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2016-12-13

Crown Energy: Announcement from Crown Energy AB's extra general meeting

The extra general meeting ("EGM") of Crown Energy AB (publ) ("Crown
Energy" or the "Company") was held on 12 December 2016 and the
following resolutions were passed by the meeting.

Change of the Company's articles of association

The EGM resolved to change the Company's articles of association
regarding (i) the objects of the Company to also include the real
estate industry because of the acquisition of the shares in ESI Group
S.A., (ii) introduction of new share classes in the Company, whereby
shares may be issued in two series, ordinary shares and C shares,
(iii) introduction of a conversion clause to enable conversion of C
shares into ordinary shares, (iv) introduction of a redemption clause
that allow for redemption of C shares through reduction of the share
capital, (v) change of the term of office for the Company's auditor
to one year, (vi) introduction of a post-sale purchase right clause
for C shares, and (vii) the limits of the Company's share capital and
number of shares, and (viii) certain minor editorial changes.

Issuance of maximum 363,401,823 C shares under the quota value

The EGM resolved to issue 363,401,823 C shares. The issuance is
carried out under the quota value, whereby an amount of SEK
10,683,855.205284, corresponding to the difference between the
subscription price SEK 1/363,401,823 per share, in total SEK 1.00,
and the shares' quota value, must be covered through transfer from
unrestricted equity in accordance with the Swedish Companies Act, so
that the share capital of the Company through the share issue and the
transfer from unrestricted equity may be increased by app. SEK
0.02939956414 per subscribed, allotted and paid shares, in total SEK
10,683,856.205284. The transfer from unrestricted equity must be
carried out prior to the share issue is registered with the Swedish
Companies Registration Office. The shares were issued to YBE Ventures
Ltd. as payment for the acquisition of ESI Group S.A.

The share issue will lead to an initial dilution for the current
shareholders' holdings amounting to 79.90 per cent based on shares
currently issued in the Company and 28.20 per cent of the votes based
on the current votes in the Company. After completed conversion of
C-shares to ordinary shares, YBE Ventures Ltd. could own
approximately 75-80 per cent of the share capital and votes in Crown
Energy

Election of the board of directors and remuneration

The EGM resolved that the board of directors shall comprise of four
directors and no deputy directors.

It was further noted that the remuneration to the newly elected
director shall be SEK 75,000, i.e., the same remuneration to which
the other directors, except the chairman, are entitled to in
accordance with the resolution made by the annual general meeting
held on 4 May 2016.

Jean Benaim, Alan Simonian and Pierre-Emmanuel Weil remain as
directors and Yoav Ben-Eli was elected as new director. Nick Johnson
has declined re-election and will leave the board of directors.
Pierre-Emmanuel Weil remains as the chairman of the board.

Stockholm in December 2016

Crown Energy AB (publ)

The board of directors

This information is information that Crown Energy AB (publ) is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact person set out below, at 10:45 AM CET on 13 December 2016.

MORE INFORMATION

Please contact Andreas Forssell, CEO, Crown Energy AB

+46 8 400 207 20

+46 707 51 41 84

ABOUT CROWN ENERGY

Crown Energy is an international oil and gas company engaged in
exploration in Africa and Middle East. Growth is created by
developing assets in early stages and then maximizing value by
introducing appropriate industry partners in the development and
production stages. For more information please visit
www.crownenergy.se

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http://news.cision.com/crown-energy/r/announcement-from-crown-energy-ab-...
http://mb.cision.com/Main/6587/2147637/603091.pdf

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