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The share price of AIM-listed real estate firm Summit Germany (LON:SMTG) has dropped by 10.45% to 1.20p (as of 12:20 GMT) after its largest shareholder was searched by the Israeli authorities. Summit Real Estate Holdings, which is listed in Tel Aviv and holds 50.89% of Summit Germany, is being investigated for the potential use of insider information relating to the company.
Summit Germany said that a number of SREH’s officers were interviewed, but that the investigation is part of a broader look at an individual’s use of insider information in trading and does not directly involve SREH.