Filing Details
- Accession Number:
- 0001178913-20-000500
- Form Type:
- 13G Filing
- Publication Date:
- 2020-02-18 06:12:52
- Filed By:
- Idb Development Corp Ltd
- Company:
- Gilat Satellite Networks Ltd (NASDAQ:GILT)
- Filing Date:
- 2020-02-18
- SEC Url:
- 13G Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| IDB Development Corporation Ltd | 0 | 0 | 0 | 0 | 0 | 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC Page 2 of 7 pages CUSIP NO.M51474118 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Eduardo Sergio Elsztain 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Israel NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 324,156 Ordinary Shares 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 324,156 Ordinary Shares 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 324,156 Ordinary Shares 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.59% |
| Eduardo Sergio Elsztain | 0 | 324,156 | 0 | 324,156 | 324,156 |
Filing
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
SCHEDULE 13G
Under the Securities Exchange Act of 1934
| GILAT SATELLITE NETWORKS LTD. | ||
| (Name of Issuer) | ||
| Ordinary Shares NIS 0.20 nominal value | ||
| (Title of Class of Securities) | ||
| M51474118 | ||
| (CUSIP Number) | ||
| December 31, 2019 | ||
| (Date of Event Which Requires Filing of this Statement) | ||
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐ Rule 13d-1(b)
☒ Rule 13d-1(c)
☐ Rule 13d-1(d)
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act")
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP NO.M51474118
| 1 | NAMES OF REPORTING PERSONS | | | ||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | | | |||
| IDB Development Corporation Ltd. | | | |||
| | | ||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
| (a)☐ | |||||
| (b)☐ | | | |||
| 3 | SEC USE ONLY | | | ||
| | | | |||
| | | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | ||
| Israel | | | |||
| | | ||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | | | |
| 0 | | | |||
| | | ||||
| 6 | SHARED VOTING POWER | | | ||
| 0 | | | |||
| | | ||||
| 7 | SOLE DISPOSITIVE POWER | | | ||
| 0 | | | |||
| | | ||||
| 8 | SHARED DISPOSITIVE POWER | | | ||
| 0 | | | |||
| | | ||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | | ||
| 0 | | | |||
| | | ||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | | | ||
| ☐ | | | |||
| | | ||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | | | ||
| | | | |||
| | | ||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | | | ||
| HC | | | |||
| | | ||||
CUSIP NO.M51474118
| 1 | NAMES OF REPORTING PERSONS | | | ||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | | | |||
| Eduardo Sergio Elsztain | | | |||
| | | ||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
| (a)☐ | |||||
| (b)☐ | | | |||
| 3 | SEC USE ONLY | | | ||
| | | | |||
| | | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | ||
| Israel | | | |||
| | | ||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | | | |
| 0 | | | |||
| | | ||||
| 6 | SHARED VOTING POWER | | | ||
| 324,156 Ordinary Shares * | | | |||
| | | ||||
| 7 | SOLE DISPOSITIVE POWER | | | ||
| 0 | | | |||
| | | ||||
| 8 | SHARED DISPOSITIVE POWER | | | ||
| 324,156 Ordinary Shares * | | | |||
| | | ||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | | ||
| 324,156 Ordinary Shares * | | | |||
| | | ||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | | | ||
| ☐ | | | |||
| | | ||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | | | ||
| 0.59% ** | | | |||
| | | ||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | | | ||
| IN | | | |||
| | | ||||
*See Item 4. The 324,156 Ordinary Shares consist of (i) 321,751 Ordinary Shares held directly by Epsilon Investment House Ltd. ("Epsilon" and the “Epsilon Shares”), a subsidiary of Discount Investment Corporation Ltd., an Israeli public corporation (“Discount Investment”) and (ii) 2,405 Ordinary Shares held by Cellcom Israel Ltd. ("Cellcom" and the “Cellcom Shares”), an indirect subsidiary of Discount Investment.
** Based on 55,493,258 Ordinary Shares outstanding as of December 31, 2019 (according to publicly available information provided by the issuer).
Item 1.
| (a) | Name of Issuer: Gilat Satellite Networks Ltd. (the "Issuer"). |
| (b) | Address of Issuer’s Principal Executive Offices: Gilat House, 21 Yegia Kapayim Street, Kiryat Arye Petah Tikva 49130, Israel |
Item 2.
(a) Name of Person Filings:
Eduardo Sergio Elsztain
IDB Development Corporation Ltd.
| (b) | Address of Principal Business Offices or, if none, Residence: |
Eduardo Sergio Elsztain - 108 Bolivar St. (C1006AAD) Ciudad Autónoma de Buenos Aires, Argentina.
IDB Development Corporation Ltd. – ToHa Building, 114, Igal Alon Street. Tel Aviv, Israel
| (c) | Citizenship or Place of Incorporation: |
Mr. Elsztain - Argentina
IDB Development Corporation Ltd. – Israel
| (d) | Title of Class of Securities: |
Ordinary Shares, NIS 0.20 par value per share (the “Ordinary Shares”).
| (e) | CUSIP Number: |
M51474118
| Item 3. | If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: |
Not applicable.
| Item 4. | Ownership |
Mr. Elsztain holds indirectly, through companies in his control (i) 100% of the shares of IDB Development, and (ii) 83.77% of the shares of Discount Investment. Discount Investment holds 68.75%
of the shares of Epsilon. Discount Investment holds 100% of the shares of Koor Industries Ltd. which in turn holds 45.62% (47.92% of the voting rights) of the shares of Cellcom.
All of the Epsilon Shares are held by mutual funds, which are managed by Epsilon Investment House Ltd. and/or Epsilon Mutual Funds Management (1991) Ltd. . Epsilon Investment
House Ltd. and Epsilon Mutual Funds Management (1991) Ltd. each operates under independent management and makes independent investment decisions and has no voting power in the securities held in such client accounts. Consequently, this Statement
shall not be construed as an admission by Mr. Elsztain that he is the beneficial owner of any Ordinary Shares held by Epsilon covered by this Statement.
| (a) | Amount beneficially owned: see row 9 of cover page of the reporting persons. |
| (b) | Percent of class: see row 11 of cover page of the reporting persons |
| (c) | Number of shares as to which such person has: |
| (i) | Sole power to vote or to direct the vote: see row 5 of cover page of the reporting persons |
Page 4 of 7 pages
| (ii) | Shared power to vote or to direct the vote: see row 6 of cover page of the reporting persons and note in Item 4 above. |
| (iii) | Sole power to dispose or to direct the disposition of: see row 7 of cover page of the reporting persons |
| (iv) | Shared power to dispose or to direct the disposition of: see row 8 of cover page of the reporting persons and note in Item 4 above |
| Item 5. | Ownership of 5 Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☒. Eduardo Elsztain IDB Development Corporation Ltd. |
| Item 6. | Ownership of More than 5 Percent on Behalf of Another Person Not applicable. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person |
CO - Discount Investment Corporation Ltd.
CO - Epsilon Investment House Ltd.
CO - Koor Industries Ltd.
CO - Cellcom Israel Ltd.
| Item 8. | Identification and Classification of Members of the Group Not applicable. |
| Item 9. | Notice of Dissolution of Group Not applicable. |
Item 10. Certifications
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
Page 5 of 7 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| February 16, 2020 |
| BY: IDB DEVELOPMENT CORPORATION LTD. for itself and on behalf of EDUARDO SERGIO ELSZTAIN | |||
| By: | /s/ Eran Saar /s/ Aaron Kaufman | ||
| Eran Saar and Aaron Kaufman, authorized signatories of IDB DEVELOPMENT CORPORATION LTD., on behalf of Eduardo Sergio Elsztain, pursuant to an agreement annexed to the schedule 13G filed on November 12,
2019. | |||
Page 6 of 7 pages
EXHIBIT NO. DESCRIPTION
Page 7 of 7 pages