6. Blue square Real Estate - Givon Parking , Tel Aviv
On October 11, 2011, BSRE received a notice from Tel Aviv municipality (the municipality and the notice) pursuant to which, all of the conditions to approve the BOT agreement of "Givon Parking" in Tel Aviv were fulfilled, in which BSRE shall hold in equal parts with its partners in the wholesale market companies. "Givon Parking" will be composed of approximately 1,000 parking lots adjacent to the wholesale market project. On November 13, 2011, the authority for use of property was delivered for the purpose of construction work. As per BSRE, construction works shall commence in the coming weeks. In return for constructing the parking lot, BSRE and its partners shall be entitled to operate and collect rental fees for parking for a period of 23 years from delivering the authority for use of property. The total establishment cost of the parking lot including related costs is estimated at NIS 144 million (U.S $ 38.8 million), the share of BSRE is approximately NIS 72 million (U.S $ 19.4 million).
In November 2011, BEE group issued a full tender offer to purchase 4.8 million shares of Naaman that are not held by the group for NIS 6.53 (U.S $ 1.8) per share. The last date for accepting the tender offer was on November 22, 2011, and up to date, an acceptance notice of 1.48 million shares (10.2%) was received in return for NIS 9.7 million (U.S $ 2.6 million). As of the date of this report, BEE group holds 77% of Naaman.8. Dividend distribution On November 28, 2011 the Board of directors of the Company decided on interim dividend distribution for the year 2011, in the amount of NIS 75 million (U.S $20.2 million), NIS 1.13 per share (U.S. $ 0.30 per share/ADS). The ex-div date for this dividend distribution is on December 15, 2011 and the dividend will be payable on or about December 29, 2011. NOTE A: Convenience Translation to Dollars