The big crash in the share of the dream company in the field of energy storage Ogwind
Ogwind
+7.5%
Base:465.1
opening:465.5
High:500
low:435
change:401,676
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affects the officials in the company. The company’s stock, which was already trading at a value of NIS 2.45 billion just two years ago, is now trading at a value of only NIS 100 million. The investors ate it big (including the Moore investment houses, and especially Psagot).
A week and a half ago, the current chairman of the company’s board of directors, former general and deputy chief of staff Moshe Kaplinsky, announced his retirement from the position to which he was appointed only nine months earlier, and now the company’s CEO Alon Reva, who arrived a year ago from Housing and Construction Energy, is also resigning The company’s announcement stated that Rava agreed to remain at the company’s disposal until a replacement is found. Are all these departures ‘just a coincidence’? Investors are asking themselves what is actually happening in the company.
At Ogwind they try to broadcast business as usual and claim that this is a resignation unrelated to circumstances that require an explanation to investors – but in a company like Ogwind, and after such a crash in the stock, everything is important to investors. When office holders leave unexpectedly it is not for nothing.
Reva did not agree to a pay cut?
But perhaps the real reason is hidden in the letter that Reva sent to the chairman of the board of directors, Kaplinsky, who himself, as mentioned, is leaving (there is something ironic here). According to him, the reason is related to his salary in the company: “In the last few months, the realization has gradually solidified in me that, against the background of the need to reduce current costs and focus on technology, it will be It is true that I will end my position, and therefore I would like to announce the end of my position as CEO of the company.” In other words, Reva writes that his salary was supposed to be cut in the near future and that he was not ready for it.
In any case, Reva claims in the letter that after the streamlining moves (layoffs) in the company over the past year, “I believe that Ogwind today is a more focused, higher quality company, and has clear plans and goals adapted to its liquid sources, which significantly increases its chances of success. Of course, I wish you success great in achieving the goals we defined and in fulfilling the vision of becoming a significant international player in the field of long-term energy storage.”
And yet, Ogwind’s share, which was still trading at a 5% increase at the beginning of the day, went down by up to 6% following the CEO’s resignation. So what did Ogwind do? At the very end of the day, it issued a report on an agreement with the electric company – and the stock actually closed with a jump of 7.5 %. Look here:
What agreement is it about? According to the company, this is an agreement with the Electric Company for the establishment of an AIRSMART energy efficiency system at the Rotenberg power plant in Ashkelon, in exchange for NIS 7.5 million, with 55% of the amount to be received during the construction of the project and the balance upon delivery of the system, which is expected by the end of 2023.
According to Ogwind, the goal of the system is to optimize the compressed air system at the power station, to reduce the energy consumption at the station, to bring financial savings, and to reduce greenhouse gas emissions. “In the company’s estimation, based on analyzes it has conducted, the installation of the system will result in a significant reduction in energy costs for the compressed air system, and will allow HAI (Electricity Company of Israel. N.A.) to pay back the investment within a period of up to four years from the date the system is activated.”
As mentioned, Moshe Kaplinsky is also leaving Eogwind. But the truth must be told – he wasn’t really in the company. He agreed to give Ogvind mainly his name, since he was the chairman of the company only 20% of the time, not something that allows for real work for the benefit of the company. He received an annual salary of NIS 300,000 (before VAT) for that 20% of the time Plus an option payment of NIS 76,000. Kaplinsky wanted the payment in cash – because when he was appointed chairman of the board he had already seen the company’s stock crash and realized that his salary should be real, in hand, and not in options on the tree. His options are really not worth anything now since their exercise price is 13 NIS per share, but the share price in the market is only NIS 5.4.
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