IDT CORPORATION (NYSE:IDT) Files An 8-K Regulation FD Disclosure
Item7.01.
| Regulation FD. |
On June 22, 2017, the Registrant issued a press release
announcing its entry into the Agreement described in Item8.01
below. The Registrant is furnishing the information contained in
this Report, including the press release, to Item 7.01 of Form
8-K promulgated by the Securities and Exchange Commission (the
SEC). This information shall not be deemed to be filed with the
SEC or incorporated by reference into any other filing with the
SEC.
| Item8.01. | Other Events. |
On June 22, 2017, IDT Telecom, Inc. (IDT Telecom), a wholly-owned
subsidiary of IDT Corporation (the Registrant) entered into a
Share Purchase Agreement (the Agreement) with JAR Fintech Limited
(Buyer) and JAR Capital Limited (JAR Capital) to sell the capital
stock of IDT Financial Services Holding Limited, a company
incorporated under the laws of Gibraltar and wholly-owned
subsidiary of IDT Telecom (IDT Finance), to the Buyer. IDT
Finance is the sole shareholder of IDT Financial Services
Limited, a Gibraltar-based bank and e-money issuer, providing
prepaid card solutions across the European Economic Area.
The Agreement provides for an aggregate purchase price for the
outstanding equity interests of IDT Finance of approximately 3
million plus an amount equal to the value of IDT Finances net
assets (the Purchase Price), to be paid at closing, subject to
adjustments relating to customer assets of IDT Finance. The net
asset value of IDT Finance is expected to be at closing
approximately 11 million. A portion of the purchase price will be
placed in escrow and released to IDT Telecom once all of the
conditions have been met under the Agreement. The sale is
expected to close in September 2017, subject to regulatory
approval of the Gibraltar Financial Services Commission and the
Gibraltar Minister with responsibility for financial services and
other customary conditions set forth in the Agreement.
A copy of the Registrants press release announcing the Agreement
is filed as Exhibit 99.1 to this Form 8-K.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Document | |
|
99.1 |
Press Release of the Registrant, dated June 22, 2017. |
IDT CORP ExhibitEX-99.1 2 f8k062217ex99i_idtcorpor.htm PRESS RELEASE OF THE REGISTRANT,…To view the full exhibit click here About IDT CORPORATION (NYSE:IDT)
IDT Corporation is a holding company with operations primarily in the telecommunications and payment industries. The Company’s segments include Telecom Platform Services, Consumer Phone Services and All Other. The Company’s Telecom Platform Services segment provides retail telecommunications and payment offerings, as well as wholesale international long distance traffic termination. The Telecom Platform Services segment markets and distributes multiple communications and payment services across four businesses: Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions. The Company’s Consumer Phone Services segment provides consumer local and long distance services in certain states of the United States. The Telecom Platform Services and Consumer Phone Services segments comprise the Company’s IDT Telecom division. The All Other segment includes its real estate holdings and other smaller businesses.