Benzinga | Jun 9, 2021 03:51PM EDT

Magal Security Systems Reports In 6K Filing On June 9 Co Published Notice Of Motion For Approval Of Distribution Pursuant To Section 303(a) Of Israeli Companies Law

On June 9, 2021, the Company published a Notice of Motion for the Approval of a Distribution Pursuant to Section 303(a) of the Israeli Companies Law, 5759-1999.Pursuant to the Motion, the District Court in Tel Aviv, Israel (the "Court") is being requested to approve a cash distribution of up to US$40 million to the Company'sshareholders during the period commencing on the date of: (a) receipt of the Court's approval of the Motion; and (b) following the sale of the Integrated SolutionsDivision/Projects segment of the Company, and ending six (6) months from the approval of the Motion by the Court