OEG: Certain minority shareholders submitted an al
Post# of 301275
With respect to the Annual General Meeting (the “ AGM ”) of Olympic Entertainment Group AS (the “ Company ”) to be held on 11 May 2018, certain minority shareholders of the Company, who confirm that their votes represent at least 1/20 of the share capital of the Company, submitted on 8 May 2018 the following draft resolution and reasoning under item 5 of the agenda of the AGM:
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Draft resolution : “Considering that on 4 April 2018, Odyssey Europe AS made a voluntary public takeover offer for the acquisition of shares of the Company; and as the result of the offer, Odyssey Europe AS acquired less than 90% of shares of the Company, to approve the termination of listing of the shares of the Company (OEG1T, ISIN EE3100084021) from Nasdaq Tallinn Stock Exchange after Odyssey Europe AS has acquired 100% of shares of the Company.”
Reasoning : “Stock exchange listing guarantees minority investors certain rights, including transparency of the conduct and financial condition of the issuer and lower thresholds in exercising shareholder rights at the general meeting. For that reason, according to the settled practice of Nasdaq Tallinn Stock Exchange, termination of listing has followed the squeeze-out at fair value of the minority shares of the issuer. Delisting of the Company would materially jeopardise the rights of minority shareholders and the application to terminate listing of Company’s shares should be conditional upon acquisition of 100% of shares by majority shareholder.”
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The Company is currently in the process of verifying whether the formal preconditions for the submission of the draft resolution were met.
Madis Jääger CEO Olympic Entertainment Group AS Tel + 372 667 1250 E-mail madis.jaager@oc.eu
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