Global City Holdings
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14

Dec

Current report No.42/2007 dated 13 December 2007 - Transaction in the Company shares by insiders

Cinema City International N.V. with its seat in Amsterdam, The Netherlands, (the "Company") informs that on 13 December 2007 the Company was informed by two members of the Board of Managing Directors of the Company that their affiliated company (in the meaning of art. 160.2 of the Polish Act on Trading in Financial Instruments dated 29 July 2005), i.e., the Company’s majority shareholder – I.T. International Theatres with its registered office in Herzlia Pituah, Israel, sold 109,000 shares in the Company. The shares were sold on the regulated market - Warsaw Stock Exchange in the session block trade on 6 December 2007 at the share price of PLN 34 for each share. The transaction was settled on 11 December 2007.
 
The sale of shares was effected purely to facilitate the realization of the 2006 Long Term Incentive Plan (the “Plan”) and finance the acquisition by the eligible optionees of the Company shares to be issued in the exercise of the options granted to them by the Company under the Plan.
 
The legal title to the same number of the Company shares (i.e., 109,000 newly issued shares) will be transferred by optionees to I.T International Theatres Ltd. upon share issuance by the Company under the Plan.
 
Therefore, in a short term, the shareholding of I.T. International Theatres Ltd. in the Company will be the same as before the sale of shares described in this current report.
 
 
 
 
 
 

Legal grounds: Art.160.4 of the Act on Trading in Financial Instruments of 29 July 2005 in conjunction with Art. 56.1 of the Act on Public Offerings, Conditions governing the Introduction of Shares to Organized Trading and on the Public Companies.