from a bank account and be returned to the same account and apply only to members of the Tel Aviv Stock Exchange. “Expanding opportunities for stock exchange members that aren’t banks to manage securities accounts for retail clients is an important step in encouraging competition [in financial markets] by making available alternatives to the banking system,” said Finance Minister Moshe Kahlon. (Asa Sasson)

Nano Dimension lists ADRs in the U.S.

Nano Dimension, a maker of 3D printers for manufacturing printed circuit boards, got the go-ahead Wednesday to begin trading its American depository receipts on OTCQB Venture Market in New York. Each ADR, which will trade under the ticker NNDMY, is worth one Tel Aviv Stock Exchange-listed share of Nano Dimension. “The company is working to sign a strategic cooperation accord to expand our operations to new [product] markets,” said CEO Amit Dror. “Trade in the company’s ADRs in the United States will give the company and its business better exposure to foreign investors.” Listing its ADRs doesn’t let the money raise capital on Wall Street, but Nano Dimension said it was also exploring a Nasdaq listing, which would allow it to do that. In Israel, Nano Dimension raised 58 million shekels ($15.3 million) in a private placement recently in addition to the 16 million shekels it raised when it went public on the TASE last September. Nano Dimension shares ended up 1.2% at 6.49 shekels. (Omri Zerachovitz)

Vitania raises NIS 76 million in institutional tranche of IPO

Vitania raised 76 million shekels ($20.1 million) Wednesday in the institutional tranche of an initial public offering, only the second to be conducted on the Tel Aviv Stock Exchange so far this year. The offering, which included a package of 100 shares, drew orders for 95 million shekels and was auctioned at the minimum price of 987 shekels. That valued the property development company at about 370 million shekels. The public tranche of the offering for 20 million shekels is expected to be conducted in the next few days. Only one other company has gone public on the TASE this year, but other property developers are on the way, among them Y.D. Barazani, which s expected to conduct an IPO valuing the company at up to 300 million shekels. Yesterday Big Shopping Centers competed a 187 million-shekel bond sale. (Eran Azran)

European Commission clears Mylan to take over Perrigo

The European Commission said yesterday it had cleared generic drug maker Mylan’s planned takeover of Perrigo, the Ireland-based company traded on the Tel Aviv Stock Exchange. The commission said in a statement that the proposed acquisition did not raise competition concerns, because the parties’ operations are largely complementary, Mylan being one of the main European producers of prescribed generic drugs and Perrigo specializing in over-the-counter drugs. Mylan had been at the center of a three-way takeover battle, with Perrigo rejecting a sweetened $34-billion offer by Mylan and Mylan seeking to fend off a takeover by Teva Pharmaceutical, the world’s largest generic drug maker. However, Teva agreed this week to pay $40.5 billion in cash and stock for Allergan’s generic drugs business and dropped its hostile pursuit. Perrigo shares finished up 2.4% at 729.60 shekels ($193.21). (Reuters)