I'm surprised that you haven't discussed this press release from two days ago:
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Rada Announces the Resignation of Meir Shariv, Yair Grinberg and Itzhak Almog, as Directors, as Part of the Company's Re-Organization Efforts
HERZELIYA PITUACH, Israel, Nov. 17 /PRNewswire/ -- Rada Electronic Industries Ltd. (Nasdaq: RADIF), a leading aerospace electronic business, today announced that Messrs. Meir Shariv, Yair Grinberg and Itzhak Almog, have resigned from the Board of Directors of the Company. Such resignations were made in connection with the Company's newly implemented reorganization efforts.
An important aspect of the Company's reorganization efforts is its search for a strategic alliance or investor. In order to better facilitate this search, Messrs. Shariv and Almog submitted their resignations in order to permit the appointment of designees of such strategic partners, if found, to the Board. These resignations were submitted after discussions with Mr. Herzle Bodinger, Rada's President and Chairman of the Board. Shortly after the resignation of Messrs. Shariv and Almog, Mr. Grinberg submitted his resignation.
An important aspect of the Company's reorganization efforts is a plan to reduce the Company's ongoing costs which will be achieved through the dismissal of personnel and the disposition of assets. Mr. Bodinger intends to present the Company's reorganization plan to shareholders at the upcoming Annual General Meeting of Shareholders to be held at 10:00 a.m. local time, on Thursday, December 17, 1998, at the Roosevelt Hotel, in the Fashion Suite, 2nd, 45 East 45th Street, New York, New York 10016.
Rada Electronic Industries Ltd. is a leading niche aerospace business focused on avionics testing and post-flight debriefing (Top Gun) systems for commercial and military aviation.
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How do you read this? It could be that they will put 3 Boeing people on the board, and thus this is an indication that the deal will most likely go through? However, I'm concerned by the wording "search for a strategic alliance or investor." That sounds as though they don't have one, and perhaps the Boeing deal has fallen through, and these guys left as a result of that. |
