FUNCOM - Substantial shareholding disclosure in connection with internal reorganisation

12/5/2012 9:50 AM EST

Mr. Hans Peter Jebsen controls the company Kristian
Gerhard Jebsen Group Ltd. that in turn controls the
companies Stelt Holding N.V.("Stelt Holding") and KGJ
Investments S.A.,SICAV-SIF ("KGJ Investments"). As
part of an internal reorganization, the following
financial instruments relating to Funcom N.V. have on
5 December 2012 been transferred from Stelt Holding to
KGJ Investments:

-	11,950,525 shares in Funcom;
-	5,000,000 warrants to subscribe for shares in the
company (one warrant giving the right to subscribe for
one share). The warrants can be exercised at a strike
price of USD 1.67 per warrant;
-	USD 6,000,000 of the convertible bond loan issued by
Funcom (equal to 60 bonds). Subject to the terms and
conditions set out in the bond loan agreement, the
bonds are convertible into a total of 4,379,562 shares
in Funcom at a conversion price of USD 1.37 per share.

Following the internal reorganization, the aggregate
holdings of companies directly and indirectly
controlled by Mr. Jebsen is unchanged at a total of
12,133,075 shares and votes in Funcom N.V.,
representing 18.25 % of the shares and votes in the
company, in addition to the warrants and convertible
bonds described above. Following the reorganization,
KGJ Investments holds all these instruments except
182,550 shares which are held by Tom Dahl AS, a
company that is also indirectly controlled by Mr. Hans
Peter Jebsen. In total, Mr. Jebsen's direct and
indirect current holding of shares and rights to
shares (in the form of the warrants and convertible
bonds mentioned above) in Funcom N.V. is unchanged.