Almada Ventures to Distribute Up to $8 Million to Unit Holders
Translated & summarized from Bizportal by baba
Almada Ventures received court approval to distribute up to $8 million to its unit holders, completing a plan that could return a total of $12 million. The distribution is funded by the sale of Bioprotect to Olympus for $270 million. This move signals a shift towards returning capital to investors, similar to a venture capital fund, while the company retains significant assets.
The story in 5 lines · by baba
- Almada Ventures approved to distribute up to $8 million to unit holders by court.
- Total distributions could reach $12 million, following two prior payouts.
- Funds for distribution stem from the $270 million sale of Bioprotect to Olympus.
- The company will retain approximately $4.1 million in cash and $13 million in assets.
- The distribution marks a shift towards returning capital, akin to a venture capital fund.
The Tel Aviv District Court has approved Almada Ventures, a limited partnership, to distribute up to $8 million through a capital reduction. This marks the final stage of a plan that has already seen two distributions of approximately $2 million each, bringing the total potential return to unit holders to around $12 million. Almada Ventures, a public R&D partnership established in 2020 and listed on the Tel Aviv Stock Exchange, focuses on investments in digital health, medical devices, and BioConvergence. The company's stock is currently trading around 248 agorot per unit, with a market capitalization of approximately NIS 48 million. The primary source of funds for this distribution is the sale of Bioprotect to Japan's Olympus for $270 million, in which Almada's share was about $12.6 million against an investment of $4.4 million. The court's approval is conditional on the distribution being completed within six months, and the exact amount per unit and ex-date are still to be announced. This move shifts Almada's operational model closer to that of a venture capital fund, returning realized proceeds to investors rather than accumulating capital for new investments. Despite the distribution, Almada will retain approximately $4.1 million in cash and liquid investments, along with a portfolio of significant holdings valued at over $13 million, including Nurami Medical, TaylorMade, and Clanz (Sensy).