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FOR IMMEDIATE RELEASE
G. WILLI-FOOD INTERNATIONAL LIMITED
ANNOUNCES COMPLETION OF TENDER OFFER FOR GOLD FROST
SHARES
WILL-FOOD ALSO ANNOUNCES AGREEMENT BY GOLD FROST TO SELL ITS 51% INTEREST IN
DANISH DAIRY DISTRIBUTOR
YAVNE, ISRAEL - JULY 27, 2009 - G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ: WILC)
(the "COMPANY" or "WILLI FOOD"), announces that it has successfully completed
its tender offer to purchase from the holders of shares and/or depositary
interests of its subsidiary, Gold Frost Ltd. ("GOLD FROST"), all of the issued
and outstanding share capital of Gold Frost not already held by Willi Food for a
price of 7 pence per share or per depositary interest in cash. This tender offer
was commenced on June 22, 2009.
As of the time of expiration of the tender offer, an aggregate of 2,706,388 Gold
Frost shares and depositary interests were duly tendered. Such shares and
depositary interestes constitute, together with the shares held by Willi Food,
more than 95 per cent of the issued and outstanding share capital of Gold Frost.
In accordance with Israeli law, Willi Food will purchase all of the issued and
outstanding Gold Frost shares and depositary interests currently not owned by it
(including those not tendered in the tender offer) at the tender offer price and
will pay an aggregate amount of approximately (pound)370,430 for all such shares
and depositary interests.
SALE BY GOLD FROST OF ITS INTEREST IN DANISH DAIRY DISTRIBUTOR
The Company also announced that Gold Frost had signed an agreement to sell Gold
Frost's 51% interest in a Danish dairy distributor ("DISTRIBUTOR") to the
Distributor and/or to the Distributor other shareholder ("OTHER SHAREHOLDER")
for $400,000. Gold Frost acquired its 51% interest from the Other Shareholder in
February 2008. According to the terms of the agreement, an amount equal to the
balance of outstanding invoices owed by Gold Frost to the Distributor will be
deducted as a downpayment, and the rest will be paid by deduction in the
purchase price by a pre-determined amount for each shipment of goods that Gold
Frost will purchase from the Distributor or from the Other Shareholder, and the
balance of the consideration, if any, will be paid in April 2011.
Gold Frost was granted the exclusive right to distribute all of the products of
the Distributor and the Other Shareholder in Israel until April 2012, so long as
Gold Frost purchases a minimum quantity of products from the Distributor or from
the Other Shareholder at fair market prices and that meet specified quality
standards.
COMPANY CONTACT:
G. Willi-Food International Ltd.
Ety Sabach, CFO
+972-8-932-1000
ety@willi-food.co.il
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
RELATING TO FUTURE EVENTS OR OUR FUTURE PERFORMANCE, SUCH AS STATEMENTS
REGARDING TRENDS, DEMAND FOR OUR PRODUCTS AND EXPECTED REVENUES, OPERATING
RESULTS, AND EARNINGS. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN
RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS
OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY
FUTURE RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
IMPLIED IN THOSE FORWARD-LOOKING STATEMENTS. THESE RISKS AND OTHER FACTORS
INCLUDE BUT ARE NOT LIMITED TO: CHANGES AFFECTING CURRENCY EXCHANGE RATES,
INCLUDING THE NIS/U.S. DOLLAR EXCHANGE RATE, PAYMENT DEFAULT BY ANY OF OUR MAJOR
CLIENTS, THE LOSS OF ONE OF MORE OF OUR KEY PERSONNEL, CHANGES IN LAWS AND
REGULATIONS, INCLUDING THOSE RELATING TO THE FOOD DISTRIBUTION INDUSTRY, AND
INABILITY TO MEET AND MAINTAIN REGULATORY QUALIFICATIONS AND APPROVALS FOR OUR
PRODUCTS, TERMINATION OF ARRANGEMENTS WITH OUR SUPPLIERS, IN PARTICULAR ARLA
FOODS, LOSS OF ONE OR MORE OF OUR PRINCIPAL CLIENTS ,INCREASE OR DECREASE IN
GLOBAL PURCHASE PRICES OF FOOD PRODUCTS, INCREASING LEVELS OF COMPETITION IN
ISRAEL AND OTHER MARKETS IN WHICH WE DO BUSINESS, CHANGES IN ECONOMIC CONDITIONS
IN ISRAEL, INCLUDING IN PARTICULAR ECONOMIC CONDITIONS IN THE COMPANY'S CORE
MARKETS, OUR INABILITY TO ACCURATELY PREDICT CONSUMPTION OF OUR PRODUCTS AND
RISKS ASSOCIATED WITH PRODUCT LIABILITY CLAIMS. WE CANNOT GUARANTEE FUTURE
RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS. THE MATTERS DISCUSSED
IN THIS PRESS RELEASE ALSO INVOLVE RISKS AND UNCERTAINTIES SUMMARIZED UNDER THE
HEADING "RISK FACTORS" IN THE COMPANY'S ANNUAL REPORT ON FORM 20-F FOR THE YEAR
ENDED DECEMBER 31, 2008, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THESE FACTORS ARE UPDATED FROM TIME TO TIME THROUGH THE FILING OF REPORTS AND
REGISTRATION STATEMENTS WITH THE SECURITIES AND EXCHANGE COMMISSION. WE DO NOT
ASSUME ANY OBLIGATION TO UPDATE THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS PRESS RELEASE.