Radcom Ltd
A maker of network testing, monitoring, and analytics tools for telecom operators, Radcom helps mobile carriers keep their 4G and 5G networks running smoothly. Its products, including the MaveriQ and Omni-Q platforms, are used by service providers around the world to check call quality, data speeds, and network performance. Founded in 1991 in Tel Aviv as part of the RAD Group of Israeli networking companies, the name blends "RAD" with "com" for communications. A fun detail: Radcom was among the early specialists in telecom network testing, and its tools have evolved from basic call-quality checks to monitoring complex 5G network slicing.
On March 25, 2026, the Reporting Persons together with Value Base Ltd. ("Value Base"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 99.2. Except for the Demand Letter, there is no other agreement between the Reporting Persons and Value Base regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. The Reporting Persons hold the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. The Reporting Persons seek to enhance Issuer value and may take such actions with respect to their investment in the Issuer as they deem appropriate in light of the circumstances existing from time to time, including without limitation, engaging in communications with management and the board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment in the Issuer, or with regard to any material changes to the Issuer's business, corporate governance, corporate structure, or potential transactions. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.
On March 25, 2026, the Reporting Persons together with Value Base Ltd. ("Value Base"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 99.2. Except for the Demand Letter, there is no other agreement between the Reporting Persons and Value Base regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. The Reporting Persons hold the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. The Reporting Persons seek to enhance Issuer value and may take such actions with respect to their investment in the Issuer as they deem appropriate in light of the circumstances existing from time to time, including without limitation, engaging in communications with management and the board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment in the Issuer, or with regard to any material changes to the Issuer's business, corporate governance, corporate structure, or potential transactions. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares.
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares.
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares.
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares.
| Holder | Schedule | % of class | Shares | Filed |
|---|---|---|---|---|
| Lynrock Lake LP | 13D/AActivist | 14.6% | 2.44M | Jul 27, 2026 |
| LYNROCK LAKE PARTNERS LLC | 13D/AActivist | 14.6% | 2.44M | Jul 27, 2026 |
| Paul Cynthia | 13D/AActivist | 14.6% | 2.44M | Jul 27, 2026 |
| Barclays PLC | 13G/APassive | 4.61% | 739.3K | May 14, 2026 |
| Zisapel Michael | 13D/AActivist | 14% | 2.29M | Mar 26, 2026 |
On March 25, 2026, the Reporting Persons together with Value Base Ltd. ("Value Base"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 99.2. Except for the Demand Letter, there is no other agreement between the Reporting Persons and Value Base regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. The Reporting Persons hold the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. The Reporting Persons seek to enhance Issuer value and may take such actions with respect to their investment in the Issuer as they deem appropriate in light of the circumstances existing from time to time, including without limitation, engaging in communications with management and the board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment in the Issuer, or with regard to any material changes to the Issuer's business, corporate governance, corporate structure, or potential transactions. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time. | ||||
| KLIL ZISAPEL | 13D/AActivist | 14% | 2.29M | Mar 26, 2026 |
On March 25, 2026, the Reporting Persons together with Value Base Ltd. ("Value Base"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 99.2. Except for the Demand Letter, there is no other agreement between the Reporting Persons and Value Base regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. The Reporting Persons hold the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. The Reporting Persons seek to enhance Issuer value and may take such actions with respect to their investment in the Issuer as they deem appropriate in light of the circumstances existing from time to time, including without limitation, engaging in communications with management and the board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment in the Issuer, or with regard to any material changes to the Issuer's business, corporate governance, corporate structure, or potential transactions. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time. | ||||
| Value Base Ltd. | 13D/AActivist | 5.27% | 865.0K | Mar 26, 2026 |
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. | ||||
| Value Base Hedge Fund Ltd., acting as the general partner of Harmony Base, Limited Partnership | 13D/AActivist | 5.27% | 865.0K | Mar 26, 2026 |
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. | ||||
| Ido Nouberger | 13D/AActivist | 5.27% | 865.0K | Mar 26, 2026 |
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. | ||||
| Victor Shamrich | 13D/AActivist | 5.27% | 865.0K | Mar 26, 2026 |
Item 4 of the Schedule 13D is amended to add the following: On March 25, 2026, Value Base, together with Michael and Klil Zisapel (the "Zisapels"), sent a letter to the Board of Directors of the Company (the "Demand Letter") requesting that the Company convene a special meeting of the Company's shareholders (the "Special Meeting") pursuant to the relevant provisions of the Israeli Companies Law, 5759-1999, and the Company's Amended and Restated Articles of Association (the "Articles"). Pursuant to the Demand Letter, the agenda for the Special Meeting would be to (i) amend the Articles to provide that the Board of Directors shall consist of not less than three nor more than seven directors (instead of nine), (ii) amend the Articles to provide that directors may be elected at any general meeting of shareholders (instead of only at the annual general meeting), (iii) amend the Articles to provide that the tenure of any directors appointed by the Board of Directors to fill vacancies prior to the Special Meeting shall terminate upon the conclusion of the Special Meeting, (iv) remove the following directors from the Company's Board of Directors, effective as of the conclusion of the Special Meeting: Rami Schwartz, Rachel (Hili) Bennun, Oren Most, Yaron Ravkeie and Andre Feutch, (v) nominate for election by shareholders of the following candidates for the Board of Directors: Liat Aaronson, Tomer Jacob and Guy Levit (the "Candidates") and (vi) approve compensation, exemption, indemnification and insurance for the Candidates at levels commensurate with those currently provided to existing directors. A copy of the Demand Letter is filed herewith as Exhibit 3. Except for the Demand Letter, there is no other agreement between the Reporting Persons and the Zisapels regarding any cooperation, joint ventures, commitment to vote together or any other agreement of any kind concerning the Company's Ordinary Shares. | ||||