The new annual reports' format has allowed the Israeli Securities Authority (ISA) to facilitate the process for listed companies interested in raising additional capital.
The ISA has decided to implement a prospectus publication system used in various capital markets worldwide. Under this system, several offerings can be performed based on one prospectus, called a “shelf prospectus”. The prospectus is valid for two years. Several offerings can be performed during this period, provided that the framework for all the offerings is formulated when the prospectus is submitted. An offering (excluding the offering performed on the date of publication of the prospectus) can be carried out in full within a few hours of the company’s decision, using a shelf offering report. The regulations stipulate some exceptions with regard to the type of companies to which the shelf prospectus procedure applies.