Kibbutz Sdot-Yam Urges Caesarstone Shareholders to Vote for More Independence and Accountability on the Board
Get Alerts CSTE Hot Sheet
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 1.3%
Revenue Growth %: -15.9%
Join SI Premium – FREE
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 issued an open letter to all Caesarstone shareholders urging them to take action and vote FOR independent nominees Yitzhak Sharir and Amnon Dick.
The full text of the letter follows:
Dear Fellow Caesarstone Shareholder:
The annual general meeting of shareholders on December 3rd is fast approaching. At this meeting you will be asked to make important decisions that could affect the independence of Caesarstone’s board of directors and the future direction of the company. As a fellow shareholder whose interest in maximizing the value of our investment is completely aligned with yours, we urge you to consider the following as you decide how to vote.
If you want…
- More accountability on the board and to improve its ability to make constructive contributions to the success of the company…
- To support good corporate governance and help maximize value for all shareholders…
- To decide for yourself, without the influence of Caesarstone management, which candidates for director are best able to help the company address its current challenges and achieve its true potential…
- New directors with a fresh perspective and complete independence from management and the Kibbutz…
- To address the true issue before us: independent directors that can hold management accountable and balance management’s influence on Caesarstone’s board of directors…
Then we urge you to vote todayto protect the value of your investment!
We recommend you vote "FOR" each of the director nominees listed in Proposals 1 and 3, and "AGAINST" each of the Company's director nominees listed in Proposal 2. We further recommend 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.
Please contact our proxy solicitor at the phone numbers or email listed below for assistance in changing your vote or ensuring your vote is counted in time.
MacKenzie Partners, Inc.105 Madison AvenueNew York, New York 10016Call Toll-Free (800) 322-2885 (North America) orCollect at + (212) 929-5500 orEmail: [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. (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/20151201005904/en/
Investor:
MacKenzie Partners, Inc.
212-929-5500
[email protected]
or
Media:
Abernathy
MacGregor Group
Mike Pascale, 212-371-5999
[email protected]
or
Trevor
Martin, 917-226-9788
[email protected]
Source: Kibbutz Sdot-Yam
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- University of Phoenix College of Nursing Faculty Leadership Selected for Prestigious Fellows of the American Association of Nurse Practitioners® Program
- ROSEN, TRUSTED INVESTOR COUNSEL, Encourages The Chemours Company Investors to Secure Counsel Before Important Deadline in Securities Class Action – CC
- Vision Sensing Acquisition Corp. Receives Positive Ruling from Nasdaq Hearings Panel
Create E-mail Alert Related Categories
Press ReleasesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!