UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(AMENDMENT NO. )
(RULE 13D-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b),
(c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FORMULA SYSTEMS (1985) LTD.
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(Name of Issuer)
ORDINARY SHARES, PAR VALUE NIS 1.00 PER SHARE
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(Title of Class of Securities)
346414-10-5
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(CUSIP Number)
FEBRUARY 19, 2007
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(Date of Event Which Requires Filing of this Statement)
Check the following box to designate the rule pursuant to which the Schedule is
filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
Page 1 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
Clal Insurance Enterprises Holdings Ltd.
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 706,629 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
707,630 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
707,630 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
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12. Type of Reporting Person :
CO
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006.
Page 2 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
IDB Development Corporation Ltd.
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
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12. Type of Reporting Person :
CO
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude 21,812 ordinary shares, all of which are held
for members of the public through, among others, provident funds and mutual
funds, which are managed by companies controlled by Epsilon Investment House
Ltd., an indirect subsidiary of IDB Development (the "Epsilon Shares").
Page 3 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
IDB Holding Corporation Ltd.
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3. SEC Use only
--------------------------------------------------------------------------------
4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
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12. Type of Reporting Person :
CO
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude the Epsilon Shares.
Page 4 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
Nochi Dankner
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
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12. Type of Reporting Person :
IN
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude the Epsilon Shares.
Page 5 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
Shelly Bergman
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
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12. Type of Reporting Person :
IN
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude the Epsilon Shares.
Page 6 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
Ruth Manor
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
--------------------------------------------------------------------------------
12. Type of Reporting Person :
IN
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude the Epsilon Shares.
Page 7 of 11 pages
CUSIP NO. 346414-10-5
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1. Name of Reporting Persons/
I.R.S. Identification Nos. of above persons (entities only).
Avraham Livnat
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2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [_]
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3. SEC Use only
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4. Place of Organization
Israel
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5. Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 707,999 Ordinary Shares*
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
709,000 Ordinary Shares
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
709,000 Ordinary Shares
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
5.4%**
--------------------------------------------------------------------------------
12. Type of Reporting Person :
IN
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*See Item 4.
**Based on 13,200,000 ordinary shares outstanding as of June 20, 2006. The
709,000 ordinary shares exclude the Epsilon Shares.
Page 8 of 11 pages
ITEM 1.
(a) Name of Issuer:
FORMULA SYSTEMS (1985) LTD. (hereinafter referred to as the
"Issuer").
(b) Address of Issuer's Principal Executive Offices:
3 Abba Eban Blvd., Herzliya, Israel
ITEM 2.
(a) Name of Person Filing:
This Statement is filed by:
(1) Clal Insurance Enterprises Holdings Ltd.
(2) IDB Development Corporation Ltd.
(3) IDB Holding Corporation Ltd.
(4) Mr. Nochi Dankner
(5) Mrs. Shelly Bergman
(6) Mrs. Ruth Manor and
(7) Mr. Avraham Livnat
The foregoing entities and individuals are collectively referred to as the
"Reporting Persons" in this Statement.
(1) Clal Insurance Enterprises Holdings Ltd., an Israeli public
corporation ("Clal"), may be deemed to beneficially own an aggregate of
707,630 Ordinary Shares (the "Clal Shares"). See Item 4.
(2) Clal is a majority owned subsidiary of IDB Development Corporation
Ltd., an Israeli public corporation ("IDB Development"). By reason of IDB
Development's control of Clal, IDB Development may be deemed to be the
beneficial owner of, and to share the power to vote and dispose of, the
Clal Shares owned beneficially by Clal. See Item 4.
(3) IDB Development is a majority owned subsidiary of IDB Holding
Corporation Ltd., an Israeli public corporation ("IDB Holding"). By reason
of IDB Holding's control (through IDB Development) of Clal, IDB Holding may
be deemed beneficial owner of, and to share the power to vote and dispose
of, the Clal Shares owned beneficially by Clal. IDB Development may be
deemed to be the beneficial owner of, and to share the power to vote and
dispose of, 1,370 additional ordinary shares that are held through a
provident fund managed by a subsidiary of Koor Industries Ltd., a
subsidiary of IDB Development (the "Koor Shares"). See Item 4.
(4) Mr. Nochi Dankner, Mrs. Shelly Bergman, Mrs. Ruth Manor and Mr.
Avraham Livnat may, by reason of their interests in, and relationships
among them with respect to, IDB Holding, be deemed to control the
corporations referred to in paragraphs (1) - (3) above.. By reason of the
control of IDB Holding by Nochi Dankner, Shelly Bergman, Ruth Manor and
Avraham Livnat, and the relations among them, Nochi Dankner, Shelly
Bergman, Ruth Manor and Avraham Livnat may each be deemed beneficial owner
of, and to share the power to vote and dispose of, the Clal Shares owned
beneficially by Clal and the Koor Shares owned beneficially by IDB
Development. See Item 4.
(b) Address of Principal Business Offices or, if none, Residence:
Clal Insurance Enterprises Holdings Ltd. - 37 Menachem Begin Street, Tel-Aviv
65220, Israel
IDB Development Corporation Ltd. - The Triangular Tower, 44th floor, 3 Azrieli
Center, Tel Aviv 67023, Israel
IDB Holding Corporation Ltd. - The Triangular Tower, 44th floor, 3 Azrieli
Center, Tel Aviv 67023, Israel.
Mr. Nochi Dankner - The Triangular Tower, 44th floor, 3 Azrieli Center, Tel Aviv
67023, Israel.
Mrs. Shelly Bergman - 9 Hamishmar Ha'Ezrachi Street, Afeka, Tel Aviv 69697,
Israel.
Mrs. Ruth Manor - 26 Hagderot Street, Savyon 56526, Israel.
Mr. Avraham Livnat - Taavura Junction, Ramle 72102, Israel.
Page 9 of 11 pages
(c) Citizenship:
Citizenship or place of organization of all Reporting Persons, as the
case may be, is Israel.
(d) Title of Class of Securities:
Ordinary Shares, par value NIS 1.00 per share (the "Ordinary Shares").
(e) CUSIP Number:
346414-10-5
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR
240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP
Of the 707,630 Ordinary Shares reported in this Statement as beneficially
owned by Clal (i) 688,893 Ordinary Shares are held for members of the public
through, among others, provident funds, mutual funds, pension funds and
insurance policies, which are managed by subsidiaries of Clal, each of which
subsidiaries operates under independent management and makes independent voting
and investment decisions and (ii) 1,001 Ordinary Shares are held by unaffiliated
third-party client accounts managed by subsidiaries of Clal as portfolio
managers, each of which subsidiaries operates under independent management and
makes investment decisions independent of Clal and has no voting power in such
client accounts. In addition, the Koor Shares are held through a provident fund
managed by an indirect subsidiary of IDB Development, which subsidiary operates
under independent management and makes investment decisions independent of Koor.
Consequently, this Statement shall not be construed as an admission by (i) Clal
that it is the beneficial owner of 689,894 Ordinary Shares covered by this
Statement, and (ii) the Reporting Persons (other than Clal) that they are the
beneficial owners of the 691,264 Ordinary Shares covered by this Statement.
Except as set forth above, see items 5-11 of the cover pages hereto for
beneficial ownership, percentage of class and dispositive power of the Reporting
Persons, which are incorporated herein.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than 5 percent of the class of securities, check the following [_].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Page 10 of 11 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
March 1, 2007
CLAL INSURANCE ENTERPRISES HOLDINGS LTD.
IDB DEVELOPMENT CORPORATION LTD.
IDB HOLDING CORPORATION LTD.
NOCHI DANKNER
SHELLY BERGMAN
RUTH MANOR
AVRAHAM LIVNAT
BY: CLAL INSURANCE ENTERPRISES HOLDINGS LTD.
BY: /s/ Uri Levy /s/ Omer Ben Pazi
----------------------------------
Uri Levy and Omer Ben Pazi, authorized signatories of CLAL
INSURANCE ENTERPRISES HOLDINGS LTD., for itself and on
behalf of IDB Development Corporation Ltd., IDB Holding
Corporation Ltd., Nochi Dankner, Shelly Bergman, Ruth Manor
and Avraham Livnat, pursuant to agreement annexed as Exhibit
1 to the Schedule 13G filed on June 28, 2006.
Page 11 of 11 pages