SCHEDULE 13G/A: Phoenix Financial Ltd. Discloses 18.56% Stake in Gilat Satellite Networks
Beneficial Ownership Report
Phoenix Financial Ltd. has filed an amended Schedule 13G, reporting a beneficial ownership of 18.56% of Gilat Satellite Networks Ltd.'s ordinary shares as of December 31, 2024.
Summary
- Phoenix Financial Ltd. reported beneficial ownership of 10,584,499.71 ordinary shares of Gilat Satellite Networks Ltd.
- This stake represents 18.56% of Gilat Satellite Networks Ltd.'s total ordinary shares outstanding.
- The ownership percentage is calculated based on 57,017,032 ordinary shares outstanding as of January 21, 2025, as reported on Bloomberg LP.
- The shares are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix Financial Ltd., which manage their own funds and/or funds of others.
- The beneficial ownership is distributed among: The Phoenix Investments House trust funds (235,445.05 shares or 0.41%), The Phoenix nostro accounts (1,150,507 shares or 2.02%), Partnership for Israeli shares (8,959,735 shares or 15.71%), and Partnership for investing in shares indexes (238,812.66 shares or 0.42%).
- Phoenix Financial Ltd. and its subsidiaries disclaim the existence of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934 and any beneficial ownership of the securities in excess of their actual pecuniary interest.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, providing neutral information without indicating positive or negative performance or outlook.
Risks
- The filing persons and subsidiaries disclaim that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.
Industry Context
This filing provides transparency on a significant institutional ownership stake in Gilat Satellite Networks Ltd., a company operating in the satellite communications sector. It does not offer broader insights into industry trends or competitive landscape.
Related Party Transactions
- The filing indicates that ownership rights in 'Partnership for Israeli shares' and 'Partnership for investing in shares indexes' belong to companies that are part of the Phoenix Group, suggesting internal group dealings related to the beneficial ownership structure.
Stakeholder Impact
- Shareholders: Provides transparency regarding a significant institutional holding in Gilat Satellite Networks Ltd., which can influence market perception and trading activity.
Key Dates
| Date | Description |
|---|---|
| 2019-12-12 | Date of resolution of the Board of Directors of Phoenix Financial Ltd. (Exhibit 1 incorporated by reference). |
| 2022-03-13 | Date of previous Schedule 13G filing where Exhibit 1 was incorporated by reference. |
| 2024-12-31 | Date of event which requires filing of this statement (ownership snapshot date). |
| 2025-01-21 | Date as of which the number of outstanding shares (57,017,032) was reported on Bloomberg LP. |
| 2025-02-10 | Date of signing of the Schedule 13G filing by Eli Schwartz and Haggai Schreiber. |
Keywords
Gilat Satellite Networks, Phoenix Financial Ltd., Schedule 13G, Beneficial Ownership, Institutional Investor, Shareholding, Satellite Communications, SEC Filing, Israel
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