DGAP-News: Metis Capital Ltd.: Metis claims immediate approval of winning bid at the licitation

Metis Capital Ltd. / Legal Matter

24.02.2009 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Tel Aviv/ Israel; February 24, 2009 - Further to the report of Metis
Capital Ltd. (Prime Standard: EIC; TASE: MTSC) of February 23nd, 2009 and
in compliance with the request of the Securities Authority, Metis clarifies
as follows:

As far as known to Metis, Mr. Arkady Gaidamak and the Elecsar System LTD.
filed a petition with the Court on February 16th, 2009 for joining as
respondents in the receivership case, for staying the licitation
proceedings, as well as for enabling further bidders to make bids
concerning the shares thus sold.

The District Court in Tel Aviv ruled that, as the licitation proceeding had
been conducted, there was no longer point in this part of the petition, and
also that the above petitioners and the Company would be brought in as
respondents to the receivership case. The official receiver, Dr. Yossi
Cohen, informed the Court that he was about to make application for
instructions, pursuant to which the Court would be requested to approve the
sale of the shares to Metis as soon as possible.

The Court ruled that a hearing on the official receiver's petition for
approving the sale as stated, as well as on the above petitioners'
objection, would be held at the beginning of next week.

It is the Company's intention to make its position known in the next few
days concerning the objection on the part of that small fraction of
bondholders at the General Meeting, as well as about the position taken by
the above petitioners. Put succinctly, the Company holds the position that
the winning bid at the licitation has to be approved immediately.

In its comments, it will make reference to the fact that the opponents are
an exceedingly small minority among the bondholders that holds about 5.4%
of the total nominal value of the series of bonds in question, and also to
the fact that no other offer has been received that outbids the Company's
offer, which was established as the winner in the licitation proceeding,
and this despite the long period of time that has elapsed from the
publication of the licitation proceeding about two months ago till the
present.



Contact:
Metis Capital Ltd.
Ilan Engel, CFO
Phone:  +972-3-537 3000
E-mail:  investor@metis-capital.com

Janina Wismar
Investor Relations
Phone: +49-40-60918650
E-mail: janina.wismar@kirchhoff.de


DGAP 24.02.2009 
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Language:     English
Issuer:       Metis Capital Ltd.
              30 Hamasger Street
              61090 Tel-Aviv
              Israel
Phone:        +972 (03) 537-3000
Fax:          +972 (03) 537-4000
E-mail:       investor@metis-capital.com
Internet:     www.metis-capital.com
ISIN:         IL0003570129
WKN:          936734
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News                                     DGAP News-Service
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