LONDON (Alliance News) - BSD Crown Ltd Wednesday said it will hold an annual general meeting and extraordinary general meeting July 5, where shareholders will vote on proposals seeking to remove all of the existing directors of the company.
The company received a requisition from a group of shareholders seeking the removal of all existing directors and election of Shmuel Messenberg and Keren Marcus, as well as electing Joseph Williger, Zwi Williger and David Dorin as directors until the conclusion of the next annual general meeting.
BSD Crown's board said it considers the election of Joseph Williger and Zwi Williger is "not in the best interests of the company and its shareholders as a whole".
The two sold their stake in Willi-Food Investments, BSD Crown's main asset, in 2014 but remained in their positions at Willi-Food until 2015.
During that period, and whilst they were holding office, Willi-Food and BSD Crown's share price decreased, BSD Crown's board said.
The board also considers the other proposed appointments as not in the best interests in the company given their connections to Joseph and Zwi Williger. It has recommended shareholders vote against these resolutions at the meeting.
BSD Crown's board has proposed the election of Iris Even-Tov as an external director, as well as Naomi Enoch, Gil Leidner and Even-Tov as members of the board.
Shares in BSD Crown remain suspended.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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