This Statement on Schedule 13D dated December 6, 2019 is being filed by Mr. Michael McGauley (the "Acquiror") and XDOOD LLC (together with the Acquiror, the “Reporting Persons”), to report the acquisition by the Acquiror of 228,230 ordinary shares, nominal value NIS (New Israeli Shekels) 3.0 (the “Shares”), of Eltek Ltd. (the “Issuer”). The Acquiror acquired the Shares in open market transaction (the “Transaction”). As a result of the Transaction, the Acquiror directly holds 5.21% of the Issuer’s Shares.
Item 1. Securities and Issuer
The class of equity securities to which this statement relates is the ordinary shares, par value NIS 3.0 per ordinary share (“Ordinary Shares”) of Eltek Ltd. (“Issuer”), an Israeli corporation, whose principal executive offices are located at Sgoola Industrial Zone, Petach Tikva, Israel. The Issuer is a leading Israeli manufacturer of advanced circuitry solutions, including complex build ups of rigid and flex-rigid printed circuit boards.
Item 2. Identity and Background.
This statement on Schedule 13D dated December 6, 2019 is being filed by Mr. McGauley a citizen of the United States, and XDOOD LLC, a Massachusetts Limted Liability Company. The principal business address of the Reporting Persons is 1400 Hancock Street Fl 9, Quincy MA, United States of America. Mr. McGauley personally owns 228,230 Ordinary Shares.
During the past five years, the Reporting Persons and any of its directors and executive, has not been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, as a result of which proceeding it was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, United States federal or State, or Israeli, securities laws, or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate consideration in cash paid by the Acquiror in the Transaction was US 798,805.
Item 4. Purpose of Transaction.
The Acquiror acquired the Shares for investment purposes and the intent of working with Eltek Ltd. Board.
The Reporting Persons intend to review the investment in the Issuer on a regular basis. The Reporting Persons reserve the right to, without limitation, purchase, hold, vote, trade, dispose of or otherwise deal in the ordinary shares of the Issuer, in open market or private transactions, block sales or purchases or otherwise, and at such times as they deem advisable to benefit from, among other things, changes in market prices of the Shares or changes in the Issuer’s operations, business strategy or prospects, or from the sale or merger of the Issuer. In order to evaluate the investment, the Reporting Persons may routinely monitor the price per share of the Shares as well as the Issuer’s business, assets, operations, financial condition, prospects, business development, management, competitive and strategic matters, capital structure and prevailing market conditions, as well as alternative investment opportunities, liquidity requirements and other investment considerations. Such factors may materially affect the Reporting Persons investment purpose and may result in modifying their ownership of the Shares.
Further, the Reporting Persons reserve the right to revise their plans or intentions and/or to formulate other plans, and take any and all actions with respect to their investment in the Issuer they may deem appropriate, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional ordinary shares or dispose of some or all of the Shares beneficially owned by the Reporting Persons , in open market or private transactions, block sales or purchases or otherwise, in each case, to maximize the value of their investment in the Issuer in light of its general investment policies, market conditions and subsequent developments affecting the Issuer. The Reporting Persons may at any time reconsider and change their plans relating to the foregoing.
Item 5. Interest in Securities of the Issuer.
Mr. McGauley controls the Acquiror. The power to vote or dispose of the shares beneficially owned by Acquiror is not shared.
(a) The Acquiror beneficially owns 5.21% of the Issuer’s Ordinary Shares as of this date. Mr. McGauley directly owns 5.21% of the Issuer's Ordinary Shares as of this date.
(b) As a result of the Transaction Mr. McGauely may be deemed to possess the sole power or shared power to vote (or direct the vote of) 228,230 shares of the Issuer’s Ordinary Shares.
(c) Other than the Transaction described in Items 3 and 4 above, neither Reporting Party has engaged in any other transaction to sell or purchase any Ordinary Shares within the past 60 days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
XDOOD LLC is a Single Member LLC with Michael McGauley as its Single Member. Michael McGauley controls 100% of XDOOD LLC and its assets.
Items 7. Material to be Filed as Exhibits.
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.
By: /s/ Michael McGauley
Name: Michael McGauley
/s/ Michael McGauley