This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ellomay Capital Announces Execution Of An Addendum To The Investment Agreement In U. Dori Energy Infrastructures Ltd.

Stocks in this article: ELLO

TEL-AVIV, Israel, October 25, 2012 /PRNewswire/ --

Ellomay Capital Ltd. (NYSE  MKT : ELLO) ( " Ellomay "  or the  " Company " ), today reported the execution of an addendum to the investment agreement executed in connection with the Company's indirect investment in U. Dori Energy Infrastructures Ltd. ("Dori Energy").

As previously reported, on November 25, 2010, Ellomay Clean Energy Ltd., a wholly-owned subsidiary of the Company ("Ellomay Energy"), entered into an Investment Agreement (the "Dori Investment Agreement") with U. Dori Group Ltd. ("Dori Group") and Dori Energy. Pursuant to the Dori Investment Agreement, Ellomay Energy acquired 40% of Dori Energy's issued and outstanding capital. Dori Energy's shares were thereafter transferred from Ellomay Energy to Ellomay Clean Energy Limited Partnership ("Ellomay Energy LP"), an Israeli limited partnership whose general partner is Ellomay Energy and whose sole limited partner is the Company. Ellomay Energy LP replaced Ellomay Energy with respect to the Dori Investment Agreement and the Dori Energy Shareholders Agreement.

The original terms of the Dori Investment Agreement granted Ellomay Energy LP a call option (the "Option") to increase its holdings in Dori Energy, subject to certain terms and conditions which are set forth in the Dori Investment Agreement, to up to 50% (on a fully diluted basis). The exercise price of the Option was originally NIS 2.5 million for each 1% of Dori Energy's issued and outstanding share capital and the first tranche of the Option, applicable to 9% of Dori Energy's issued and outstanding share capital (the "First Tranche") was originally exercisable commencing on the closing date of the Dori Investment Agreement ( January 27, 2011) and ending six (6) months after the completion and delivery of the power plant (the "Project") being built by Dorad Energy Ltd., an Israeli private company in which Dori Energy holds 18.75%. Subject to the full exercise of the First Tranche, the second tranche of the Option, applicable to an additional 1% of Dori Energy's issued and outstanding share capital, is exercisable commencing six (6) months after the completion and delivery of the Project and ending twenty four (24) months thereafter.

On October 24, 2012 an addendum to the Dori Investment Agreement was executed (the "Addendum"). The Addendum updated the terms of the Option as follows: (i) the exercise period for the First Tranche was extended so that the period will end twelve (12) months following the completion and delivery of the Project, and (ii) the exercise price of the Option was reduced to NIS 2.4 million for each 1% of Dori Energy's issued and outstanding share capital (on a fully diluted basis). The other terms of the Option remained unchanged. The Addendum further updated the undertaking of Dori Energy's shareholders in connection with the financing of investments in Dorad by clarifying that in the event Dori Energy does not obtain outside financing, each of Dori Group and Ellomay Energy LP will invest its share of the required amounts, pro rata to their holdings in Dori Energy, replacing the Dori Group's undertaking to provide debt financing to Dori Energy in the event Dori Energy does not obtain outside financing.

About Ellomay Capital

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs