Summit Germany requests AIM delisting

Summit Real Estate Holdings Ltd. (TASE: SMT) today notified the Tel Aviv Stock Exchange (TASE) that subsidiary Summit Germany Ltd. (AIM:SGLA) has applied to London�s Alternative Investment Market (AIM) to delist the share from trading effective June 19.

There is no trading in Summit Germany's share. Last month, Summit made a mandatory offer to purchase the public's holding in Summit Germany at $0.21 per share, a 71% premium on the share's closing price of $0.12 on April 6. The offer was made a company value of �57.7 million for Summit Germany. Summit Germany posted a net loss attributable to equity shareholders of ₤89.9 million in 2008, compared with a net profit of ₤7.4 million in 2007.

Summit Real Estate's share rose 1.7% today to NIS 3.1, giving a market cap of NIS 161 million. Chairman Zohar Levy owns 47.1% of the company, Hail Investments and Properties Ltd. owns 20.2%, and Clal owns 9.2%.

Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2009