7th Nov 2008 15:22
Director Remuneration Notice
Mr. Eitan Cohen was appointed a non-executive director of SimiGon Ltd ("the Company") by the Board of Directors of the Company on June 3, 2008. Mr. Cohen will hold office until the next annual general meeting ("AGM") of shareholders of the Company.
On October 30, 2008 the Audit Committee and Board of Directors of the Company set Mr. Cohen's remuneration at $1,600 per month in 2008 and $2,200 per month in 2009. In accordance with Israeli Company Law, the approval of this remuneration was not brought for shareholder approval since it is lower than the compensation paid to the previous non-executive director for similar services and a similar level of experience and expertise and it is less than the maximum compensation the Company is permitted to pay to its external (independent) directors under Israeli law.
This announcement is being made to bring Mr. Cohen's remuneration to shareholders' attention. Should more than 1% of shareholders object in writing to Mr. Cohen's remuneration within the next fourteen calendar days, the Company will introduce the matter for shareholder approval at the AGM.
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SimiGon Ltd |
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Ami Vizer, Chief Executive Officer Haim Yatim, Chief Financial Officer |
+972 9 956 1777 |
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Evolution Securities Ltd |
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Jeremy Ellis Louise McGolpin |
+44 (0)20 7071 4300 |
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