Ellomay Capital Announces Results of 2023 Annual General Meeting of Shareholders

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Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) held its annual general meeting on December 11, 2023, where several proposals were adopted and approved by the required majority. The proposals included the reelection of directors, approval of terms of service for directors, grant of options to external directors, approval of compensation policy, and reappointment of independent auditors. For more details, refer to the Company's Notice and Proxy Statement submitted to the SEC on November 2, 2023.

TEL-AVIV, Israel, Dec. 11, 2023 /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, USA and Israel, today announced that at the annual general meeting of the Company's shareholders, held on December 11, 2023 (the "AGM"), the following proposals were adopted and approved by the required majority (including the special majority required in connection with proposals 2, 3, 5, 6, 7, 8, 9 and 10):

1. Reelection of Shlomo Nehama, Ran Fridrich, Anita Leviant and Ehud Gil as directors;
2. Reelection of Daniel Vaknin as an external director for a second three-year term;
3. Election of Dorit Ben Simon as an external director for a first three-year term;
4. Approval of the terms of service the external directors and update to the terms of service of non-executive directors;
5. Approval of grant of options to the external directors;
6. Approval of terms of service of Ehud Gil, a member of the Board of Directors;
7. Approval of grant of options to Ehud Gil, a member of the Board of Directors;
8. Approval of extension of an exemption previously provided to Ehud Gil, a member of the Board of Directors;
9. Approval of an updated compensation policy for the Company's officers and directors;
10. Approval of update to terms of employment of Asaf Nehama, the son of Shlomo Nehama, the Company's Chairman of the Board and a controlling shareholder; and
11. Reappointment of Somekh Chaikin, a member of KPMG International, as the independent auditors of the Company for the fiscal year ending December 31, 2023 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.

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 2, 2023.

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, USA 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, Spain and Texas, USA, 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 850MW, 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 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;
• Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy;
• Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW, 54.77 MW, 8 MW and 18 MW, respectively, in Italy that have reached "ready to build" status; and
• Fairfield Solar Project, LLC, Malakoff Solar I, LLC, Malakoff Solar II, LLC, that are developing photovoltaic projects with installed capacity of 13 MW, 6.5 MW and 6.5 MW, respectively, in the Dallas Metropolitan area, Texas, and have reached "ready to build" status.

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

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including changes in electricity prices and demand, continued war and hostilities in Israel, regulatory changes, including extension of current or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain, increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company's facilities (such as waste and natural gas) and in the price of oil, the impact of continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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

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SOURCE Ellomay Capital Ltd.

FAQ

What is the ticker symbol for Ellomay Capital Ltd.?

The ticker symbol for Ellomay Capital Ltd. is ELLO on NYSE American and TASE.

When was the annual general meeting of Ellomay Capital Ltd. held?

The annual general meeting of Ellomay Capital Ltd. was held on December 11, 2023.

What were the key proposals approved at the annual general meeting of Ellomay Capital Ltd.?

The key proposals approved at the annual general meeting included reelection of directors, approval of terms of service for directors, grant of options to external directors, approval of compensation policy, and reappointment of independent auditors.

Where can I find more information about the annual general meeting of Ellomay Capital Ltd.?

For more information, please refer to the Company's Notice and Proxy Statement submitted on Form 6-K to the Securities and Exchange Commission on November 2, 2023.