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STOCK EXCHANGE NEWS

Posted on 25.08.2010

Olympic Entertainment Group AS
25 August 2010

STOCK EXCHANGE NEWS

The extraordinary general meeting of the shareholders of Olympic Entertainment Group AS (hereinafter OEG) was held today, on 25 August 2010, at 11.00 AM at Pronksi 19 (3rd floor), Tallinn (hereinafter the Meeting).

The Meeting started at 11.00 a.m. and ended at 11:18 a.m. 10 shareholders attended the meeting representing 105 839 119 votes, constituting 70,09 % 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 following items set out in the notice of the Meeting published on 2 August 2010 on the website of OEG http://www.olympic-casino.com, via the information system of the NASDAQ OMX Tallinn Stock Exchange and in the daily newspaper Eesti Päevaleht:

  1. Increase of share capital
  2. Exclusion of shareholders’ subscription right
  3. Approving the terms and conditions of the issuance of shares to the Supervisory Board in accordance with the option agreements
  4. Giving the Management Board the right to annul the shares that are not subscribed during the subscription period

 

The following resolutions were passed at the Meeting:

  1. Increase of share capital

The Meeting approved the increase of share capital by 4 503 840 (four million five hundred and three thousand eight hundred and forty) Estonian kroons (EUR 287 847) by issuing 450 384 (four hundred and fifty thousand three hundred and eighty four) new ordinary shares of OEG. The Supervisory Board proposes to the shareholders that the release is carried out so that the period of subscribing the shares is from 26 August 2010 to 31 August 2010. The shares have to be paid for by monetary contribution, the nominal value of the released shares is 10 Estonian kroons (EUR 0,639) and the issue premium is 1,18 Estonian kroons (EUR 0,075).

After the increase of share capital, the share capital of OEG will be 1 514 503 840 (one billion five hundred and fourteen million five hundred and three thousand eight hundred and forty) Estonian kroons (EUR 96 794 437) which is devided into 151 450 384 (one hundred and fifty one million four hundred and fifty thousand threehundred and eighty four) registered shares.

Tabulation of votes:

In favour:

 101 136 796 votes

95,56 % of the votes represented at the Meeting

 

Against:           

 4 702 323 votes

4,44 % 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

  1. Exclusion of shareholders’ subscription right

The Meeting approved the exclusion of the shareholders’ subscription right with respect to 450 384 (four hundred and fifty thousand three hundred and eighty four) new ordinary shares of OEG, which the company will issue in order to duly perform option agreements, entered into by OEG.

Tabulation of votes:

In favour:

 101 136 796 votes

95,56  % of the votes represented at the Meeting

 

Against:           

 4 702 323 votes

4,44 % 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

  1. Approving the terms and conditions of the issuance of shares to the Supervisory Board in accordance with the option agreements

The Meeting established that the number of shares issued to the members of the Supervisory Board, in accordance with the option agreements, will be determined on the basis of the members’ contribution to the work of the Supervisory Board. The Meeting established that the overall number of the shares issued in accordance with the option agreements would be 139 009. The exact distribution of the shares among the members of the Supervisory Board would be determined by the Supervisory Board on the basis of the above criterion.

Tabulation of votes:

In favour:

 99 862 350 votes

94,35 % of the votes represented at the Meeting

Against:           

 5 976 769 votes

5,65 % 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

  1. Giving the Management Board the right to annul the shares that are not subscribed during the subscription period

The Meeting voted in favor of granting the Management Board of OEG the right to annul the issue of shares in the extent in which the shares are not subscribed during the subscription period.

Tabulation of votes:

In favour:

 101 136 796 votes

95,56 % of the votes represented at the Meeting

Against:           

 4 702 323 votes

4,44 % 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

List of shareholders who held at least 5% of the total votes at the company’s general meeting on 25th August 2010

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.

For additional information, please contact:

Indrek Jürgenson
Member of the Management Board
Olympic Entertainment Group
Tel + 372 667 1250
E-mail: indrek.jurgenson@oc.eu
www.olympic-casino.com

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