TMCNet:  BRIEF: Roumell sells Gilat stake

[February 04, 2013]

BRIEF: Roumell sells Gilat stake

Feb 04, 2013 (Globes - McClatchy-Tribune Information Services via COMTEX) -- Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) shareholder Roumell Asset Management LLC sold its entire 5.2 percent stake in the company in late 2012, according to a filing with the US Securities and Exchange Commission (SEC). First Israel Mezzanine Investors Fund (FIMI), run by CEO Ishay Davidi may have bought some of the shares sold on the open market, increasing its stake.

FIMI first invested in satellite communications systems maker Gilat in September 2012, and subsequently increased its stake to 18.5 percent. If it has acquired more shares, it will have to report it. FIMI is Gilat's second largest shareholder, after York Capital Management, which owns 19.6 percent. Davidi was recently appointed a director in Gilat.

Maryland-based Roumell first invested in Gilat in late 2011, when Gilat's share price was around $4. The share was traded at around $5 when Roumell sold its shares, suggesting that it made a handsome profit.

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