Monday, 17th September 2018, Velenje

Gorenje shareholders in favour of minority shareholder squeeze-out

Gorenje shareholders in favour of minority shareholder squeeze-out
At the 27th Shareholders Assembly of the company Gorenje d.d., at which 96.19 percent of all shares were represented, the shareholders supported the squeeze-out of minority shareholders, which means a transfer of the remaining GRVG shares currently not yet held by the company Hisense Luxembourg Home Appliance Holding to this majority shareholder, while the remaining minority shareholders shall receive a compensation of EUR 12 per share. The shareholders also voted in favour of the appointment of seven Supervisory Board members representing capital.
Total number of shares and voting rights represented at the Shareholders Assembly was 23,376,814, or 96.19% of total company shares bearing voting rights. The shareholders voted in favour of the decrease in the company share capital by withdrawal of 121,311 GRVG shares that account for 0.4967 percent of total share capital, and which are already held by the company Gorenje. After the decrease of share capital, the company share capital will be divided into 24,303,302 ordinary freely transferable registered no-par value GRVG shares. The purpose of the decrease in share capital is to increase Gorenje's return on equity.

The majority shareholder of the company Gorenje d.d., the company Hisense Luxembourg Home Appliance Holding, holds 95.42 percent of the share capital of the company Gorenje. All GRVG shares not held by the majority shareholder (1,119,728 shares) shall be transferred, based on the Shareholders Assembly resolution, from the remaining minority shareholders to the majority shareholder. The majority shareholder shall, in turn, pay a compensation, in cash, in the amount of EUR 12 per every GRVG share transferred to the majority shareholder, which is the same form and amount of compensation as the price per share offered in the takeover bid.

Consistently with the Shareholders Assembly resolution, Gorenje shares will then be withdrawn from the regulated market of the Ljubljana Stock Exchange and the Warsaw Stock Exchange.

The Shareholders Assembly of the company Gorenje was also informed of the resignation of the Supervisory Board members Corinna Claudia Graf, Bernard Charles Pasquier, Miha Košak, and Bachtiar Djalil, whose terms of office expired on September 17, 2018.

Yeguo Tang, Shaoqian Jia, Huizhong Dai, Caixia Chen, Yuling Gao, Xin Liu, and Wenzhong Liu were appointed Supervisory Board members representing the interests of shareholders, for a four-year term of office.

The auditing company Baker Tilly Evidas was appointed as Gorenje auditor for the financial year 2018.