SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2007
INTERNET GOLD-GOLDEN LINES LTD.
(Name of Registrant)
1 Alexander Yanai Street Petach-Tikva, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82-_________
Internet Gold-Golden Lines Ltd.
6-K Items
1. Press Release re Internet Gold's Board Approves Share Buyback Program
dated November 29, 2007.
ITEM 1
Internet Gold's Board Approves Share Buyback Program
Thursday November 29, 10:18 am ET
PETACH TIKVA, Israel, November 29 /PRNewswire-FirstCall/ -- Internet Gold Golden
Lines Ltd., (NASDAQ: IGLD - News; TASE: IGLD) today announced that its Board of
Directors has authorized the repurchase of up to NIS 70 million, (approximately
U.S. $18 million) of the Company's ordinary shares. The repurchases will be made
from time to time in the open market on the NASDAQ Global Market and Tel Aviv
Stock Exchange. The timing and amount of any shares repurchased will be
determined by the Company's management based on its evaluation of market
conditions and other factors. The repurchase program may be suspended or
discontinued at any time.
Commenting on the announcement, Mr. Eli Holtzman, CEO of Internet Gold, said,
"We have initiated our stock repurchase program in view of the current market
price for our shares which we believe is far below the Company's true value and
its future growth prospects. The business strategy that we have been executing
over the past year and a half has tripled our revenues and profits, and
positioned us favorably for additional significant growth. We are now shifting
into a new growth phase with the goal of expanding our penetration of domestic
communications and media markets while capitalizing on high-potential
international opportunities. As such, our Board believes that we are on a road
that will create significant value for our shareholders, making it prudent for
us to invest in our shares which we believe are undervalued."
About Internet Gold
Internet Gold is one of Israel's leading communications groups with a major
presence across all Internet-related sectors. Its 73.3% owned subsidiary, 012
Smile.Communications Ltd., is one of Israel's major Internet and international
telephony service providers, and one of the largest providers of enterprise/IT
integration services. Its 100% owned subsidiary, Smile.Media Ltd., manages a
growing portfolio of Internet portals and e-Commerce sites.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks
and uncertainties. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, general
business conditions in the industry, changes in the regulatory and legal
compliance environments in the industries it is engaged, the failure to manage
growth and other risks detailed from time to time in Internet Gold's filings
with the Securities Exchange Commission, including Internet Gold's Annual Report
on Form 20-F. These documents contain and identify other important factors that
could cause actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. We undertake no obligation to
update publicly or revise any forward-looking statement.
For further information, please contact:
Lee Roth - KCSA Worldwide lroth@kcsa.com / Tel: +1-212-896-1209
Mor Dagan - Investor Relations mor@km-ir.co.il / Tel:+972-3-516-7620
Ms. Idit Azulay, Internet Gold idita@co.smile.net.il / Tel: +972-200-3848
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
INTERNET GOLD-GOLDEN LINES LTD.
(Registrant)
By /s/Eli Holtzman
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Eli Holtzman
Chief Executive Officer
Date: November 29, 2007