Olympic Entertainment Group AS (hereinafter OEG) has initiated proceedings for delisting its shares from the main market of the Warsaw Stock Exchange.
According to Polish law, delisting of a company from a regulated market is subject to launching a tender offer in respect of the shares of such company acquired from the respective regulated market by the majority shareholder of such company and respective resolution of the General Meeting of shareholders of such company. Considering the above, the largest shareholder of OEG OÜ HansaAssets (a company controlled by the Chairman of the Supervisory Board Mr Armin Karu) launched a tender offer today, 28.03.2017. The tender offer is directed only to such shareholders who have acquired the shares of OEG from Warsaw Stock Exchange. Accepting the tender offer may be decided by each shareholder eligible to participate in the tender offer at its sole discretion; however, decision not to tender in its shares will not influence the delisting proceedings. The tender offer document is announced in Poland through the intermediation of information agency in accordance with Polish law. In connection with launching a tender offer, OEG has filed a motion to suspend trading with the shares of OEG in the Warsaw Stock Exchange as from today.
The tender offer is structured in a way that the offer is launched by the largest shareholder of OEG OÜ HansaAssets but the shares are acquired by OEG. Such a set-up has been chosen in order to ensure equal treatment of all the shareholders of OEG. According to Estonian law, buy-back of own shares by a public limited company (in Estonian: aktsiaselts ) is subject to respective resolution of the General Meeting of shareholders. Therefore, together with the resolution on delisting, the buy-back of own shares will be placed into the agenda of the annual General Meeting of shares holders of OEG.
The funds used by OEG to acquire the shares will amount to up to approximately EUR 0.2 million.
The delisting applications required by the Rules of the Warsaw Stock Exchange and Polish law will be filed to competent authorities (the Polish Financial Supervision Authority and the Polish National Depositary of Securities) after the tender offer has been finally settled on or about 24.05.2017. The intention of OEG is do delist the shares of OEG from the Warsaw Stock Exchange till the end of July 2017 but it depends on the adoption and timing of the decision of the Polish Financial Supervision Authority.
The delisting of the shares of OEG from the Warsaw Stock Exchange will not influence the listing and trading with the shares of OEG in the main list of the Nasdaq Tallinn Stock Exchange.
Madis Jääger CEO Olympic Entertainment Group AS Tel + 372 667 1250 E-mail madis.jaager@oc.eu http://www.olympic-casino.com
