Announcements

Decisions of the extraordinary general meeting of shareholders of Olympic Entertainment Group

Posted on 14.08.2008


As announced in the stock exchange news of OEG, dated 17 July 2008, the aim of the Meeting was to initiate changes in the management strcuture of OEG. According to the resolutions adopted by the Meeting, the previous Chairman of the Management of OEG Armin Karu will continue as the Chairman of the Board. The Management of OEG will continue comprising of one member, CEO of OEG Andri Avila who will be conducting the day to day management of OEG.

On 14 August 2008, in the course of the meeting of the Board of OEG held before the Meeting, the Board of OEG adopted a resolution on recalling previous members of Management Armin Karu and Mart Relve from the Management of OEG.

The Meeting started at 11.00 and ended at 11.28. 21 shareholders attended the meeting representing 120 757 682 votes, constituting 79.97 % of the share capital. Therefore the Meeting was competent to pass resolutions regarding the items on the agenda of the Meeting.

The agenda of the Meeting contained the items set out in the notice of the Meeting published on 5 August 2008 on the website of OEG www.olympic-casino.com and via the information system of the Tallinn Stock Exchange.

The following resolutions were passed at the Meeting:

1. Electing Armin Karu as member of the Board of OEG

The Meeting resolved to elect Armin Karu as member of the Supervisory Board of OEG.

Tabulation of votes:

In favour: 120 757 682 votes 100 % of the votes represented at the Meeting
Against: 0 votes 0 % of the votes represented at the Meeting
Impartial: 0 votes 0 % of the votes represented at the Meeting
Did not vote: 0 votes 0 % of the votes represented at the Meeting
Invalid: 0 votes 0 % of the votes represented at the Meeting


2. Electing Mart Relve as member of the Board of OEG

The Meeting resolved to elect Mart Relve as member of the Supervisory Board of OEG.

Tabulation of votes:

In favour: 120 757 682 votes 100 % of the votes represented at the Meeting
Against: 0 votes 0 % of the votes represented at the Meeting
Impartial: 0 votes 0 % of the votes represented at the Meeting
Did not vote: 0 votes 0 % of the votes represented at the Meeting
Invalid: 0 votes 0 % of the votes represented at the Meeting


3. Recalling Kaia Karu from the Board of OEG

The Meeting resolved to recall Kaia Karu from the Supervisory Board of OEG.

Tabulation of votes:

In favour: 120 757 682 votes 100 % of the votes represented at the Meeting
Against: 0 votes 0 % of the votes represented at the Meeting
Impartial: 0 votes 0 % of the votes represented at the Meeting
Did not vote: 0 votes 0 % of the votes represented at the Meeting
Invalid: 0 votes 0 % of the votes represented at the Meeting

The resolutions were adopted at the Meeting following the procedure for passing of resolutions set forth in laws and in the Articles of Association of OEG.

Also on 14 August 2008, at the meeting, the Board of OEG held after the Meeting, the Board adopted a resolution on appointing Armin Karu as the Chairman of the Board of OEG.

Additional information:

Andri Avila
Member of the Management Board
Olympic Entertainment Group
Tel + 372 667 1250
E-mail: andri.avila@oc.eu
www.olympic-casino.com

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