TIDMAFS
RNS Number : 1438L
Amiad Water Systems Ltd
29 September 2016
29 September 2016
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Appointment of Chief Executive Officer and Notice of EGM
Further to the announcement of 7 June 2016 and the interim
results announcement of 8 September 2016, Amiad (AIM: AFS), a
leading global producer of water treatment and filtration
solutions, today announces the appointment of Mr. Dori Ivzori as
designated Chief Executive Officer. Mr. Ivzori will also join the
Board of the Company immediately following approval by shareholders
of his appointment as a Director, in accordance with Israeli Law,
at an Extraordinary General Meeting of the Company (the "EGM") to
be held on 3 November 2016. Mr. Arik Dayan, the outgoing CEO, will
step down from the Board at that time, however he will remain to
assist with an orderly handover.
Mr. Ivzori, aged 51, joins Amiad from Tama Plastic Industry,
General Partnership ("Tama Plastics") where he was the Managing
Director, performing the functions of Chairman and CEO, of the
business since 2008. As Managing Director, he was responsible for
the strategic direction of Tama Plastics, including M&A in
Europe and the USA, and the running of the day-to-day operations.
Tama Plastics is a world-leading manufacturer of cutting-edge
agricultural technology with a turnover of over US$500m and more
than 1,300 employees spread across nine production sites and 15
subsidiaries. Prior to his promotion to Managing Director, Mr.
Ivzori held other senior posts at Tama Plastics since 2000. Mr.
Ivzori was admitted to the Bar in Israel in 2000 and started his
career in 1986 working in Kibbutz Mishmar Haemek, including four
years managing the kibbutz's farming activity.
Eli Opper, Chairman of Amiad, commented: "We would like to thank
Arik for all of his hard work over the last two decades and we wish
him every success in his future endeavours.
"We are delighted to welcome Dori Ivzori to Amiad. His
experience of running a large international corporation in the
agricultural sector will be invaluable to the business as we take
Amiad to the next level of growth. We look forward to working with
him and benefiting from his expertise."
Dori Ivzori, designated Chief Executive Officer of Amiad, said:
"Amiad Water Systems is one of the market leaders in water
filtration and treatment solutions. It is an exciting time for
Amiad as it consolidates after last year's turnaround and prepares
for growth. Its innovative products and its global reach make it
one of the best in the world and I am enthused about joining the
Company. It is an exciting challenge for me and I will use my
expertise and international experience to help grow the
Company."
Other than that set out below, there are no other matters
required to be disclosed pursuant to paragraph (g) of Schedule Two
of the AIM Rules for Companies as regards Mr. Ivzori's appointment.
Mr. Ivzori has no current shareholding in the Company.
Regulatory disclosures:
Current and directorships
within past five years:
-------------------------------
Tama Plastic Industry, General
Partnership
-------------------------------
Tama R.M.W. Agricultural
Cooperative Society Ltd.
-------------------------------
Tama USA Inc.
-------------------------------
Ambraco Inc. (formerly: Avanti
International Inc.)
-------------------------------
Tama Polska Sp. z o.o
-------------------------------
Notice of EGM
Notice is hereby given that an EGM of the Company will be held
at 11.00am GMT on Thursday 3 November 2016 at the offices of Berwin
Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R
9HA, UK, for the purpose of considering and, if thought fit,
approving resolutions concerning the terms of service and
remuneration of Mr. Ivzori as Chief Executive Officer of the
Company, the appointment of Mr. Ivzori as a Director of the Company
and the entering into of an exemption and indemnification agreement
between the Company and Mr. Ivzori with regard to his services to
the Company.
Mr. Ivzori will be entitled to receive a monthly salary of NIS
85,000 (gross), fringe benefits (as described in the EGM circular)
and may be eligible to receive a bonus, conditional upon achieving
certain targets, to be determined based upon the Company's policy
and subject to receiving the requisite approvals of the Company's
Remuneration Committee and the board of directors of the Company.
Mr. Ivzori will also be eligible to participate in the Company's
Executive Share Option Plan and it is proposed that, as part of his
remuneration terms, he will be granted with options over 125,000
new ordinary shares of NIS 0.5 each in the Company (the "Options")
which will vest rateably over a four year period from the date of
grant pro rata on an annual basis. The exercise price for the
options shall be equal to the average share price for an ordinary
share of the Company for the 30 trading days preceding the date of
grant.
Further details on the terms of service and remuneration of Mr.
Ivzori and on the resolutions to be proposed at the EGM can be
found in the Notice of EGM circular that has, along with forms of
proxy and direction, been made available to shareholders of the
Company as an electronic communication, and is available on Amiad's
website at: www.amiad.com.
The Directors consider, having consulted with the Company's
nominated adviser Stifel Nicolaus Europe Limited, that the proposed
remuneration terms for Mr. Ivzori are fair and reasonable insofar
as the Company's shareholders are concerned.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries
Amiad Water Systems Ltd.
------------------------------- -----------------
Eli Opper, Chairman +972 4 690 9500
------------------------------- -----------------
Stifel Nicolaus Europe
Ltd.
------------------------------- -----------------
Stewart Wallace, Ben Maddison +44 20 7557 6030
------------------------------- -----------------
Luther Pendragon Ltd.
------------------------------- -----------------
Harry Chathli, Claire Norbury +44 20 7618 9100
------------------------------- -----------------
About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of
automatic, self-cleaning water treatment and filtration products
and systems. Through its engineering skills and ability to
innovate, Amiad provides cost-effective "green" solutions for the
industrial, municipal, irrigation, oil & gas and ballast water
markets. In these segments its patented products are being
integrated into the core of systems for filtration and water
treatment, micro irrigation and membrane protection, wastewater and
potable water treatment, cooling systems and sea water
filtration.
Headquartered in Israel, Amiad provides these solutions through
nine subsidiaries and a comprehensive network of over 170
distributors to customers in more than 80 countries.
For additional information or product details, please visit
www.amiad.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKVLFLQKFXBBK
(END) Dow Jones Newswires
September 29, 2016 02:01 ET (06:01 GMT)
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Apr 2023 to Apr 2024
