Ellomay Capital Announces Results of 2022 Annual General Meeting of Shareholders

Rhea-AI Summary

On December 29, 2022, Ellomay Capital Ltd. (NYSE American: ELLO) held its annual general meeting (AGM) where shareholders approved key proposals. The meeting confirmed the reelection of four directors, the approval of liability insurance for directors and officers, and the employment terms for Asaf Nehama. Additionally, the independent auditors for the fiscal year ending December 31, 2022, were reappointed. Ellomay focuses on renewable energy projects across Europe and Israel, with investments in photovoltaic plants and energy production facilities.

Positive

• Reelection of four directors strengthens corporate governance.
• Approval of directors' liability insurance enhances protection against potential lawsuits.
• Reappointment of independent auditors ensures financial oversight.

Negative

• Approval of Asaf Nehama's employment terms raises potential conflict of interest concerns.

TEL-AVIV, Israel, Dec. 29, 2022 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today announced that at the annual general meeting of the Company's shareholders, held on December 29, 2022 (the "AGM"), the following proposals were adopted and approved by the required majority (including the special majority required in connection with proposals 2-3):

1. Reelection of Shlomo Nehama, Ran Fridrich, Anita Leviant and Ehud Gil as directors;
2. Approval of purchase of directors and officers liability insurance policy;
3. Approval of terms of employment of Mr. Asaf Nehama, the son of Mr. Shlomo Nehama, the Company's Chairman of the Board and a controlling shareholder;
4. Reappointment of Somekh Chaikin, a member of KPMG International, as the independent auditors of the Company for the fiscal year ending December 31, 2022 and until the next annual general meeting of the Company's shareholders, and authorization of the Board of Directors to approve, following the approval of the Audit Committee, the remuneration of the independent auditors in accordance with the volume and nature of their services; and

For more information, please see the Company's Notice and Proxy Statement relating to the AGM, submitted on Form 6-K to the Securities and Exchange Commission on November 23, 2022.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

• Approximately 35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
• 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel's largest private power plants with production capacity of approximately 860MW, representing about 6%-8% of Israel's total current electricity consumption;
• 51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
• Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

For more information about Ellomay, visit http://www.ellomay.com.

Contact:

Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

 

 

View original content:https://www.prnewswire.com/news-releases/ellomay-capital-announces-results-of-2022-annual-general-meeting-of-shareholders-301711186.html

SOURCE Ellomay Capital Ltd.

FAQ

What were the key decisions made at Ellomay Capital's AGM on December 29, 2022?

At the AGM, Ellomay Capital shareholders approved the reelection of four directors, liability insurance for directors, employment terms for Asaf Nehama, and the reappointment of independent auditors.

Who were the directors reelected at the Ellomay Capital AGM?

The directors reelected at the AGM include Shlomo Nehama, Ran Fridrich, Anita Leviant, and Ehud Gil.

What is the significance of the directors' liability insurance approved by Ellomay Capital?

The approval of liability insurance for directors and officers is significant as it provides protection against potential legal claims.

What impact does Asaf Nehama's employment approval have on Ellomay Capital?

The approval of Asaf Nehama's employment terms may raise potential conflict of interest concerns due to his relationship with the chairman.

Who is responsible for auditing Ellomay Capital's financial statements for 2022?

Somekh Chaikin, a member of KPMG International, was reappointed as the independent auditors for Ellomay Capital.