Kibbutz Sdot-Yam Corrects Inaccuracies Made by Caesarstone Management
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Overall Analyst Rating:
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Dividend Yield: 1.3%
Revenue Growth %: -15.9%
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Provides Facts Missing From Management’s November 18 ISS Presentation
Urges All Shareholders to Vote the GOLD Proxy Card In Support of Independent Director Nominees Yitzhak Sharir And Amnon Dick
MENASHE, Israel--(BUSINESS WIRE)-- Kibbutz Sdot-Yam, the founder and largest shareholder of Caesarstone Sdot-Yam Ltd. (NASDAQ: CSTE) (“Caesarstone” or the “Company”), owning approximately 32.4% of the Company’s outstanding shares, today sent the following letter to all Caesarstone shareholders in response to assertions made by Caesarstone management in its recent investor presentation. Below the Kibbutz corrects substantial inaccuracies put forth by management regarding the Kibbutz’s proposed independent board candidates, the process for proposing these candidates and its interests in Caesarstone.
The Kibbutz urges all Caesarstone shareholders to vote the GOLD proxy card today to elect independent nominees Yitzhak Sharir and Amnon Dick to the Caesarstone board of directors.
The full text of the letter follows:
Dear fellow Caesarstone shareholder:
There has been a great deal of inaccurate information propagated by Caesarstone management against the Kibbutz, our interests and our independent director nominees. We want to take this opportunity to set the record straight. We hope doing so will help inform shareholders as they decide for themselves who the best directors are to help the Company deal with its current challenges and achieve its true potential.
What CSTE management claims | The real facts are |
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Vote The GOLD Proxy Card TODAY!
Support Good Corporate Governance and Help Realize Caesarstone's True Potential
We recommend that you vote "FOR" each of the director nominees who are listed in Proposals 1 and 3, and "AGAINST" each of the Company's director nominees, who are listed in Proposal 2. We furthermore recommend that you vote "AGAINST" Proposal 4 (as the current chairman of the board is not among the candidates we are nominating or support) and "FOR" Proposals 5, 6, 7 and 8 to be considered at the meeting.
Even if you have already completed and submitted the WHITE proxy card or voting instruction form sent to you by the Company's board of directors, you can still change your vote by submitting a later-dated GOLD proxy card or voting instruction form. Only your latest-dated, validly executed proxy card will be counted at the meeting.
If you have any questions, require additional copies of our proxy materials or need assistance in voting on your GOLD proxy card, please contact our proxy solicitor at the phone numbers or email listed below:
105 Madison Avenue
New York, New York 10016
Call Toll-Free (800) 322-2885 (North America) or
Collect at + (212) 929-5500 or
Email: [email protected]
About Sdot-Yam
Founded in 1937 near Haifa, Israel, Kibbutz Sdot-Yam, today based in Caesarea, is the largest shareholder of Caesarstone Sdot-Yam Ltd. (NASDAQ: CSTE), with approximately 32.4% of the shares in the Company. Initially formed as a fishing and agriculture enterprise, the Kibbutz Sdot-Yam expanded to encompass industrial enterprises, including Caesarstone, a global leader and pioneer in quartz surfaces for a variety of uses and applications such as kitchen countertops, bathroom vanities, flooring, wall cladding and more. Launched by Kibbutz Sdot-Yam in 1987, Caesarstone products are available in more than 40 countries around the world.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151123005631/en/
Investors:
MacKenzie Partners, Inc.
+1 (212) 929-5500
[email protected]
or
Media:
Abernathy
MacGregor Group
Mike Pascale, +1 (212) 371-5999
[email protected]
or
Trevor
Martin, +1 (917) 226-9788
[email protected]
Source: Kibbutz Sdot-Yam
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