HAIFA, Israel, March 3, 2011 /PRNewswire-FirstCall/ -- 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 General
Meeting).
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 http://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 General Meeting.
B. Announcement regarding the Company's adopting an Employee
Compensation Plan.
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
Board.
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
http://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 Director's reports.
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
info@ccgisrael.com
SOURCE Oil Refineries Ltd