UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of March, 2000
Koor Industries Ltd.
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(Translation of registrant's name into English)
4 Kaufman Street, Tel-Aviv, 68012, Israel
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
FORM 20-F X FORM 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of
1934.
YES NO X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-_____
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
/s/ Shlomo Heller
- -------------------------------- Date: March 20, 2000
By: Shlomo Heller
Title: General Counsel and
Company Secretary
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EXHIBIT DESCRIPTION
A A. Translation from Hebrew to English of an Immediate
Report (the "Report"), which was served on the Israeli
Securities Authority, The Tel-Aviv Stock Exchange Ltd. and
the Registrar of Companies, on March 16, 2000, regarding
the Agreement signed between Tadiran Ltd. and Electric Fuel
Corporation.
[LOGO] KOOR INDUSTRIES LTD.
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OFFICE OF LEGAL COUNSEL
21 Ha'arba'a Street
Tel Aviv 64739
Israel
Tel: 972-3-6238420
Fax: 972-3-6238425
16 March 2000
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The Securities Authority The Tel Aviv Stock Exchange The Registrar of Companies
22 Kanfei Nesharim St. 54 Ahad Ha'am St. 97 Yafo St.
Jerusalem 95464 Tel Aviv 65202 Jerusalem 91007
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Fax: 02-6513940 Fax: 03-5105379
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Dear Sirs,
RE: IMMEDIATE REPORT - KOOR INDUSTRIES LTD. (NO. 12/2000)
COMPANY NO. 52-001414-3
Koor Industries Ltd. hereby announces the following:
Yesterday, an Agreement was signed between Tadiran Ltd. (hereinafter
"Tadiran", a wholly owned subsidiary of Koor) and Electric Fuel Corporation
(hereinafter: "EFC"), a public company registered in the State of Delaware,
USA, which shares are traded in NASDAQ.
According to the Agreement, Tadiran will transfer all of its holdings
(100%) in Tadiran Batteries Ltd. (hereinafter: "Batteries") to EFC, and in
consideration EFC will issue to Tadiran a total of 2,335,767 shares
(subject to adjustments, in accordance with the price of the share on the
market during a period defined in the Agreement). Parallel to that, at the
time the transaction is executed, Koor will invest in EFC the total sum of
10.5 million dollars and in consideration EFC will issue to Koor a total of
613,139 shares.
After the issuance of shares is executed, Koor will hold, directly and
indirectly, approximately 14% of EFC's capital share and Koor will have the
right to appoint a Director in EFC's board of directors.
EFC's Share price at the end of yesterday's business day was 18.125 dollars
per share, and in accordance, the return in shares received by Tadiran for
Batteries equals 42.3 million dollars.
The completion of this transaction is dependent on various approvals,
including the approval of the Restrictive Trade Commissioner.
Yours sincerely,
Shlomo Heller, Adv.
Legal Counsel
