Amiran Levinberg returns to Gilat as chairman and CEO
Bank Hapoalim has completed the sale of its $70.4 million loan to Gilat to York Capital Management.
Globes correspondent 18 Jul 05 20:38
Gilat Satellite Networks (Nasdaq: GILTF; TASE: GILTF) today announced changes in its board of directors and management, including the nomination of Amiram Levinberg as its chairman and CEO. The expected appointment was first reported by "Globes". Levinberg was a co-founder of Gilat, and served as president of the company from 1995 to 2003.
The changes follow the completion by Bank Hapoalim (LSE: BKHD; TASE: POLI) of the sale of its $70.4 million loan to Gilat and the corresponding warrant to York Capital Management.
In addition, Bank Hapoalim has granted to York an option to purchase 1,000,809 of its approximately 3.3 million Gilat shares. At the same time, Bank Hapoalim sold an additional 1,250,000 shares to Mivtach Shamir Holdings Ltd. Bank Hapoalim and Mivtach Shamir agreed to provide York with a proxy to vote all of these approximately 3.3 million Gilat shares as part of the transaction. The proxy is to remain valid until the earlier of two years from the closing and the date upon which such shares are sold.
Six existing members of the board resigned and new directors were appointed. The resigning directors include Gilat's chairman and CEO Shlomo Rodav, as well as Robert Bednarek, Pinchas Buchris, Gideon Chitayat, Abraham Neyman, and external director, Linda Harnevo. External director Haim Benjamini will continue to serve on the Company's board.
The new board members Jeremy Blank, vice president of York Capital Management and former vice president within Morgan Stanley's fixed income and investment banking departments; Dr. Udi Ganani, chairman of Aeronautics Defense Systems and former CEO of Israel Military Industries; Karen Sarid, general manager of Orex Computed Radiography Ltd., a Kodak company and former CEO and director of Foresoft Ltd., a subsidiary of the Formula Group; and Izhak Tamir, president and director of Orckit Communications (Nasdaq: ORCT; TASE: ORCT)
The appointment of Levinberg as both CEO and chairman is subject to shareholder approval.
Gilat will hold a special shareholders meeting on August 30, 2005. Among the items on the agenda will be the re-election of the new members of the its board, the appointment of Amiram Levinberg as chairman of the board and chief executive officer, and the nomination of Leora Meridor as external director to replace Linda Harnevo.
Levinberg said, "I want to thank Shlomo Rodav for his devoted service to the Company. Shlomo deserves substantial credit for the significant re-organization process Gilat has undergone during the past two years. Such process has been instrumental in the stabilization of the company.
"Today's market is more competitive and the goal of achieving profitability and growth has become increasingly challenging. I am returning home to the company I was privileged to co-found with a new mission: to re-strengthen Gilat's market position, extend its technological leadership and leverage the cmpany into new markets and service offerings. I know I have a great team working with me in pursuing these goals."
Published by Globes [online], Israel business news - www.globes.co.il - on July 18, 2005
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