Aluma Infrastructure Fund: Buybacks continue, but the gap with the exercise price almost closes

In another round of dual activity, the fund purchased shares at ₪0.816 per unit, almost concurrently with the exercise of options at a price of approximately ₪0.798. Unlike previously, the activity ended with an almost neutral impact on the cash reserves and the number of shares in the market.

Aluma Infrastructure Fund (2020) continues its share buyback program, purchasing 99,670 shares on October 9 for approximately ₪81,000. Concurrently, 100,000 options were exercised, generating about ₪80,000 for the fund. The activity highlights the closing of the gap between the market purchase price and the exercise price of the options, which expire at the end of the month, resulting in a nearly balanced impact on the company's cash reserves and share count.

Aluma Infrastructure Fund (2020) Ltd. continues its dual activity in the capital market, but under substantially different conditions. On October 11, the fund reported another round of share buybacks and option exercises carried out on October 9, just days before the expiration of the option series. Unlike similar activity at the end of September, this time the gap between the purchase price and the exercise price almost vanished, and the double move ended with an almost neutral impact on the cash reserves and the number of shares held by the public.

### Share buyback at a lower price
As part of the buyback program, Aluma purchased an additional 99,670 shares (filing reference 2026-01-091896). The purchase was executed at an average price of ₪0.816 per share, for a total cost of approximately ₪81.3 thousand. This price is significantly lower than the previous purchase made on September 29 at a price of ₪1.061, reflecting the decline in the share price in the market. Following the purchase, the cumulative execution rate of the program, which was approved at the end of August, rose to 30.53%. The balance of dormant shares held by the fund increased to 4,602,644, representing about 1.49% of the company's issued and paid-up share capital.

### Option exercise at a similar price
Concurrently, and on the same day, 100,000 Series 1 options were exercised (filing reference 2026-01-091883). The exercise brought approximately ₪79.8 thousand into the fund's coffers, reflecting an effective exercise price of about ₪0.798 per share. Consequently, 100,000 new shares were issued. Following the exercise, approximately 164.7 million options from this series remain in the hands of the public, which will finally expire on October 31, 2026, continuing to motivate holders to act.

### Comparative analysis: The gap closed, the impact balanced
A comparison between the activity at the beginning of October and that at the end of September reveals a trend shift. While in September the fund purchased shares at a price (₪1.061) that was significantly higher than the exercise price at the time (₪1), this time the gap has almost closed: a purchase at ₪0.816 versus an exercise at approximately ₪0.798. As a result, the overall impact has changed dramatically.

Whereas in September the activity led to a net cash outflow of approximately ₪139 thousand and a reduction in the number of floating shares by 125,000, this time the cash flow impact is a negligible outflow of only about ₪1,500. Furthermore, the number of shares held by the public actually increased on a net basis by 330 shares (an issuance of 100,000 versus a purchase of 99,670), contrary to the reduction in the float in the previous round.

The continued implementation of the buyback program, even at lower prices, signals the fund management's ongoing belief in the company's value. Concurrently, the exercise of options is expected to continue and even intensify as the expiration date approaches. The new dynamic, in which the dual activity almost balances itself out, demonstrates how fluctuations in the market price affect the fund's financial strategy in real time. Investors will closely monitor further purchases and exercises in the final weeks of the option series' lifespan.