The Securities Authority is demanding that several companies of the Peled- Givony group amend reports they made to the Tel Aviv Stock Exchange. Among these companies is Feuchtwanger Investments, which in coming days will probably issue amendments that should help clarify a number of questions raised by the authority, has learned.

In the last two months the authority has been in telephone contacts and correspondence with the Peled-Givony group. It is following this exchange that the group members are now expected to release amended announcements. has further learned that among the questions the authority asked the group was the question of whether the acquisition of control in Feuchtwanger Investments by Mashav Refrigeration Industries and Hayl Holdings involved cooperation bewteen the two companies. The two companies trade in Tel Aviv.

Should this be the case, Mashav Refrigeration Industries and Hayl Holdings apparently violated the new Companies Law, according to which companies are obliged to publish a tender offer or an offering for private placement when a new controlling shareholder acquires an interest higher than 45%. The holdings of Mashav Refrigeration Industries and Hayl Holdings in Feuchtwanger Investments today come to 46%.

The Authority has also demanded that the Peled-Givony group provide clarifications about the acquisition of control in Feuchtwanger Investments by its previous controlling shareholders, headed by Azriel Feuchtwanger. At the time, Azriel Feuchtwanger owned over 25% in Feuchtwanger Investments. The authority has required explanations about the transition to a 25% interest.

Feuchtwanger Investments claims that the transition was done through a private allocation of shares to Azriel Feuchtwanger.

In addition, the authority is demanding clarifications on the commitments of Mashav Refrigeration Industries to the sellers group headed by Azriel Feuchtwanger.

According to the Mashav Refrigeration Industries reports, the firm granted Put options to the sellers group, enabling them to oblige Mashav to acquire the group's remaining holdings in Feuchtwanger Industries for NIS 26.4 million. The reports say that should Mashav Refrigeration Industries not be able to meet the options conditions, it will have to pay a "fine" in the amount of NIS 24.4 million to the shareholders of Feuchtwanger Industries.

The Peled-Givony group confirmed that the authority made its request yesterday, and that the group was asked to make additional clarifications relating to several deals made in member companies. The Peled-Givony group said that it was not required to provide amendments to announcements.