Source - RNS
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:


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.




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

This information is provided by RNS
The company news service from the London Stock Exchange

Related Charts

Amiad Water Systems (AFS)

0.00p (0.00%)
delayed 18:15PM