Delek Group, gas exploration subsidiaries, controlled by Yitzhak Tshuva, Avner Oil and Gas and Delek Drilling, this morning notified the Tel Aviv Stock Exchange (TASE) that an independent committee has recommended a merger between the partnerships, with Avner merged into Delek Drilling.
The two subsidiaries control Tamar and Leviathan gas fields in offshore Israel, as well as the Aphrodite gas field in Cyprus.
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The partnerships reported in April, that they were examining a possible structural change in the group, since they are considered “parallel” units, holding energy assets for Delek Group.
The committee recommends a conversion rate of 5.32 Avner participation units for one Delek Drillings participation unit.
According to the merger outline, all Avner assets and commitments will be transferred to Delek Drilling, and, as a result, the target partnership will be terminated without liquidation according to the Companies Law, and will be erased from Registrar of Partnerships records.
The limited partner in the receiving partnership will issue participation units for participation unit owners in the target partnership, in exchange for the participation units they currently control.
