TEL AVIV, Israel, June 17, 2013 /PRNewswire/ –

Elbit Imaging Ltd. (NASDAQ: EMITF) (the “Company“) announced today, that it has placed an Investor Relations Presentation relating to its restructure of corporate debt on the Company’s website at: http://www.elbitimaging.com under: “Investor Relations – Company, Presentation”.  

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers – Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii) U.S. Real Property – Investment in commercial real property in the United States; (iii) Hotels – Hotel operation and management; (iv) Medical Industries – (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v) Residential Projects – Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; (vi) Fashion Apparel – Distribution and marketing of fashion apparel and accessories in Israel; and (vii) Other Activity – venture capital investments.

Any forward-looking statements in our releases include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as “believe,” “expect,” “intend,” “estimate” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2011, under the caption “Risk Factors.” Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.  

For Further Information:

Company Contact:
Mordechay Zisser
Chief Executive Officer (CEO)
Tel: +972-3-608-6000
Motti@elbitimaging.com

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.i

SOURCE Elbit Imaging Ltd.

You should start by asking yourself how much money you need to borrow. Go over your finances and talk to your friends to see if you can borrow money. Try setting up a payment plan with your creditors so you only have to pay a fraction of what you owe right away. Borrow as little as possible to make paying your loan back easier. Regardless of the interest rate you get, paying your loan back will be easier if you borrow a small amount.

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Select a loan provider who has a license. Legal loans are offered only by professionals who are properly licensed. Any loan provider can apply for a license as long as they are ready to follow some guidelines. Licensed money lender providers have to offer reasonable interests and charges. They also have to go over the terms of the contract they offer with their clients.

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By Chikafumi Hodo and Nathan Layne

TOKYO (Reuters) – Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony Corp to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.

Loeb said his Third Point hedge fund had accumulated a little more than 6 percent of Sony’s shares – a stake worth $1.1 billion – making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV.

In a letter Loeb personally delivered to CEO Kazuo Hirai at Sony’s headquarters, the fund manager said Third Point was willing to put up another 200 billion yen ($1.97 billion) to support an initial public offering of up to a fifth of the entertainment arm, which includes one of Hollywood’s top film studios and a leading music label.

Loeb, 51, is one of the best known figures in the secretive hedge fund industry with a record of clashing with corporate executives over strategy, including engineering a successful boardroom shake-up at Yahoo Inc last year.

“HIDDEN GEM”

In his letter, Loeb endorsed Hirai’s attempts to revive Sony, but said the problems of the company’s electronics business distracted from the value of U.S.-based Sony Entertainment, an asset he called a “hidden gem”.

Loeb said the proposed spin-off of a unit that is home to artists such as Beyonce and Adele and produced movie franchises like “Iron Man” and “Spider-Man” could add another 60 percent to Sony’s stock price.

While Sony has sold off real estate and other assets to cover losses on consumer electronics, Hirai sees the entertainment business as core to the company’s long-held vision of marrying content and hardware.

“The entertainment businesses are important contributors to Sony’s growth and are not for sale,” Sony said in response to Loeb’s proposal. “We look forward to continuing constructive dialogue with our shareholders as we pursue our strategy.”

Hirai, a 52-year old Sony veteran who started his career in the music business, is due to give an update on his strategy for the company at a briefing in Tokyo on May 22.

JAPAN CHALLENGE

Sony shares have already doubled this year amid a rally in Japanese shares <.n225> as foreign investors bet economic policies of Prime Minister Shinzo Abe will pull the economy out of a two-decade slump.

Loeb cited the hopes for economic reforms raised by Abe in making his case for change at Sony.

“Sony stands at the crossroads of compelling corporate opportunity and massive Japanese economic reform,” Loeb wrote in the letter, which was made available to media. Corporate leaders like Hirai, he added, “can spearhead this important growth.”

Third Point’s flagship fund posted a return of 10.5 percent for investors in January-April, a time when the rest of the hedge fund industry lagged with an average return of just under 5 percent. The fund was helped by its positions in Yahoo, a bet on Greek government bonds and its holdings of Japanese shares.

After taking a stake in Yahoo, Loeb agitated successfully to oust the CEO and members of the Internet company’s board after charging that directors were living in “an illogical Alice-in-Wonderland world.”

But Loeb does not have a well-known track record in Japan where activist investors have had little success, rebuffed by corporate boards packed with insiders and creditor banks that tend to side with management in maintaining the status quo.

Investors and analysts have argued for years that Sony could be worth more in a break up because of a decade-long slump in its electronics business as it ceded ground to rivals such as Apple Inc in portable music and Samsung Electronics in flat panel TVs.

RIGHTS OFFERING

Rather than a traditional IPO, Loeb has proposed selling a 15-20 percent stake in Sony Entertainment through a rights offering to existing Sony shareholders. The move would allow the parent company to shift some debt off its balance sheet.

Taking the unit public would provide incentives for its executives to run the operations more efficiently. Raising its profit margins to the industry average could in theory add another 625 billion yen in market value, Loeb said.

Loeb cited Sony Financial , the profitable insurance arm that was spun-off but is still majority-owned by Sony, as an example of how the move could be beneficial for the group.

Most importantly, the cash generated could be used to help streamline the electronics business, which suffers from a lack of focus even after Hirai took the helm from former CEO Howard Stringer in 2012, Loeb said.

Hirai’s strategy to revive Sony in consumer electronics is to focus on cameras, PlayStation game consoles and smartphones.

Loeb’s proposal could trigger buying of Sony’s stock, said Tetsuro Ii, chief executive of Tokyo-based fund manager Commons Asset Management. Sony closed Tuesday up 1.2 percent at 1,877 yen, valuing the entire company at $19 billion.

“Be it Sony or Panasonic , at the end of the day these electronics companies have to do something. It’s not a bad thing that this option exists,” Ii said.

(Reporting by Nathan Layne, Emi Emoto, Tim Kelly and Chikafumi Hodo; Editing by Edwina Gibbs and Ian Geoghegan)

NEW YORK, May 13, 2013 /PRNewswire/ – CIFC Corp. (NASDAQ: CIFC) (“CIFC” or the “Company”) today announced its results for the first quarter ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20111114/NY06218LOGO )

Highlights for the First Quarter 2013

• Economic Net Income (“ENI”, a non-GAAP measure) for the quarter was $6.2 million, an increase of 175% compared to $2.3 million for the same period in the prior year. 
• ENI management fees for the quarter were $14.0 million, an increase of 20% compared to $11.6 million for the same period in the prior year. 
• GAAP net income for the quarter was $2.8 million, an increase of 75% compared to $1.6 million for the same period in the prior year. 
• The Company sponsored two newly issued CLOs that represent approximately $1.0 billion of new loan-based Fee Earning Assets Under Management (“Fee Earning AUM” or “AUM”).
• Fee Earning AUM from loan-based products totaled $12.4 billion as of March 31, 2013 compared to $10.4 billion as of March 31, 2012. 
• On May 10, 2013, the Company announced its plan to enter into a strategic relationship with HarbourVest Partners, LLC (“HarbourVest”), a leading, global private markets investment firm for over 30 years and an established investor in mezzanine and European senior loans. HarbourVest plans to offer investment opportunities in U.S. senior secured loans exclusively with CIFC.

Executive Overview

“We had a strong first quarter with asset management fee revenues and Economic Net Income increasing significantly over the prior year quarter. We sponsored two newly issued CLOs totaling $1.0 billion and our loan-based AUM increased (after normal attrition) to $12.4 billion from $11.8 billion at December 31, 2012 and from $10.4 billion at March 31, 2012. Also, we are excited to be teaming up with HarbourVest and see significant opportunity to jointly deliver investment solutions focused on private debt.  We continue to focus on growth in this market environment,” said Peter Gleysteen, President and Chief Executive Officer.

First Quarter 2013 Financial Overview

CIFC reported ENI of $6.2 million for the first quarter of 2013, compared to $2.3 million for the same period in the prior year. ENI increased period to period by $3.9 million primarily as a result of the increase in (i) incentive fees as more CLOs reached their incentive fee hurdles compared to the first quarter of the prior year, (ii) senior and subordinated management fees from the issuances of five new CLOs and the acquisition of four CLOs since the first quarter of 2012 and (iii) net investment income from realized gains due to the settlement on two warehouses. These increases were partially offset by (i) higher unrealized losses on investments in CLOs and warehouses due to the softening in CLO equity prices during the period, (ii) principal paydowns, calls and redemptions of certain legacy CLOs and CDOs as well as (iii) higher expenses to support the continued growth of the Company.

CIFC reported GAAP net income attributable to CIFC Corp. of $2.8 million for the first quarter of 2013, compared to $1.6 million in the same period of the prior year. GAAP operating results increased by $1.2 million from the prior year period, primarily due to the activity noted above, decreases in net losses on contingent liabilities due to changes in expected performance on certain CLOs and the absence of restructuring costs during the current period. These increases were slightly offset by higher taxes and increases in compensation and professional fees to support the continued growth of the Company. In addition, during the first quarter of 2012, CIFC recorded a gain on sale from Gillespie CLO PLC (“Gillespie”, a European CLO) of $5.8 million.

Fee Earning AUM

Investment advisory fees earned from investment products the Company manages on behalf of third party investors are the Company’s primary source of revenue. These fees typically consist of senior and subordinated management fees based on a percentage of the investment product’s assets and, in some cases, incentive fees based on the returns the Company generates for investors in the products.

The Company’s total loan-based Fee Earning AUM increased by $0.5 billion from December 31, 2012, primarily as a result of the issuance of two new CLOs with AUM of approximately $1.0 billion partially offset by the call of two CLOs and declines in fee earning AUM for certain CLOs which have reached the end of their contractual reinvestment periods, after which periods capital is returned to investors as the loan assets underlying the CLOs repay principal. Incentive fees are generally paid to the Company as CLOs mature when the relevant return hurdles and certain other restrictions have been met.

The following table summarizes Fee Earning AUM for the Company’s significant loan-based products (1):

Total loan-based Fee Earning AUM activity for the quarter ended March 31, 2013 is as follows ($ in thousands):

Liquidity

As of March 31, 2013, the Company’s total liquidity was comprised of unrestricted cash and cash equivalents of $39.1 million, warehouse investments of $15.3 million and investments of $60.2 million. The decrease of $8.6 million in cash and cash equivalents from $47.7 million as of December 31, 2012, was primarily attributable to (i) net new investments in equity of CLOs and warehouses during the period and (ii) a bridge loan provided by the Company to a third party investor in a warehouse investment, which was subsequently repaid in April. This was partially offset by (i) proceeds received from the settlement of two warehouses related to the two CLOs that were issued in the quarter, and (ii) quarterly operating cash flow.

Non-GAAP Financial Measures

The Company discloses financial measures that are calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“Non-GAAP”) as follows:

ENI is a non-GAAP financial measure of profitability which management uses in addition to GAAP to measure the performance of its core business. The Company believes ENI reflects the nature and substance of the business and the economic results driven by investment advisory fee revenues from the management of client funds and earnings on the Company’s investments. ENI represents net income (loss) attributable to CIFC Corp. before taxes, realized and unrealized gains (losses) on dispositions of non-core assets, a portion of non-cash compensation related to profits interests granted by CIFC Parent Holdings LLC (a significant stockholder in the Company) in June 2011, amortization and impairments of intangible assets, gains/(losses) on derivatives and liabilities and certain non-recurring operating expenses and strategic transaction expenses (such as those associated with the mergers and acquisitions).  ENI also presents investment advisory fee revenues net of any fee-sharing arrangements primarily resulting from mergers or acquisitions. 

Adjusted EBIT and Adjusted EBITDA are also non-GAAP financial measures that management considers, in addition to net income (loss) attributable to CIFC Corp., to evaluate the Company’s core performance. Adjusted EBIT represents ENI before corporate interest expense and Adjusted EBITDA represents Adjusted EBIT before depreciation of fixed assets, a non-cash item.

ENI, Adjusted EBIT and Adjusted EBITDA may not be comparable to similar measures presented by other companies, as they are non-GAAP financial measures that are not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, ENI, Adjusted EBIT and Adjusted EBITDA should be considered an addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.

A detailed calculation of ENI, Adjusted EBIT and Adjusted EBITDA and a reconciliation to the most comparable GAAP financial measure is included in the Appendix.

[Financial Tables to Follow in Appendix]

About CIFC

CIFC is a fundamentals-based, relative value credit manager. Our senior management team averages 30 years of credit experience having managed credit businesses in every cycle since the 1980′s. Headquartered in New York, CIFC is an SEC registered investment adviser and a publicly traded company (NASDAQ: CIFC). We currently serve over 200 institutional investors globally. For more information, please visit CIFC’s website at www.cifc.com.

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect CIFC’s current views with respect to, among other things, CIFC’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. CIFC believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. CIFC undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Appendix – Table of Contents

• Summary reconciliation of GAAP net income (loss) attributable to CIFC Corp. to Non-GAAP measures (ENI, Adjusted EBIT and Adjusted EBITDA) for the Three Months Ended March 31, 2013 and 2012 (unaudited) 
• Reconciliation of GAAP to Non-GAAP measures (GAAP basis Statement of Operations are adjusted to exclude the consolidation of VIEs) for the Three Months Ended March 31, 2013 and 2012 (unaudited) 
• Reconciliation of GAAP to Non-GAAP measures (GAAP basis Balance Sheets are adjusted to exclude the consolidation of VIEs) as of March 31, 2013 and December 31, 2012 (unaudited)