Rafi Peled is assuming the helm in the Peled-Givony group. Today Tel Aviv traded Iscal Holdings announced that it has appointed Peled to head the board, and that Arie Givony has been appointed as member of the board.
Peled is expected to today announce his appointment as chairman of Feuchtwanger Industries, which also trades in Tel Aviv.
Iscal Holdings announced the following executive reshuffle: Shimon Lasser and Amnon Kislev have resigned from the board and as Co-CEOs. The son of Shimon Lasser, Nadav Lasser, is to be appointed as secretary.
Shimon Lasser owns 8.46% of Iscal Holdings¿ shareholders equity, and Kislev owns 6.6%. The two are stepping down as part of their agreements with Feuchtwanger Investments, which allow them to sell their holdings in Iscal Holdings at NIS 65.6 per share, which is 600% above the market price.
Institutional investors recently criticized Peled and Givony for ostensibly avoiding taking responsibility for the group¿s recent moves by not serving on the boards of Iscal Holdings and Feuchtwanger Investments. It appears that this criticism no longer holds because Peled is to now head at least two of the companies in the group. Givony also sits on the board of Mashav Refrigeration Industries, while Peled is on the board of Feuchtwanger Industries.
Feuchtwanger Investments has already acquired 11.5% of Iscal shareholders equity from a group of sellers, which include the Kislev family, Shimon Lasser, Shmuel Sheffer and Nati Fried. The deal was based on NIS 65.6 per Iscal Holdings share.
According to the sales agreements between Feuchtwanger Investments and the group of sellers, Feuchtwanger Investments is expected to complete the acquisition of the sellers¿ holdings in the company. This can be done either by completing the sales agreements, or by the sellers exercising the Put options that Feuchtwanger Investments granted them.
Nati Fried will be replacing Shimon Lasser and Kislev as CEO of Iscal Holdings. He previously served as CFO, and owns 1.6% in the company.
Sidon has been appointed as accountant. In the past she served as accountant at TeleKnowledge, which, which is controlled by Zeevi Computers.