Danny Goldstein, who holds 23.5% of the shares in
Formula Vision Technologies (TASE:
), today published a tender to buy 27% of the company's outstanding shares.
Goldstein is offering NIS 1.55 per share, which is a 30% premium above the market.
The cost of the tender, if successful, will be NIS 10.8 million.
If shareholders respond, Goldstein's holding will exceed 50%. The last date for responding is September 30.
shares are going cheap, Goldstein told TheMarker today, and he believes he can improve the company's performance and raise its share price.
He denied intentions to delist the company in the future, saying its portfolio of startup investments justifies its existence as a publicly traded company.
The company ended the second quarter on a profit of a million shekel, against losing about that in the parallel quarter of last year. For the first half it lost NIS 718,000 compared with losing NIS 22 million in the same six months of last year.
Formula Vision has invested in a large number of startups, including the online translation company Babylon, ESI, Clockwork, Enformia, and a host of Formula companies that design software solutions for retail, travel, telecommunications and other areas.