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Internet Gold’s Board Approves Share Buyback Program
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PETACH TIKVA, Israel, November 29, 2007 –Internet Gold Golden Lines Ltd., (NASDAQ NMS and TASE: IGLD) today announced that its Board of Directors has authorized the repurchase of up to NIS 70 million, (approximately U.S. $18 million) of the Company’s ordinary shares. The repurchases will be made from time to time in the open market on the NASDAQ Global Market and Tel Aviv Stock Exchange. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time.
Commenting on the announcement, Mr. Eli Holtzman, CEO of Internet Gold, said, “We have initiated our stock repurchase program in view of the current market price for our shares which we believe is far below the Company’s true value and its future growth prospects. The business strategy that we have been executing over the past year and a half has tripled our revenues and profits, and positioned us favorably for additional significant growth. We are now shifting into a new growth phase with the goal of expanding our penetration of domestic communications and media markets while capitalizing on high-potential international opportunities. As such, our Board believes that we are on a road that will create significant value for our shareholders, making it prudent for us to invest in our shares which we believe are undervalued.”
About Internet Gold
Internet Gold is one of Israel's leading communications groups with a major presence across all Internet-related sectors. Its 73.3% owned subsidiary, 012 Smile.Communications Ltd., is one of Israel's major Internet and international telephony service providers, and one of the largest providers of enterprise/IT integration services. Its 100% owned subsidiary, Smile.Media Ltd., manages a growing portfolio of Internet portals and e-Commerce sites.
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