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19-04-2017 08:19 AM

DXBE – Resolutions of General Assembly

Meeting Date/Time
Meeting Date/Time Tuesday, April 18, 2017 - 04:00 PM Type of Meeting General Assembly
Net Profit/Loss (484,838,000) AED Cash Dividend
Bonus Share New Issuance
Shares Split Capital Deduction
Announcements/Resolutions

The General Assembly meeting of DXB Entertainments PJSC was held today, Monday 18th April 2017 at 4:00pm at the Lapita Hotel, Dubai Parks and Resorts, Jebel Ali. The Shareholders participation in today’s General Assembly was 70%.

The following resolutions were adopted at the General Assembly meeting:

1. Approved the Board of Directors’ report in respect of the activity and financial position of the Company for the financial year ended 31 December 2016.

2. Approved the External Auditors’ report for the financial year ended 31 December 2016.

3. Approved the Company’s balance sheet and income statement for the financial year ended 31 December 2016.

4. Discharged the Board of Directors from any liability for the financial year ended 31 December 2016.

5. Discharged the External Auditors from any liability for the financial year ended 31 December 2016.

6. Approved the reappointment of Deloitte & Touche (M.E.) as the external auditors for the financial year 2017 and their fees amounting to AED 305,000.

7. Elected Mr.  Edris Alrafi as a Non-Executive member of the board of Directors to fill the existing vacant position for the remainder of the term of the board.

Special resolutions:

8. A) Approved the launch of an Employee Share based Incentive Plan (ESOP) for employees through the issuance of new shares of the Company in accordance with the provisions of Article 226 of Federal Law No (2) of 2015 regarding Commercial Companies, and in accordance with the following basic terms and conditions:

1. The maximum number of shares that can be issued for the purposes of implementing the program: 155 million shares to be issued on specific allocation dates and after the approval of the Securities and Commodities Authority.

2. Total period of the program: Two years (i.e. 1 May 2017 to 30 April 2019).

3. The value of shares issued to eligible employees: at par.

4. Functional grades eligible: Grades U-6

B) Authorized the Board of Directors to take all executive measures and adopt the necessary conditions for the implementation of the program in light   of the rules issued by the Securities and Commodities Authority, to regulate the terms and conditions of Employee Share Option Plans in public shareholding companies.

9. Approved to amend Article 18 of the Articles of Association of the Company, to increase the number of board members to be 9.

10.       Elected for the remaining term of the board, Mr.  Christian Gheorghe as a Non-Executive member andMr. Fayez Al Boainin as a Non-Executivemember of the Board of Directors for the additional seats created in accordancewith the amended Articles of Association stipulating that the Board ofDirectors shall consist of nine (9) members
Last Date For Dividend Entitlement Ex-Dividend Date
Register Closing (Settlement) Date Trading Suspension Date
Trading Resuming Date Dividends Payment Date
Payment Entity Meeting Venue Lapita Hotel

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