Regulatory Filings • Dec 25, 2025
Regulatory Filings
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Company Number: 520043720
Form T053 (Public) Filed via MAGNA: 25/12/2025 Reference Number: 2025-01-103477
Regulation 36 of the Securities Regulations (Periodic and Immediate Reports), 1970
The results of an offering must be reported in form T20 and not in this form.
Reports on the rating of BONDS or corporate rating must be submitted via form T125
Delayed report
Proposal to acquire the portfolio of the De Zarasai Group and adjustment of asset values
1.
This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.
The Company is honored to confirm the contents of the immediate report of De Zarasai Group dated December 25, 2025 (Reference No. 2025-01-103276), according to which a subsidiary of the Company ("Summit") entered into a conditional agreement to purchase a portfolio of assets from the De Zarasai Group on December 22, 2025, whereby the offer of Summit, amounting to approximately \$450 million, shall be considered a "leading bid" for initiating the public sale process of the portfolio. Summit has deposited a 10% downpayment as security for the stated consideration. It should be noted that the bank financing the Flagstar Portfolio has undertaken to provide Summit with financing to complete the purchase. It is also noted that if another bidder wins the public sale or if the seller chooses another arrangement process rather than the sale process, Summit will be paid a commission of two percent of its bid price.
It should be clarified, that there is no certainty that the purchase agreement will be realized, as its realization is conditional on the results of the public sale process conducted by the seller. By decision of the Company's management, the Company delayed reporting the conditional purchase agreement out of concern that publication thereof would adversely impact the chances of realizing the deal or severely worsen its terms. Now that De Zarasai Group has published a report about the conditional purchase agreement, the Company confirms the accuracy of the details therein.
In addition, the Company is pleased to report that as part of the valuation assessments it conducts for its residential assets in New York, an initial indication regarding a reduction of value of the Company's residential portfolio in New York by approximately \$65-70 million was received. It is clarified that, net of tax effects and minority interest, the net impact in the financial report will be lower. The Company has not yet received final valuations from the appraisers and this is only an indication, which may change between this and the final value of the residential assets in the final valuations. The above-mentioned information regarding a possible decrease in the value of the Company's residential assets in New York constitutes forward-looking information as defined in the Securities Law, 1968, the realization of which is uncertain and not under the Company's control, but rather depends on independent external appraisers' valuations and is based on factors most of which are not under the Company's control.
Date: 25/12/2025 Time: 10:40
| 3. If the Report was Delayed – | Reason for Delay: | |||||
|---|---|---|---|---|---|---|
| -- | -- | -------------------------------- | -- | ------------------- | -- | -- |
| 4. On Date: | |
|---|---|
| No. | Name | Position | ||
|---|---|---|---|---|
| 1 | Amir Sagi | CEO and Director |
Explanation: According to Regulation 5 of the Periodic and Immediate Reports Regulations (1970), a report filed under these regulations shall be signed by those authorized to sign for the corporation. A staff position on the matter can be found at the authority's website: Click here.
Short Name: Summit
Address: 3 Andrei Sakharov St., Haifa 31905
Phone: 04-8408091 Fax: 04-8408092
Email: [email protected]
Previous name of reporting entity: Hayal Holdings (1965) Ltd.
Electronic reporter name: Sagi Amir
This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.
Position: CEO
Reporting address: 3 Andrei Sakharov St., Haifa 3508409
Phone: 04-8408091
Fax: 04-8408092
Email: [email protected]
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