Ormat Technologies, Inc. announced recently that it has been informed by Ormat Industries, Ltd., its parent entity ("Ormat Industries"), that the transaction by and among Bronicki Investments Ltd. ("BIL"), the controlling shareholder of Ormat Industries, and FIMI ENRG Limited Partnership, a newly formed Israeli partnership and FIMI ENRG, a newly formed Delaware partnership, both controlled by FIMI Opportunity IV (collectively, "FIMI"), to sell part of BIL's interest in Ormat Industries, previously announced on March 16, 2012, was successfully consummated on May 22, 2012. Ormat Industries provided the following additional information:
BIL sold to FIMI 13,715,934 shares of 1 NIS each, constituting approximately 11.7% of the issued and outstanding shares of Ormat Industries, at a price per share of 21.67 NIS for a total purchase price of approximately 297 million NIS.Following consummation of the transaction, each of BIL and FIMI now holds 22.499% of the issued and outstanding stock of Ormat Industries and the parties collectively own 44.999% of the issued and outstanding stock of Ormat Industries.As a result of the BIL FIMI transaction, and following its consummation, the following individuals have been appointed as Directors to the Board of Directors of Ormat Technologies:
Gillon Beck, a senior partner in FIMI, who will be the chairman of the Board of Directors of Ormat Technologies
Robert E. Joyal
These new Directors join Mrs/Messrs Dita Bronicki, Yoram Bronicki, Dan Falk, and Robert Clark who continue to serve as Directors of Ormat Technologies.