SIM Simigon Ltd.

TIDMSIM

RNS Number : 9577B

SimiGon Limited

15 June 2021

15 June 2021

SimiGon Ltd

("SimiGon" or "the Company")

Court Ruling in The Action for Prerogative Relief

SimiGon Ltd. (the "Company"), a global leader in providing simulation solutions, announces that the Company has received the court ruling in relation to the legal action filed by D.D Goldstein Real Estates and Investment Ltd. ("Goldstein") as announced on January 14, 2020. Goldstein sought prerogative relief concerning resolutions approved at the Company's annual general meeting held on December 30, 2019 regarding the appointment of directors and the determination of their compensation.

The court ruled that Mr. Ami Vizer should be considered a "controlling shareholder" for the purposes of Israeli law, at least from March 2019 (without making a determination for prior periods because it was not relevant to the court ruling). The court also gave an award of costs against the Company in the amount of NIS 30,000.

The derivative action filed by Goldstein was delayed pending this ruling and the Company estimates that it will now go ahead. The Company continue to intend to vigorously defend against this action and reiterate the disclosures made in this regard in the Company's audited statutory accounts for the year ended 31 December 2020.

Enquiries:

 
  SimiGon Ltd 
  Ami Vizer, SimiGon's Chief Executive Officer 
   and Executive Chairman                             +1 (407) 951 5548 
  Efi Manea, Chief Financial Officer 
 
  finnCap (NOMAD & Broker)                           +44 (0) 20 7220 0500 
  Henrik Persson / Milesh Hindocha (corporate 
   finance) 
 

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(END) Dow Jones Newswires

June 15, 2021 06:34 ET (10:34 GMT)

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