Tazlina Global Ltd. and Gabay Group entered into a conditional agreement to acquire 53% stake in Engel Resources and Development Ltd. (TASE:ENRS) from GBES Limited on May 20, 2015. Under the terms, Tazlina and Gabay will acquire 2.87 million ordinary shares. The deal is subject to approval of the district court, approval of Engel Resources' bondholders for change of control, approval of Engel Resources' financing banks for change of control and financial criteria.

As of October 1, 2015, the term for satisfaction of all of the conditions has been extended to November 1, 2015. Oded Shamir, Chairman of the Board of Directors of Engel Resources and Director of Kimberly, has resigned. As of November 2, 2015, the completion of the transfer of shares in Engel Resources has been postponed to November 4, 2015.

If the conditions precedent is not satisfied in full by November 4, 2015, the deal will automatically expire and be terminated. The transaction is valid till November 30, 2015. Sandy Jamieson of Cairn Financial Advisers LLP acted as financial advisor for Kimberly.

Yuri Nechustan and Eyal Neiger were appointed as receivers for the shares. Sandy Jamieson and Avi Robinson of Cairn Financial Advisers LLP acted as financial advisor in this transaction.