(Filed Under Financial and General Interest News). Tefron Ltd. reported a loss of $1.299 million on sales of $47.4 million for the six months ended June 30, 2015 compared to a loss of $977,000 on sales of $46.6 million in the same period in 2014. It also reported it had received $5.525 million from a private placement.
For the entire year in 2014 the company reported a loss of $800,000 on sales of $93.9 million. Previously Tefron had reported a loss of $3.4 million on sales of $82.9 million in 2013; and a loss of $458,000 on sales of $99.0 million in 2012. The Israeli public company is a seamless specialist that produces intimate and other apparel.
In announcing the results for the first half, Tefron also reported that shareholders had “approved the allocation of 4,672,897 ordinary shares to Litef Holdings, its controlling shareholder, for an amount of US 5 million dollars and 490,653 ordinary shares to additional investors, in exchange for the US 525 thousand dollars," in accordance with the terms” of a private placement which was executed on June 1, 2015.
The directors of Litef Holdings are Martin and Benjamin Lieberman. The “additional investors” were “Mazouz and Weisselberger Genesis Investment, Limited Partnership, Mr. Erez Rozenbuch and Mr. Tomer Hefetz.”
After the acquisition of shares, Tefron explained, the Nouvelle Group, which includes Litef, “jointly hold approximately 57.71% of the issued and paid up share capital of the company and the voting rights therein and approximately 53.53% of the issued and paid up share capital of the company and the voting rights therein on a fully diluted basis.”
The report added that “Nouvelle and Messrs. Ben and Martin Lieberman, who are amongst the controlling shareholders of the company, signed on December 30, 2010, a commitment not to compete with the company in the field of seamless products for a limited period of 5 years as of the date of signing such non-competition letter of commitment. In the framework of the agreement it was agreed upon that Litef would join as a party to the letter of commitment regarding the non-competition, and it will remain in force as long as Nouvelle, Messrs. Ben and Martin Lieberman, and Litef, each on its own, are amongst the controlling shareholders of the company.”
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