Proven Investments Limited (PROVEN) has advised that at a Board of Directors meeting held on May 25, 2017 the following resolution was approved

“ THAT:

(a)        The Company be and is hereby authorized to offer for subscription up to 68,949,472 ordinary shares of US$0.01 par value in the capital of the Company (the “Shares”) and ranking pari passu in all respects with the existing issued ordinary stock units of US$0.01 par value in the capital of the Company at an offer price in cash to be determined by the Directors of the Company in accordance with the Articles of Association of the Company, such offer to be made as a renounceable rights issue, whereby:

(i)         each existing ordinary shareholder of the Company as at such record date as may be determined by the Directors (hereafter, an “Eligible Member”) shall be entitled to apply for up to one (1) new Share for every block of eight (8) ordinary stock units held (with  fractions of a block being disregarded), and

(ii)        such Eligible Members may elect to renounce the provisional allotment of some or all of the Shares allocated  to them in the offer in favour of a person of their choice, whether or not such a person is also an Eligible Member; and

(b)        that such ordinary shares as are applied for pursuant to the offer in respect of which applications are accepted by the Directors, be issued and allotted in accordance with the terms and conditions of such offer, which terms and conditions shall be determined by the Directors in their sole discretion and set out in a prospectus to be issued by the Company under the authority of the Directors in connection therewith.

(c)        That such ordinary shares as are issued and allotted by the Directors in accordance with the foregoing resolutions shall be converted to ordinary stock units of US$0.01 par value in the capital of the Company upon issue”.