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EXTRAORDINARY GENERAL MEETING

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To the shareholders of Nustay A/S

The board of directors hereby convenes an extraordinary general meeting of Nustay A/S, CVR no. 36 09 03 16, (the ”Company”), to be held on:

Monday 17 February 2020 at 10:00 (CET)

at Gorrissen Federspiel Advokatpartnerselskab, Axeltorv 2, DK-1609 Copenhagen V, Denmark
 

Agenda

1.                         Authorisations to the board of directors to increase the share capital of the Company

  1. Authorisation to the board of directors to increase the share capital at market price with pre-emption rights for existing shareholders
  2. Authorisation to the board of directors to increase the share capital at market price without pre-emption rights for existing shareholders
  3. Authorisation to the board of directors to issue convertible debt instruments at market price without pre-emption rights for existing shareholders
  4. Authorisation to the board of directors to increase the share capital at a rate discounted to the market price with pre-emption rights for existing shareholders
  5. Authorisation to the board of directors to issue warrants
  6. Increase of the total capital increases the board of directors is authorised to perform pursuant to article 4

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Items on the agenda, including complete proposals

Item 1: Authorisations to the board of directors to increase the share capital of the Company
The board of directors has proposed a number of resolutions to the shareholders at the extraordinary general meeting granting the board of directors authorisations to issue shares, warrants and to convert debt into shares. The proposals are motivated by the need to create further flexibility for the board of directors for raising additional capital in order to repay the Company’s outstanding debt, rebuild the cash-buffer and finance further growth. Please also refer to the company announcement and description of the contemplated capitalization structure published in connection with this notice.

The board of directors proposes that the board of directors is authorised until 31 December 2020 to increase the Company’s share capital as follows:

  1. Increase of authorisation to the board of directors to increase the share capital at market price with pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.1 of the articles of association to increase the Company’s share capital at market price in one or more issues of new shares with pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or, as a new inclusion, conversion of debt.

  1. Authorisation to the board of directors to increase the share capital at market price without pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.2 of the articles of association to increase the Company’s share capital at market price in one or more issues of new shares without pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or conversion of debt.

  1. Authorisation to the board of directors to issue convertible debt instruments at market price without pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.3 of the articles of association to issue convertible debt instruments in one or more issues which may be converted in to share capital of up to a total nominal value of nominally DKK 1,943,537.60 from previously DKK 728,826.60. The subscription shall take place without pre-emption rights for the existing shareholders. Further, the subscription and conversion price shall be determined by the board of directors as the market price at the time of conversion or as a price equal to or above market price at the time of the decision to issue the convertible debt instruments.   

  1. Authorisation to the board of directors to increase the share capital at a rate discounted to the market price with pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.4 of the articles of association to increase the Company’s share capital at a rate discounted to the market price in one or more issues of new shares with pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or, as a new inclusion, conversion of debt.
 

  1. Authorisation to the board of directors to issue warrants

An authorisation to the board of directors to issue up to 18,220,665 warrants in one or more tranches to those who have subscribed for shares in connection with the Company’s rights issue, each granting the right to subscribe for one share of nominally DKK 0.04 and to resolve on the related increase of the Company’s share capital of up to nominally DKK 728,826.60 with pre-emptive rights for existing shareholders is included as a new article 3.5 of the articles of association.

  1. Increase of the total capital increases the board of directors is authorised to perform pursuant to article 4

The total capital increase the board of directors are authorised to perform in accordance with articles 4.1 – 4.6 of the articles of association as set out in article 4.7 will be adjusted to nominally DKK 1,943,537.60 in total from previously DKK 728,826.60, whereas the capital increases which the board of directors is authorised to perform in accordance with articles 4.5 – 4.6 cannot exceed DKK 728,826.60 in total.

All shares issued in accordance with the authorisations proposed under item 1.a to 1.e above to be included in article 3 and 4 of the Company’s articles of association shall be issued in the name of the holder and registered in the Company’s register of shareholders, be fully paid up, be negotiable instruments, and shall in every respect carry the same rights as the existing shares. Further, the board of directors is authorised to determine the terms of capital increases made under article 3 and 4 and to implement any such amendments to the articles of association as may be necessitated by an exercise of the authorisations in the new articles 4.1 – 4.4 and 3.5.

Re items 1.a – 1.f: Proposed amendments to the articles of association

Adoption of the proposals in items 1.a – 1.d and 1.f will, subject to adoption of the proposals, result in updated articles 4.1 – 4.4 and 4.7 with the following wording:

4 Bemyndigelse til kapitalforhøjelser   Authorisation for capital increases
4.1 Bestyrelsen er i perioden indtil den 31. december 2020 bemyndiget til med fortegningsret for Selskabets eksisterende aktionærer at forhøje Selskabets aktiekapital ad én eller flere gange med i alt op til nominelt DKK 1.943.537,60. Kapitalforhøjelsen skal ske til markedskurs og skal ske ved kontant betaling eller konvertering af gæld.   In the period until 31 December 2020, the Board of Directors is authorised to increase the Company’s share capital in one or more issues of new shares with pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60. The capital increase shall take place at market price by way of cash contribution or conversion of debt.
4.2 Bestyrelsen er i perioden indtil den 31. december 2020 bemyndiget til uden fortegningsret for Selskabets eksisterende aktionærer at forhøje Selskabets aktiekapital ad én eller flere gange med i alt op til nominelt DKK 1.943.537,60. Kapitalforhøjelsen skal ske til markedskurs og skal ske ved kontant betaling eller konvertering af gæld.   In the period until 31 December2020, the Board of Directors is authorised to increase the Company’s share capital in one or more issues of new shares without pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60. The capital increase shall take place at market price by way of cash contribution or conversion of debt.
4.3 Bestyrelsen er i perioden indtil den 31. december 2020 bemyndiget til at optage lån ad én eller flere gange mod udstedelse af konvertible gældsbreve, der af långiver(ne) kan konverteres til nye aktier med en pålydende værdi på indtil i alt nominelt DKK 1.943.537,60.  Konvertible gældsbreve kan optages i danske kr. eller et tilsvarende beløb i udenlandsk valuta. Konvertible gældsbreve skal tegnes mod kontant betaling. Tegningen skal ske uden fortegningsret for Selskabets eksisterende aktionærer. Tegnings- og konverteringsprisen fastsættes af bestyrelsen som markedsprisen på tidspunktet for konvertering eller som en pris svarende til eller over markedsprisen på tidspunktet for beslutningen om at udstede de konvertible gældsbreve. Bestyrelsen fastlægger de nærmere vilkår og betingelser for de konvertible gældsbreve. Bestyrelsen er bemyndiget til at vedtage kapitalforhøjelserne forbundet med konvertible gældsbreve udstedt i henhold til dette pkt. 4.3.   In the period until 31 December 2020, the Board of Directors is authorised to raise loans in one or more occasions against the issuance of convertible debt instruments with a right for the lender(s) to convert the claim into shares with a total nominal value of DKK 1,943,537.60. A convertible debt instrument may be raised in DKK or the equivalent in foreign currency. Convertible debt instruments shall be raised against payment in cash. The subscription shall take place without pre-emption rights for the Company’s existing shareholders. The subscription and conversion price shall be determined by the board of directors as the market price at the time of conversion or as a price equal to or above market price at the time of the decision to issue the convertible debt instruments. The board of directors determines the specific terms and conditions governing the convertible debt instruments. The board of directors is authorised to adopt the share capital increases related to convertible debt instruments issued pursuant to this article 4.3.
4.4 Bestyrelsen er i perioden indtil den 31. december 2020 bemyndiget til med fortegningsret for Selskabets eksisterende aktionærer at forhøje Selskabets aktiekapital ad én eller flere gange med i alt op til nominelt DKK 1.943.537,60. Kapitalforhøjelsen kan ske til favørkurs og skal ske ved kontant betaling eller konvertering af gæld.   In the period until 31 December 2020, the Board of Directors is authorised to increase the Company’s share capital in one or more issues of new shares with pre-emption rights for the Company’s existing shareholders by up to nominally DKK 1,943,537.60. The capital increase may take place at a rate discounted to the market price and shall take place by way of cash contribution or conversion of debt.
4.7 De kapitalforhøjelser, som bestyrelsen er bemyndiget til at foretage i henhold til pkt. 4.1 – 4.6, kan ikke samlet overstige nominelt DKK 1.943.537,60, og herunder kan de kapitalforhøjelser, som bestyrelsen er bemyndiget til at foretage i henhold til pkt. 4.5 – 4.6, ikke samlet overstige nominelt DKK 728.826,60.    The capital increases the board of directors is authorised to perform in accordance with article 4.1 – 4.6 cannot exceed nominally DKK 1,943,537.60 in total, whereof the capital increases that the board of directors is authorised to perform in accordance with article 4.5 – 4.6 cannot exceed nominally DKK 728,826.60 in total.

 Adoption of the proposal in item 1.e will result in a new article 3.5-3.7 with the following wording:

3 Warrants og konvertible gældsbreve   Warrants and convertible loan notes
3.5 Generalforsamlingen har den 17. februar 2020 besluttet at bemyndige bestyrelsen til i perioden frem til og med den 31. december 2020 at udstede op til 18.220.665 tegningsoptioner (warrants) ad en eller flere gange, der hver giver ret til tegning af én aktie à nominelt DKK 0,04, samt vedtaget at bemyndige bestyrelsen til at beslutte den dertilhørende forhøjelse af Selskabets aktiekapital på op til nominelt DKK 728.826,60 med fortegningsret for eksisterende aktionærer.   On 17 February 2020, the general meeting resolved to authorise the Board of Directors during the period until and including 31 December 2020 to issue up to 18,220,665 warrants in one or more tranches each granting the right to subscribe for one share of nominally DKK 0.04 and resolved to authorise the board of directors to resolve on the related increase of the Company’s share capital of up to nominally DKK 728,826.60 with pre-emptive rights for existing shareholders.
3.6 De nærmere vilkår for tegning og udnyttelse af tegningsoptioner (warrants) samt den tilhørende kapitalforhøjelse i medfør af vedtægternes pkt. 3.5 vedlægges disse vedtægter som bilag ved bestyrelsens udnyttelse af bemyndigelsen til at udstede warrants.   The specific terms governing the sub scription and exercise of warrants and the related increase of the share capital pursuant to article 3.5 will be set out in an appendix to these articles of association upon the board of directors exercise of the authorization.
3.7 Aktier tegnet på baggrund af warrants udstedt i medfør af vedtægternes pkt. 3.5 er frit omsættelige. Aktierne er omsætningspapirer og skal lyde på navn og optages i Selskabets ejerbog. Der kan ikke ske delvis indbetaling.   Shares subscribed for on the basis of warrants issued in accordance with articles 3.5 of the articles of association are freely transferable. The shares are negotiable instruments and shall be issued in the name of the holder and registered in the Company’s shareholders’ register. Partial payment is not allowed.
3.8 Bestyrelsen er bemyndiget til at foretage de nødvendige ændringer til vedtægterne ved tildeling/udnyttelse af warrants udstedt i henhold til bemyndigelsen i pkt. 3.5.   The board of directors is authorised to amend the articles of association as required following issuance/exercise of warrants issued pursuant to the authorization in article 3.5.

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Majority requirements
The proposals on the agenda in items 1.a-1.f shall be adopted by 2/3 majority of votes cast as well as of the share capital represented at the extraordinary general meeting.

Share capital 

At the time of the notice of the general meeting, the Company’s nominal share capital is DKK 728,826.60, divided into shares of nominally DKK 0.04 each. Each share of DKK 0.04 carries one vote.

Registration date and shareholders’ voting rights

The registration date is Monday 10 February 2020.

The right of a shareholder to attend a general meeting and to vote is determined on the basis of the number of shares held by the shareholder at the registration date.  The shares held by each shareholder are determined at the registration date based on the number of shares held by that shareholder as registered in the Company’s register of shareholders and on any notification of ownership received by the Company at the registration date for the purpose of registration in the Company’s register of shareholders, which have not yet been registered. Participation is conditional upon the shareholder having obtained an admission card in due time as described below.

Admission cards

Shareholders who are entitled to attend the general meeting and who wish to attend the general meeting must request an admission card no later than on Thursday 13 February 2020 at 23:59 (CET).

Admission cards for the general meeting may be obtained by one of the following ways:

  • Electronically through the “InvestorPortal” under the menu “Investor” on the Company’s website, https://investor.nustay.com.
  • In writing by using the registration form, which is available on the Company’s website, https://investor.nustay.com/investor/#gm. The completed and signed form must be scanned and emailed to VP Securities A/S either by email to vpinvestor@vp.dk or by ordinary mail to VP Securities A/S, Weidekampsgade 14, DK-2300 Copenhagen S, Denmark.
     

Admission cards ordered will be distributed to the email address which has been stated on the registration form.  Admission cards and the related ballot papers must be printed and brought to general meeting. If it is not possible for you to print your admission card and ballot paper, please contact VP Securities A/S by email to vpinvestor@vp.dk.

Proxy
Subject to having requested an admission card, shareholders may attend the general meeting in person or by proxy. Proxies may be submitted by one of the following ways:

  • Electronically through the “InvestorPortal” under the menu “Investor” on the Company’s website, https://investor.nustay.com.
  • In writing by using the proxy form, which is available on the Company’s website, https://investor.nustay.com/investor/#gm. The completed and signed form must be scanned and emailed to VP Securities A/S either by email to vpinvestor@vp.dk or by ordinary mail to VP Securities A/S, Weidekampsgade 14, DK-2300 Copenhagen S, Denmark.

Proxy forms must be received by VP Securities A/S no later than on Thursday 13 February 2020 at 23:59 (CET).

It is possible to submit either proxy or vote by correspondence, cf. below, but not both.

The right to attend and vote by proxy is subject to presentation of appropriate identification. If appropriate identification is not presented, attendance and/or voting right may be rejected.

Voting by correspondence
Shareholders who are not able to attend the general meeting may vote by correspondence. Votes by correspondence may be submitted by one of the following ways:

  • Electronically through the “InvestorPortal” under the menu “Investor” on the Company’s website, https://investor.nustay.com.
  • In writing by using the voting by correspondence form, which is available on the Company’s website, https://investor.nustay.com/investor/#gm. The completed and signed form must be scanned and emailed to VP Securities A/S either by email to vpinvestor@vp.dk or by ordinary mail to VP Securities A/S, Weidekampsgade 14, DK-2300 Copenhagen S, Denmark.


Votes by correspondence must be received by VP Securities A/S no later than on Sunday 16 February 2020 at 16:00 (CET).

It is possible to submit either proxy or vote by correspondence, cf. above, but not both.

Additional information

Until and including the day of the general meeting, additional information regarding the general meeting will be available on the Company’s website, https://investor.nustay.com, including:

  • The notice to convene the general meeting, including the agenda and the complete proposals;
  • The proxy/voting by correspondence form for use in connection with voting by proxy or by correspondence; and
  • The aggregated number of shares and voting rights as of the date of the notice to convene the general meeting.
     

The general meeting will be held in English.

Questions from the shareholders

Shareholders may ask questions regarding the agenda and documents concerning the general meeting may be submitted in writing prior to general meeting by ordinary mail to the Company to the address Nyhavn 43B, DK-1051 Copenhagen, or by email to investor@nustay.com. Questions must be received no later than Thursday 13 February 2020.

Personal data
With regards to collection and processing of personal data, reference is made to the Company’s information sheet on data protection in connection with general meetings, which is available on the Company’s website, https://investor.nustay.com/investor/#gm.

Copenhagen, 31 January 2020

Nustay A/S
The board of directors  

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