Sand Grove Responds to Results of the Extraordinary General Meeting Regarding Proposed Changes to the Board and Nomination Committee of Otello

Sand Grove Capital Management LLP (“Sand Grove”) notes the results of the Extraordinary General Meeting held today to vote on proposed changes to the Board and Nomination Committee of Otello Corporation ASA (“Otello” or the “Company”).

Whilst Sand Grove is disappointed that shareholders have in a majority voted against its proposals for the Board of Directors of the Company and the Nomination Committee of the Company, we note that the votes were exceptionally close. Sand Grove’s sole objective was to put in place a Board with the breadth of experience and abilities required to deliver value for all shareholders. We do not believe that this result is a strong endorsement of the current Board of Directors and Nomination Committee.

Sand Grove remains committed to changing Otello’s corporate governance for the benefit of all shareholders and will review next steps in the coming days. We anticipate updating all Otello stakeholders in the near term.

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