Israeli Tax Forms have just been mailed out. They are distributed by First Clearing, LLC.
Looks like there is a 26% payable tax to the Israeli's. As well as a US Tax. Nice.
It states the cash payment is US$8.97 per share.
According my Scottrade person if you agree to the terms of BO you won't pay the Israeli tax.But apparently there is a $25 fee involved in this transaction. He wasn't clear on the transaction date but thought it'd be sooner than the 7/17 date. From all indications this will take a while. Lesson learned - sell an ADR stock before you end up waiting for the deal to seal, otherwise wait 6 months. Grrrr. Talk about dead money.....
No, Schwab just posted the ITA forms to avoid israeli withholding. And the deadline for those forms is July 17 at Schwab. I am trying to find out if those who submit forms right away and expect a payment sooner. American Stock Transfer is the paying agent and DF King in the information agent. I hope we don't have to wait that long. Can anyone else chime in particularly those who hold shares in their own name rather than street name.
The expiration date is 7/27/2015. The broker stated,the transfer agent is mailing forms out to avoid the 25% Israeli withholding tax and are waiting till 7/27/2015 to get all the forms back and payout the funds The Deal CLOSES ON 7/27/2015!
I got this email from my broker, how is this a non-mandatory reorganization or mini tender offer? I am missing something?
"Description: CIMATRON LTD (ISRAEL)
The above-listed stock is part of a non-mandatory reorganization or tender offer, which currently expires on 07/27/2015.
Where to find more information: •For offers initiated by the company, information can often be found on the company's website.
•If the offer was initiated by a third party, additional information can be obtained by contacting your local Scottrade team.
•For mini-tender offers, the US Securities and Exchange Commission has urged caution. To review an SEC educational piece entitled "Mini-Tender Offers: Tips for Investors," go to http://www.sec.gov/investor/pubs/minitend.htm."
Schwab told me that the effective date was 2/10/2015 and they are waiting on receiving the cash from the depository trust company. The person I talked to said that they don't receive word on when that will be and don't have any more info than I do, but he estimated a week or two based on past transactions he has seen. Take that with a grain of salt.
Expect delays on getting your money. The last bought out Israeli company I invested in took a month after delisting before I received the money. Proxy calls for a W-9 form to be filed related to backup withholding.