The Ticker: Perion CEO Ousted by Shareholders

Discount closes first stage of equity offering; Nano Dimension down after raising $12m.

Perion Network CEO Josef Mandelbaum with Como CEO Ronen Shilo.
Ofer Vaknin

Perion CEO ousted by shareholders

A process led by Perion shareholders to oust CEO Josef Mandelbaum has succeeded, sending the company’s share up 8% in trading yesterday. It ultimately closed with gains of 0.8%. The move, led by Conduit co-founder Ronen Shilo, ended with Mandelbaum’s resignation at a shareholder’s meeting on Monday. Board chairman Allen Gelman sent investors a letter thanking Mandelbaum for his leadership, stating that he’d started with a company with one product and annual revenues of $29 million, and turned it into a global company with revenues of more than $300 million. Shilo stated in response that the move was necessary, if late. “The board’s false support was proved to be a farce. The time has come to halt the corrupt situation whereby CEOs of publicly held companies receive massive salaries regardless of the company’s performance, with the backing of the venture capitalists who in other situations would be laying heavy hands on entrepreneurs.” Perion merged with Conduit’s browser toolbar business in 2013. After the merger, the company’s value peaked at $1 billion before plummeting to $100 million. Shilo blamed Mandelbaum’s management for the dramatic loss in value. (Shelly Appelberg)

Discount closes first stage of equity offering

Israel Discount Bank said yesterday it closed the first stage of an equity offering process and intends to accept commitments totaling 700 million shekels ($187 million) from institutional investors. Of this amount, 560 million shekels will be received as immediate consideration prior to the exercise of warrants. The price per share of 6.93 shekels was a 1.5% premium to its close on Monday. In total, bids of 1.3 billion shekels were received, assuming full exercise of warrants, Discount said. (Reuters)

Nano Dimension down after raising $12m

High-tech company Nano Dimension saw its share fall 3% in trading yesterday after raising $12 million in a public offering on NASDAQ. The offering in the company, which is developing a 3-D printer for the electronics industry, was conducted based on a share price of 4.88 shekels, while the share began trading yesterday at 5.82 shekels. It dipped as low as 9% in midday trading, before closing down 3%. (Omri Zerachovitz) 

TASE follows Europe downward

The Tel Aviv Stock Exchange finished yesterday’s trading session with slight losses, led downward by negative trends from Europe. Wall Street opened with gains at the end of Tel Aviv’s daily session, moderating the local losses somewhat. The blue-chip Tel Aviv 25 Index edged downward 0.2% to close at 1,454 points, while the broader Tel Aviv-100 Index was also off 0.2%, closing at 1,273 points. Bank shares closed nearly unchanged, down 0.04%, while real-estate shares were down 0.4%. Insurance shares bucked the trend, gaining 0.9%, led upward by Clal Insurance, which gained 2.2%. Oil and gas shares lost 0.8%, as the price of crude oil dropped 3%. Total turnover was 1.18 billion shekels. Notable shares included Teva Pharmaceuticals, down 1.7% and Sodastream, off 3%. (Guy Erez)