Dispute holds up capital for UAV co Aeronautics

Ron Stein and Ron Steinblatt Globes

The dispute between Aeronautics’s shareholders is mainly focused on who will inject the capital, how much, and at what valuation.

Sources inform ”Globes” that a dispute between the shareholders of unmanned aerial vehicle (UAV) maker Aeronautics Ltd. is holding up a capital injection needed for the company’s operations. In late 2011, the company fell into cash flow difficulties (which it claims have since been solved), and it posted a loss for the year.

Aeronautics needs the capital injection immediately, but the differing interests of its shareholders – founders Avi Leumi and Moshe Caspi, Avi Shaked and his late brother Aharon, Viola Private Equity, Poalim Capital Markets – Investment Bank Ltd., and debt recycling funds KCPS & Co. Ltd. and Bereshit Fund – have so far blocked an agreement on how to inject the capital into the company.

http://www.globes.co.il/serveen/globes/docview.asp?did=1000769971