5 Jul 2016 07:00
B.S.D. CROWN LTD - Company UpdateB.S.D. CROWN LTD - Company Update
PR Newswire
London, July 5
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update
Ramat Gan, 4 July 2016
Further to the announcements dated 1 June 2016, 10 June 2016 and 22 June 2016, regarding the publication of the Company's Notice of Annual and Extraordinary General Meeting (the “Notice”) convening such a meeting for 9.30am (BST) on 5 July 2016, (the "Meeting") and the motion against the Company and its Directors (the "Motion") filed with the Financial Department of the Israeli District Court in Tel Aviv (the "Court") by a shareholder of the Company, Zvi V & Co Ltd. (the "Petitioner"), the Company announces that a decision of the Court published today confirmed the following:
According to what was proposed in the hearing held on 27 June 2016 (the “Hearing”), the appointment of Mr. Gregory Gurtovoi and the other directors that have been proposed by the Company will be approved and the appointment of Mr. Oleksandr Avdyeyev as a director shall be withdrawn; The appointment of Mr. Gregory Gurtovoi will be required to be proposed to shareholders not later than 15 January 2017; Moreover, the retired judge Mr. Avi Zamir shall be appointed as a director of the Company on behalf of the Court to oversee any decisions made by the board of the Company and its committees. In doing so, the Court authorises Mr. Zamir to attend all meetings and to prepare and submit an update to the Court and the Company’s shareholders every two months.For the time being, the remuneration of Mr. Zamir shall be borne by the Company; and
Therefore, the parties (especially the Petitioner) shall inform the Court of their position with respect to the above by 8.00am (BST) on 5 July 2016 since this was the agreement that was achieved at the end of the Hearing.The Company will provide a further update in due course.
Enquiries: Yossi Schneorson, CEO: yossi@bsd-c.com
BSD.L (BSD)