CAESAREA, Israel, March 18, 2026
CAESAREA, Israel, March 18, 2026 /PRNewswire/ -- Max Stock Limited (TASE: MAXO) (the "Company"), further to its announcement on Sunday, March 15, 2026, regarding the resignation of Mr. Erez Nahum as a director on the Company's Board of Directors, provides the following additional information in response to the position of the Israel Securities Authority whereby the resignation is due to circumstances that must be disclosed:
In his notice of resignation as a director of the Company, Mr. Erez Nahum stated that he is resigning for the following reasons:
First, in connection with a dispute between himself, Apax (the Global Fund) and Apax Israel (together: "the Apax Funds") and Ms. Zahavit Cohen, Chairperson of the Board (in her capacity as CEO of Apax Israel) ("the dispute"), Mr. Nahum claims that Ms. Cohen improperly used her position as Chairperson of the Board, together with the Apax Funds, to prevent him from participating in a board meeting held in January 2026, and that, in his view, the resolutions adopted at such meeting are therefore null and void.
Second, following the aforementioned meeting, Mr. Nahum requested documents and information from the Company and, according to his claim, received only a partial response by the Company to his subsequent requests for documents and information, and that the Company had thereby breached applicable corporate governance requirements.
The Company clarifies that these claims were thoroughly examined, including with its legal advisors, and were also discussed in a dedicated meeting of the Board of Directors held in February 2026, in the absence of both Mr. Nahum and the Chairperson. Following such review, the Board determined that Mr. Nahum's claims are unfounded and false.
The Board further determined that Mr. Nahum's requests were driven by personal considerations arising from the dispute and are not in the best interests of the Company, and therefore were not accepted.
The Company is not a party to the dispute and does not intend to take any part therein. The Company further clarifies that neither the Company nor any of its representatives, including the Chairperson, officers or other directors, prevented Mr. Nahum from participating in the aforementioned board meeting, and that the Company did not breach the applicable corporate governance requirements.
This is an English translation of segments of a Hebrew immediate report that was published on March 17, 2026 (Ref. No. 2026-01- 023581) (hereinafter: the "Hebrew Version"). This English version is only for convenience purposes. This is not an official translation and has no binding force. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.
About Max Stock
Max Stock is Israel's leading extreme value retailer, currently present in 64 locations throughout Israel. We offer a broad assortment of quality products for customers' everyday needs at affordable prices, helping customers "Dream Big, Pay Small". For more information, please visit https://ir.maxstock.co.il
Company Contacts:
Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il
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SOURCE Max Stock Limited
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