The General Assembly meeting of DXB Entertainments PJSC was held today, Tuesday 

28 ^th November 2017 at 4:00pm at the Lapita Hotel, Dubai Parks and Resorts, Jebel Ali. The Shareholders participation in today’s General Assembly was 73.9%.

The following resolutions were adopted at the General Assembly meeting:

Special resolutions:

1. Approved to cancel the Employee Shared Based Incentive Plan (ESOP) as approved by the General Assembly on 18

^th  April 2017.

2. Approved to amend the Company’s Articles of Association as per the following:

a. According to the suggested amendments published on the Dubai Financial Market and Company website.

b. Reduce the number of board members from (9) to (7) members.

 

Ordinary resolutions

:

3. In Accordance with Article (15) of the Resolution No (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies, approved to enter into a related party transaction with the Company’s majority shareholder, Meraas, for a subordinated share holder loan under the following terms:

a.

     Size of loan:   AED 700m (including AED 245.2m drawn down in Sept 2017)

b.

     Tenure of loan: No fixed maturity.

c.

     Annual Interest: 8% fixed.

d.

     Collateral/ ranking: Unsecured, subordinated to senior debt.

e.

     Use of proceeds: To meet pre-and post operational losses and debt repayments due until 31 January 2018.

4.

     Elected the board  of Directors members for the period of 28^th November 2017 to 27^th November 20 20 .

The elected board members are:

1)

     Abdulla Al Habbai

2)

    Abdul Wahab Al-Halabi

3)

    Edris Alrafi

4)

   Mohamed Almulla

5)

    Amina Taher

6)

   Shravan Shroff

7) Mukesh Sodani