UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No.7)
KOOR INDUSTRIES LTD.
(Name of Issuer)
ORDINARY SHARES, PAR VALUE NIS 0.001
(Title of Class of Securities)
500507108(1)
(CUSIP Number)
DISCOUNT INVESTMENT CORPORATION LTD.
THE TRIANGULAR TOWER, 44TH FLOOR
3 AZRIELI CENTER, TEL AVIV 67023
ISRAEL
ATTN: KURT KEREN, ADV.
TELEPHONE #: +972-3-607-5888
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
OCTOBER 16, 2007
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f), or 13d-1(g), check the following
box: [_]
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
----------
(1) The CUSIP Number corresponded to the Issuer's American Depository
Shares (individually, an "ADS"), which were publicly traded on the New York
Stock Exchange until June 18, 2007, and were ultimately cancelled on September
18, 2007. Each ADS represented 0.20 Ordinary Share. The ISIN for the Issuer's
Ordinary Shares, which are traded on the Tel Aviv Stock Exchange, is
IL006490127.
Page 1 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Discount Investment Corporation Ltd.
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 7,720,429
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
7,720,429
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,720,429
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
46.4%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 2 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IDB Development Corporation Ltd.
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
----------
* Includes (i) 7,720,429 Ordinary Shares held by DIC. Does not include (i)
1,249,332 Ordinary Shares and options to purchase 126,616 Ordinary Shares, which
are exercisable within 60 days from October 16, 2007, all of which are held for
members of the public through, among others, provident funds, mutual funds,
pension funds, exchange traded funds and insurance policies, which are managed
by subsidiaries of Clal Insurance Enterprises Holdings Ltd. ("CIEH"), a
subsidiary of IDB Development, (ii) 8 Ordinary Shares which are held by
unaffiliated third-party client accounts managed by subsidiaries of CIEH as
portfolio managers and (iii) 41,087 Ordinary Shares held for members of the
public through mutual funds which are managed by a company controlled by Epsilon
Investment House Ltd., an indirect subsidiary of IDB Development (collectively,
the "CIEH and Epsilon Shares"). The Reporting Person disclaims beneficial
ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 3 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IDB Holding Corporation Ltd.
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
----------
* Includes 7,720,429 Ordinary Shares held by DIC and 1,630,214 Ordinary Shares
held by IDB Development. Does not include the CIEH and Epsilon Shares. The
Reporting Person disclaims beneficial ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 4 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Nochi Dankner
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
* Includes 7,720,429 Ordinary Shares held by DIC and 1,630,214 Ordinary Shares
held by IDB Development. Does not include the CIEH and Epsilon Shares. The
Reporting Person disclaims beneficial ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 5 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Shelly Bergman
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
* Includes 7,720,429 Ordinary Shares held by DIC and 1,630,214 Ordinary Shares
held by IDB Development. Does not include the CIEH and Epsilon Shares. The
Reporting Person disclaims beneficial ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 6 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ruth Manor
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
* Includes 7,720,429 Ordinary Shares held by DIC and 1,630,214 Ordinary Shares
held by IDB Development. Does not include the CIEH and Epsilon Shares. The
Reporting Person disclaims beneficial ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 7 of 11 pages
SCHEDULE 13D
CUSIP NO. 500507108
--------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Avraham Livnat
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
Not applicable
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(D) OR 2(E) [_]
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 8) SHARED VOTING POWER
BENEFICIALLY 9,350,643 *
OWNED BY -------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------------------------------
WITH 10) SHARED DISPOSITIVE POWER
9,350,643 *
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,350,643 *
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X]o
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.2%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
* Includes 7,720,429 Ordinary Shares held by DIC and 1,630,214 Ordinary Shares
held by IDB Development. Does not include the CIEH and Epsilon Shares. The
Reporting Person disclaims beneficial ownership of the CIEH and Epsilon Shares.
o Excludes the CIEH and Epsilon Shares.
Page 8 of 11 pages
This amendment No. 7 (the "Amendment") amends and supplements the Statement
on Schedule 13D in respect of the Ordinary Shares, par value NIS 0.001 each
("Ordinary Shares"), of Koor Industries Ltd. (the "Issuer"), initially filed by
IDB Development Corporation Ltd., IDB Holding Corporation Ltd., Mr. Nochi
Dankner, Mrs. Shelly Bergman, Mrs. Ruth Manor and Mr. Avraham Livnat
(collectively, the "Initial Reporting Persons"), with the Securities and
Exchange Commission on June 6, 2005 (as amended from time to time, the
"Statement"). The Initial Reporting Persons together with Discount Investment
Corporation Ltd. ("DIC") are hereinafter referred to as the "Reporting Persons."
Capitalized terms used herein but not otherwise defined herein shall have
the meanings ascribed to such terms in the Statement.
The following amends and supplements Items 2, 3, 4 and 5 of the Statement.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c)
As of October 16, 2007:
In addition to approximately 31.02% of the outstanding shares of IDB
Holding owned by Ganden, which is controlled by Nochi Dankner and Shelly Bergman
through Ganden Holdings, Ganden owned approximately 6.7% of the outstanding
shares of IDB Holding, Ganden Holdings itself owned directly approximately 11.8%
of the outstanding shares of IDB Holding, and a private Israeli corporation
which is wholly owned by Shelly Bergman owned approximately 4.2% of the
outstanding shares of IDB Holding.. These additional shares of IDB Holding are
not subject to the Shareholders Agreement. Substantially all of these additional
shares of IDB Holding owned by Ganden, Ganden Holdings and Shelly Bergman's
wholly owned corporation were acquired with borrowed funds and are subject to
the rights of each respective shareholder's lending institution in the event of
default.
In addition to approximately 10.34% of the outstanding shares of IDB
Holding owned by Manor, which is controlled by Ruth Manor through Manor Holdings
B.A. Ltd., Manor owned approximately 0.05% of the outstanding shares of IDB
Holding, and Manor Holdings B.A. Ltd. itself owned directly approximately 1.18%
of the outstanding shares of IDB Holding. These additional shares of IDB Holding
are not subject to the Shareholders Agreement.
In addition to approximately 10.34% of the outstanding shares of IDB
Holding owned by Livnat, which is controlled by Avraham Livnat through Avraham
Livnat Ltd., Avraham Livnat Ltd. itself owned directly approximately 1.24% of
the outstanding shares of IDB Holding. These additional shares of IDB Holding
are not subject to the Shareholders Agreement.
The name, citizenship, residence or business address and present principal
occupation of the directors and executive officers of DIC, IDB Development and
IDB Holding are as set forth in Schedules A, B and C, respectively, attached to
amendment No. 6 of the Statement and incorporated herein by reference.
(d) None of the Reporting Persons or, to the knowledge of the Reporting
Persons, any director or executive officer of DIC, IDB Development and IDB
Holding referred to above has, during the last five years, been convicted in any
criminal proceeding, excluding traffic violations and similar misdemeanors.
(e) None of the Reporting Persons or, to the knowledge of the Reporting
Persons, any director or executive officer of DIC, IDB Development and IDB
Holding referred to above has, during the last five years, been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
which as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or state securities laws or finding any violation
with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
From October 10, 2007 through October 16, 2007 DIC purchased an aggregate of
220,408 Ordinary Shares in open market transactions on the Tel Aviv Stock
Exchange for a total purchase price of NIS 71,157,991 (approximately
$17,642,569), excluding commissions, in cash, using its own funds to pay such
total purchase price.
ITEM 4. PURPOSE OF TRANSACTION.
The Ordinary Shares referred to above were purchased for investment purposes.
Page 9 of 11 pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a), (b) Percentages are based on 16,639,921 Ordinary Shares outstanding as
of October 16, 2007 (including 15,799 Ordinary Shares owned by a wholly owned
subsidiary of the Issuer), as the Issuer advised the Reporting Persons.
As of October 16, 2007:
DIC directly owns 7,720,429 Ordinary Shares, and may be deemed to share the
power to vote and dispose of these Ordinary Shares, constituting approximately
46.4% of the Ordinary Shares outstanding. These Ordinary Shares do not include
the remainder of up to 11,044 Ordinary Shares which DIC may be required to
purchase pursuant to the Management Option described in Item 4 of amendment No.
1 of the Statement.
IDB Development directly owns 1,630,214 Ordinary Shares, and may be deemed
to share the power to vote and dispose of these Ordinary Shares, constituting
approximately 9.8% of the Ordinary Shares outstanding. IDB Development may also
be deemed to be the beneficial owner, and to share the power to vote and
dispose, of the 7,720,429 Ordinary Shares owned by DIC. As a result, IDB
Development may be deemed to be the beneficial owner, and to share the power to
vote and dispose, of a total of 9,350,643 Ordinary Shares, constituting
approximately 56.2% of the Ordinary Shares outstanding. IDB Development
disclaims beneficial ownership of all the Ordinary Shares held by DIC.
IDB Holding and the Reporting Persons who are natural persons may be deemed
to share the power to vote and dispose of the aggregate of 9,350,643 Ordinary
Shares beneficially owned by DIC and IDB Development, constituting approximately
56.2% of the Ordinary Shares outstanding. Each of these Reporting Persons
disclaims beneficial ownership of all the Ordinary Shares held by DIC and IDB
Development.
Information provided to the Reporting Persons indicates that the executive
officers and directors of DIC, IDB Development and IDB Holding did not
beneficially own as of October 16, 2007 any Ordinary Shares.
(c) From October 10, 2007 through October 16, 2007 DIC purchased in open
market transactions a total of 220,408 Ordinary Shares for an aggregate purchase
price of NIS 71,157,991 (approximately $17,642,569), excluding commissions, as
set forth below. All these purchases were made on the Tel Aviv Stock Exchange.
NUMBER OF ORDINARY
DATE OF TRANSACTION SHARES PURCHASED PRICE PER SHARE
------------------- --------------- ---------------
October 10, 2007 15,600 NIS 321.00
282 321.50
500 322.00
600 322.10
450 322.50
500 322.80
500 322.90
101,950 323.00
October 16, 2007 85 321.70
254 321.80
200 321.90
400 322.70
99,087 323.00
Except as stated above, the Reporting Persons have not purchased or sold
any Ordinary Shares during the last 60 days preceding October 16, 2007.
Information provided to the Reporting Persons indicates that none of the
executive officers and directors of DIC, IDB Development and IDB Holding
purchased or sold any Ordinary Shares, during the last 60 days preceding October
16, 2007.
Page 10 of 11 pages
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
amendment No. 7 is true, complete and correct.
Dated: October 22, 2007
DISCOUNT INVESTMENT CORPORATION LTD.
IDB DEVELOPMENT CORPORATION LTD.
IDB HOLDING CORPORATION LTD.
NOCHI DANKNER
SHELLY BERGMAN
RUTH MANOR
AVRAHAM LIVNAT
By: Discount Investment Corporation Ltd.
(signed)
By: ___________________________________
Michel Dahan and Kurt Keren, authorized signatories of
Discount Investment Corporation Ltd., for itself and on
behalf of IDB Development Corporation Ltd., IDB Holding
Corporation Ltd., Nochi Dankner, Shelly Bergman, Ruth Manor
and Avraham Livnat pursuant to agreements annexed as
Exhibits 4 through 9 to amendment No. 2 of the Statement.
Page 11 of 11 pages