Kibbutz Sdot Yam Announces Its Formal Request For A Proposal To Be Included In The Agenda For The Annual General Meeting Of Caesarstone Sdot-Yam Ltd. To Nominate Two New Independent Directors

05 Nov, 2015, 11:39 ET from Kibbutz Sdot Yam

MP MENASHE, Israel, Nov. 5, 2015 /PRNewswire/ -- Kibbutz Sdot Yam announced today that it has formally requested that a proposal be included in the agenda for the upcoming Annual General Meeting of Caesarstone Sdot-Yam Ltd. (NASDAQ: CSTE) to nominate two independent directors instead of two of the nominees recommended by the company.  Kibbutz Sdot Yam will also be submitting a position statement, as well as proxy material, in connection with this same matter.  The Annual General Meeting of Shareholders of Caesarstone Sdot-Yam Ltd. is scheduled to be held on December 3, 2015.

"We are not taking this step with the intention of replacing the senior management team," stated Amit Ben Zvi, a director nominee of CSTE, a member of Kibbutz Sdot Yam and the Chairman of the kibbutz's Economic Council.  "As the largest shareholder of CSTE, we have only the best of intentions regarding the future of Caesarstone.  We have proposed two nominees that have very impressive professional credentials, are well respected in the business community and have extensive knowledge and understanding of capital markets.  These nominees will strengthen CSTE's board, help improve corporate governance and support our long-term goal of enhancing shareholder value." He concluded, "Kibbutz Sdot Yam is encouraging CSTE to examine a share repurchase program, which we believe would support the value of CSTE shares."

Kibbutz Sdot Yam, which currently holds approximately 32.6% of the outstanding shares, is the largest shareholder in CSTE and has been since its inception.

Kibbutz Sdot Yam is a 75 year-old kibbutz, founded in 1940 with the support of David Ben Gurion.  CSTE was established on the kibbutz in 1987; two of the company's seven production lines are located on the kibbutz with an additional three production lines operating on land held by the kibbutz.

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SOURCE Kibbutz Sdot Yam