News

: Invitation to vote in the Investors' Council

February 08, 2023

Invitation to vote in the Investors' Council

DEAR SHAREHOLDERS,

With this invitation, in connection with the Proposal of the Executive Director of „Webit Investment Network“ AD, UIC 206870298, with registered office and registered office in Bulgaria, Varna, p.k. 9000, „Vladislav Varnenchik“ boulevard № 53-55, fl. 3 („The Company”), we inform you that from 9:30 a.m. on 22.02.2023, a vote will be held by the Company's Investors' Council, under the following conditions:

1. Issues to be voted on and voting opportunities.

  1. Approval of changes to the Rules for the work of the Investors' Council of “Webit Investment Network” AD;

  2. Determination of the companies participating in the Founders Games project, in which the Company will invest its assets. Information about the companies participating in the Founders Games project, included in the vote, can be found here: https://webit.capital/registracia.php

Voting options:

Under item 1, voting shall be carried out by a simple majority of the votes participating in the voting.

Each member of the Investors' Council has a voting right equal to the shares of the Company held by him.

The Investors' Council may make a valid decision if members of the Investors' Council holding more than 33% of the total number of voting rights granted under the Company's ordinary shares in circulation participate in the voting.

Under item 2 the voting is carried out by means of a negative vote, in which the members of the Investor Council may vote against making an investment in one or more companies participating in the Founders Games project.

Each member of the Investor Council has a voting right equal to the shares of the Company he holds, multiplied by the number of companies participating in the Founders Games project included in the voting. The members of the Investor Council may exercise their voting right proportionally or cumulatively, i.e. by collecting their votes and voting against making an investment in one or only a few of the companies included in the voting.

In order for a company to be excluded from the circle of eligible investments of the Company, it must collect more than 33% of the negative vote on the voting rights participating in the voting.

2. Voting start date and period:

Each member of the Investor Council may exercise his/her right to vote from 9:30 a.m. on 22.02.2023.

The Investor Council may make a valid decision if members of the Investor Council holding more than 33% of the total number of voting rights granted by the Company's ordinary shares in circulation participate in the vote. In the event that the necessary quorum is not reached for a valid decision of the Investor Council to be made, the voting period is postponed by 1 hour - to 10:30 a.m. on 22.02.2023.

3. Voting method and formalities that must be fulfilled to participate in the vote.

The Investors' Council will be held by in-person voting at the following address: Impresamente - Art Hotel – Sofia at 5 Vincent Van Gogh St., Sofia. In order to exercise their right to vote, each shareholder - member of the Investors' Council should fill out a voting form according to the Company's template.]

Shareholders should keep in mind that when filling out the voting form according to the Company's template] they should identify themselves by providing data as specified in Art. 7, para. 6] of the Rules for the Work of the Investors' Council of “Webit Investment Network” AD, available here: www.webit.network/pravila/

4. The date on which the circle of holders of ordinary shares in the Company with the right to participate in the voting is determined;

The right to participate in the voting is exercised by the holders of ordinary shares of the Company, entered as such in the central register of securities, kept by “Central Depository“ AD, 7 (seven) days before the start of the voting – 15.02.2023.

5. Date on which the voting result is determined;

The voting results will be announced on the Company's website www.webit.network and at http://www.x3news.com/, within 10 (ten) business days from the end of the voting period, i.e. by 04.03.2023.

6. Quorum and Majority Requirements

The Investors' Council may make a valid decision if members of the Investors' Council holding more than 33% of the total number of voting rights granted by the Company's ordinary shares in circulation participate in the vote. In the event that at 9:30 a.m. on February 22, 2023, the necessary quorum is not reached for a valid decision of the Investors' Council, the voting period shall be postponed by 1 hour - to 10:30 a.m. on February 22, 2023. In the event that the necessary quorum is not reached during the postponed voting period, the decision of the Investors' Council shall not be binding on the Board of Directors, but the latter, at its own discretion, may take into account the results of the vote when making a decision on the issues - subject to voting.

In order for a company to be excluded from the Company's eligible investments, it must collect more than 33% of the negative vote on the voting rights participating in the vote.

7. The place where the materials on the issues put to the vote and additional information on the manner of exercising the right to vote can be obtained;

Materials in connection with the issues put to the vote, pursuant to item 1, will be published on the Company's website www.webit.network . Additional information on the upcoming vote can also be found in the Rules of Operation of the Investors' Council, available here: www.webit.network/pravila/