Oil Refineries Announces Extraordinary General Meeting and Additional ReportsBy Oil Refineries Ltd, PRNE
Wednesday, March 2, 2011
HAIFA, Israel, March 3, 2011 - Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company,"
"ORL"), Israel's largest integrated refining and petrochemical group,
announced that it will convene an Extraordinary General Meeting on April 6,
2011 at 11:00 AM, Israeli time. The meeting will be convened to discuss,
among others, the approval of compensation to Mr. David Federman, Deputy
Chairman of the Company's Board of Directors, and one of the controlling
shareholder in the Company.
The issues on the Agenda of the meeting:
1. The payment of a bonus of NIS 625,000 to the Deputy
Chairman of the Board, Mr. David Federman, for 2009 (A complementary decision
to the General Meeting's decision regarding this matter on 10 May 2010).
2. In continuum with the adoption of an Employee Compensation
Plan in the Company - Approval of a compensation plan for Mr. David Federman,
as well as the granting of remuneration to Mr. Federman, from time to time
(without requiring further approval from the Company's General Meeting).
3. The approval of a compensation plan for the Chairman of the
Board, Mr. Yossi Rosen, as well as the granting of remuneration to Mr. Rosen,
from time to time (without requiring further approval from the Company's
4. Approval for contracting the services of Uri Slonim - Law
Offices and Risk Management, in which Uri Slonim, a Director in the Company,
is a Senior Partner. Services rendered include legal advising and auditing in
the field of risk management.
5. Approval for the purchase of liability insurance for the
Directors and officers of the Company, with a limit of up to $180 million per
claim and per the insurance term, at an annual insurance premium of up to
$450 thousand (to be applied also to Mr. David Federman, Deputy Chairman of
the Company's Board of Directors and (indirectly) a controlling shareholder
in the Company).
The record date for determining shareholder eligibility to vote
at the general meeting of the Company is March 8, 2011.
A convenience translation of the following reports which the
company released, will be placed on the company's investor relations website
at www.orl.co.il, under "Investor Relations", during the second week
in March, 2011.
A. Announcement of a transaction report with an interested party,
regarding decisions 1 and 2 above, and the convening of the Extraordinary
B. Announcement regarding the Company's adopting an Employee
C. Announcement of a transaction with a controlling shareholder,
which does not require approval of a general meeting, regarding the decision
in section 5 above in relation to Mr. David Federman, Deputy Chairman of the
This document, along with the other documents that will be posted
on the Company's investor relations page, is a convenience translation from
the Hebrew. The binding version is the Hebrew version only, as reported to
the Israeli Securities Authority and the Tel Aviv Stock Exchange.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, operates Israel's largest integrated refining and petrochemical
group. It is one of the leading refineries in the Eastern Mediterranean area
and integrates, on-site, petrochemical businesses. ORL runs sophisticated and
state-of-the-art industrial facilities with a refining capacity of 9.8
million tons of crude oil per year and a Nelson Complexity Index of 7.4,
providing a variety of quality products used in industrial operation,
transportation, private consumption, agriculture and infrastructure. The
Company's petrochemical sector produces Polymers (through its ownership of
Carmel Olefins Ltd), Aromatics (through its ownership of Gadiv Petrochemical
Industries Ltd), and Lube-Oils (through its ownership of Haifa Basic Oils
Ltd). The Company's shares are listed on the Tel Aviv Stock Exchange under
the ticker ORL. For additional information please visit www.orl.co.il.
The above noted in this release includes forward-looking
statements based on Company data, as well as Company plans and estimations
based on this data. The activity, results and other data may be substantially
different in reality given uncertainty and various risks, including those
discussed under risk factors in the Company's financial statements and
Company Contact: Rony Solonicof Chief Economist and Head of IR Tel. +972-4-878-8320 Contact IREn@orl.co.il Investor Relations Contact: Ehud Helft / Porat Saar CCG Israel Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687 firstname.lastname@example.org
Company Contact: Rony Solonicof, Chief Economist and Head of IR, Tel. +972-4-878-8320, Contact IREn at orl.co.il ; Investor Relations Contact: Ehud Helft / Porat Saar, CCG Israel, Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687, info at ccgisrael.com