פרקליטות המדינה לביהמ"ש: לא להסיר את חסינותו של מנהל רת"א בתביעת לשון הרע נגדו
Company denies relation with generous appraisal by Giza last week
New Kopel (TASE: NKPL ) plans to raise some NIS 250 million during 2003, according to a board resolution made on Thursday.
The company will raise the money by securitizing cash flow from leasing transactions.
The board also decided to reorganize the company's structure. It will split up and expand its marketing into three separate divisions, by Comverse type: strategic customers, corporate customers, and small businesses.
Previously, marketing had been carried out in two divisions, says the company's CFO, Ran Shaked: one for sales, the other for customer maintenance. Now New Kopel wants to focus more attention on leasing for businesses.
Under the company's expansion plan, it signed an agreement with Leumi Card, of the Bank Leumi (TASE: LUMI ) group, for the transaction and clearing of leasing deals.
Last Thursday New Kopel announced that an appraisal by the Giza investment house, made for the company's internal use, evaluated New Kopel at NIS 204 million. That figure was 208% above the company's market cap that day.
Giza reached its value using the discounted cash flow method. The company's surplus financial liabilities totaled NIS 1.1 billion, therefore the entire value of its operations minus its surplus liabilities comes to NIS 258 million. Giza subtracted NIS 54 million from that sum, for stock options given to company executives in 1999, and warrants incorporated in the company's bonds.
Shaked says there is no relation between the appraisal and the company's intention to raise money on the capital market. This would be the company's second funding effort, after it raised NIS 36 million in November 2002 through securitization.
For the first nine months of 2002, New Kopel reported netting NIS 19.5 million, up 48% from the parallel period of 2001. Its revenues totaled NIS 420 million, 19% than achieved in the parallel nine months of the prior year.
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