Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 140

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 8
Chunk 140
---
ek Group’s rights on the property pledged to InterCure for the payment of a debt owed to InterCure.
 
A creditors gathering headed by the settlement manager of the Cantek Group was held on November 16, 2022 to approve a debt settlement that had been proposed by the Cantek Group itself, but InterCure objected to the proposed settlement, as it treated the creditors of the Cantek Group the same, disregarding the different entities within the Cantek Group, its different creditors and their securities. Due to InterCure’s opposition, the debt settlement was not passed by the required majority.
 
Upon the failure of the settlement, negotiations between the settlement manager and InterCure were conducted, and it was agreed that the assets of one of the Cantek Group companies of which InterCure is a creditor will be used by the creditors of that company only, rather than creating a single economic entity.
 
On August 6, 2024, the court approved the sale of two real estate assets belonging to Cantek Group, including the property pledged to InterCure, for a total consideration of NIS 4 million (plus VAT). While the sale has been finalized and the purchaser has transferred the full consideration, the funds are currently held in escrow and have yet to be distributed among creditors.

In addition, the settlement manager is currently in the process examining the debt claims submitted on behalf of Cantek Group creditors and in the near future he will decide on these debt claims, including the debt claim submitted on behalf of InterCure and Canndoc.
 
Civil Claim 32573-02-23 InterCure Ltd. & Canndoc Ltd. vs. Cann Pharmaceutical Ltd.
 
On February 14, 2023, the Company filed a statement of claim (“SoC”) against Cann Pharmaceutical Ltd. (“Cann”) with the Tel-Aviv Magistrate Court.
 
In the SOC, the Company argues that Cann owes the Company NIS 7,875,189 due to written agreements and commitments made by the parties that Cann violated. As part of the SOC, remedies are sought in relation to, inter alia, loans that the Company provided to Cann as well as cultivation services that the Company provided to Cann. On June 6, 2023, Cann’s statement of Defense was submitted (“SOD”) and on February 7, 2024, the Company’s statement of reply was submitted. In addition, on June 6, 2023, Cann filed a counter