Courtesy of Benzinga.
Partner Communications Company Ltd. (Nasdaq: PTNR) announces that it was served with a motion to approve the filing of a derivative claim and a copy of the derivative claim which were filed in the Economic Division of the Tel Aviv-Jaffa District Court on November 24, 2011 by a person who claims to hold 100 shares of the Company.
The Claim alleges, inter alia, that the said directors breached their duty of care towards the Company by resolving to raise capital through notes and by approving dividend distributions, in order to assist the parent company in repayment of the financing it undertook to acquire the controlling stake in the Company, all of which were not in the Company’s best interest. The Applicant alleges that due to the breach of the duty of care, the Company suffered the following damages: finance expenses in connection with the issuance of the notes in the amount of NIS 653 million and the inability to deduct these finance expenses from taxation in the amount of NIS 150 million. The Applicant alleges that the directors should be liable for these damages.
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