Both Leading
Independent Proxy Advisory Firms Recommend That Shareholders Vote "FOR"
ALL of Caesarstone's Nominees and DO NOT Vote the Kibbutz's GOLD
Proxy Card
MP MENASHE, Israel--(BUSINESS WIRE)--
Caesarstone Sdot-Yam Ltd. (NASDAQ: CSTE) ("Caesarstone" or the
"Company") today announced that Glass Lewis & Co. ("Glass Lewis"), a
leading independent proxy advisory firm, has recommended to its clients
that shareholders vote "FOR" all of Caesarstone's director
nominees - Moshe Ronen, Shachar Degani, Amihai Beer, Amit Ben Zvi,
Ronald Kaplan, Yonatan Melamed and Ofer Tsimchi - and "AGAINST"
the director nominees of Kibbutz Sdot-Yam (the "Kibbutz") - Amnon Dick
and Yitzhak (Itzick) Sharir - on the WHITE
proxy card. Glass Lewis also specifically recommended that shareholders DO
NOT vote the GOLD proxy
card of the Kibbutz. The Company's annual general meeting will be held
on December 3, 2015.
Glass Lewis is a leading independent proxy advisory firm with a global
client base of over 1,200 clients that collectively manage more than $20
trillion in assets. Glass Lewis provides research and advisory services
to institutional investors with respect to voting decisions by assessing
governance, business, legal, political and accounting risks at public
companies in 100 different countries.
In rejecting the Kibbutz's argument as unpersuasive, Glass Lewis
concluded in its comprehensive analysis that the Kibbutz's nominees
appear to lack executive or public director experience relevant to the
Company's profile, and further indicated that the Kibbutz is already
adequately represented on the Company's board of directors.
The Company is very pleased that both Glass
Lewis and ISS, the two leading independent proxy advisory firms, have
carefully reviewed the voting alternatives and both have recommended
that shareholders vote "FOR" all of Caesarstone's nominees and "AGAINST"
the Kibbutz's nominees on the WHITE
proxy card. As the Company has stated consistently, the Company does not
believe that either of the Kibbutz's nominees would bring relevant
insights, perspectives, skills or competencies not already present among
the current members of the Company's board of directors.
Caesarstone shareholders are again reminded that their vote is extremely
important, no matter how many or how few shares they own. All
shareholders of record as of November 3, 2015 are entitled to vote at
the 2015 annual general meeting of shareholders. Caesarstone urges
shareholders to follow Glass Lewis's and ISS's recommendations and to
vote "FOR" ALL of
Caesarstone's director nominees - Moshe Ronen,
Shachar Degani, Amihai Beer, Amit Ben Zvi, Ronald Kaplan, Yonatan
Melamed and Ofer Tsimchi - and "AGAINST" the Kibbutz's
director nominees - Amnon Dick and Yitzhak (Itzick) Sharir - on the WHITE
proxy card today.
If shareholders have questions or need assistance in voting their shares
for the upcoming annual general meeting, they may contact Morrow & Co.,
Caesarstone's proxy solicitor. Morrow & Co. can be reached by dialing
+203-658-9400 or toll-free within the United States at 800-662-5200, or
via e-mail at CSTE@morrowco.com.
About Caesarstone
Caesarstone manufactures high quality engineered quartz surfaces, which
are used in both residential and commercial buildings as countertops,
vanities, wall cladding, floors and other interior surfaces. The wide
variety of colors, styles, designs and textures of Caesarstone®
products, along with Caesarstone's inherent characteristics such as
hardness, non-porous, scratch and stain resistance and durability,
provide consumers with excellent surfaces for their internal spaces
which are highly competitive to granite, manufactured solid surfaces and
laminate, as well as to other engineered quartz surfaces. Caesarstone's
four collections of products — Classico, Supremo, Motivo and Concetto —
are available in over 50 countries around the world. For more
information about the Company, please visit our website www.caesarstone.com.
(CSTE-E)
Forward-Looking Statements
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and projections
about future events that are "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally relate to the Company's plans,
objectives and expectations for future operations, including its
projected results of operations and the expected timing of expanding its
manufacturing facilities. These forward-looking statements are based
upon management's current estimates and projections of future results or
trends. Actual results may differ materially from those projected as a
result of certain risks and uncertainties. These factors include, but
are not limited to: the strength of the home renovation and construction
sectors; economic conditions within any of our key existing markets;
actions by our competitors; changes in raw material prices, particularly
polymer resins and pigments; fluctuations in currency exchange rates;
the success of our expansion efforts in the United States; the outcome
of silicosis claims and the claim by our former quartz processor;
unpredictability of seasonal fluctuations in revenues; delays in
manufacturing if our suppliers are unable to supply raw materials; and
other factors discussed under the heading "Risk Factors" in our most
recent annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. These forward-looking statements are
made only as of the date hereof, and the Company undertakes no
obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151120005742/en/
Investor Relations
ICR, Inc.
James Palczynski,
+1-203-682-8229
Partner
Source: Caesarstone Sdot-Yam Ltd.
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