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Oil Refineries Publishes Shelf Prospectus and Presents Other Announcements

HAIFA, Israel, November 26, 2012 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"), Israel's largest integrated refining and petrochemical group, announced that it has filed a shelf prospectus in Hebrew.

This Prospectus will grant Oil Refineries flexibility in terms of time and scope of the capital raising, while enabling the Company to issue a broad variety of securities, as follows:

  • Up to 600 million Ordinary shares of the Company in the value of NIS 1 each.  
  • Up to 10 bond series, where each series will have a nominal value of up to NIS 2 billion.
  • Up to five convertible bond series, where each series will have a nominal value of up to NIS 2 billion.
  • Up to five series of share options, where each of the option series will include no more than 500 million options, with an exercisable value of NIS 1 each
  • Up to five series of bond options, where each of the option series will include no more than 20 million options, with an exercisable value of NIS 100 each.
  • Up to the value of NIS 2 billion in bonds (Series A), issued to expand the series of marketable securities traded, which was initially issued according to the Company's prospectus dated November 28, 2007.
  • Up to the value of NIS 2 billion in bonds (Series B), issued to expand the series of marketable securities traded, which was initially issued according to the Company's 2007 prospectus.

The shelf prospectus does not include an offer to the public and there is no certainty that the company will raise capital according to it.

The company also released a supplementary report to the chapter on the Company's Description in the financial statements for 2011 with information which is included in the financial statements as of 30.09.2012.  A convenience translation of the financial statements as of 30.09.2012 is available on the Company's website under the heading "Investors Relations" "Company Notices".

The Company also announced a revised transaction report pertaining to its Extraordinary General Meeting of its shareholders on December 2, 2012 at 11:00 a.m. at the Company's offices on the 26th floor of the Square Tower in the Azrieli Towers Complex, 132 Menahem Begin Street, Tel Aviv.  

The key change to the report includes updated text of the resolution - to exclude from the resolution the granting to Mr. David Federman of an exemption from liability.  The updated transaction report can be found on the Company's website under the heading "Investors Relations" "Company Notices."

About Oil Refineries Ltd.

Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest integrated refining and petrochemical group. It is one of the leading refineries in the Eastern Mediterranean area and integrates, on-site, petrochemical businesses. ORL runs sophisticated and state-of-the-art industrial facilities with a refining capacity of 9.8 million tons of crude oil per year and a Nelson Complexity Index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. Besides production of fuels, the company produces in its wholly owned subsidiaries Polymers (through Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd), and Lube-Oils (through Haifa Basic Oils Ltd). The Company's shares are listed on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit http://www.orl.co.il.

ORL is controlled by the Israel Corporation Ltd. and Israel Petrochemical Enterprises Ltd., both public companies whose shares are traded on the Tel Aviv Stock Exchange.

The above noted in this release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's report.

Company Contact:
Rony Solonicof
Chief Economist and Head of
Investor Relations
Tel. +972-4-878-8152
Contact IREn@orl.co.il

Investor Relations Contact:
Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
info@ccgisrael.com 

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