The Pozis family on the control of Novolog: "We will fight legally and if necessary we will increase our holdings"

"It is clear that directors who are slated for replacement cannot discuss in suspicious proximity a material move that will serve their personal interests. We will fight this legally, and if necessary, we will also act to increase our holdings in Novolog."

This was stated to Calcalist by Oded Pozis, son of Novolog's controlling shareholder Ehud Pozis (26.7%), who has served since May as a member of the company's board of directors on behalf of the family. Pozis was referring to the struggle for control that began yesterday evening, resulting in a 16.6% jump in Novolog's share price today, with trading volume more than double its annual average.

The struggle arose following Novolog's report on an offer by the Movement group to invest 100 million shekels in exchange for 21.3% of Novolog's shares. This move would dilute the Pozis family's stake to 21%, lower than that of Movement. The tension escalated after the controlling shareholder demanded a vote to replace the board of directors — the very body tasked with deciding on the Movement offer.

"From the order of events in the company's reports, it appears as if the request to change the board is our response to the Movement offer, but the opposite is true," Pozis stated.

He explained that they had approached the board at noon to demand a vote on its replacement due to operational failures. However, the company reported the Movement offer at 20:57 and the family's demand only at 22:23, despite the fact that the demand was submitted at 14:40, while the Movement offer was received at 17:41.

"We intend to shake up the company and lead it back to success. A winning team of directors with rich experience has been proposed as a first step to return the company to its glorious days as part of necessary material changes," Pozis added.