Michel R. Pacha and the remaining members of the supervisory board of Pearl Gold AG resigned with effect of November 16, 2017, 24h00 CET. Their personal decision only underlines the sentence of the Court of Frankfurt which already in 2016 had declared the board of Pearl Gold not any longer being in charge.

Regardless of this, the general assembly of Pearl Gold AG took place in Frankfurt am Main on 17 November 2017 at 9h05 and lasted 15 minutes only. Neither Mr. Pacha nor his board members appeared at the assembly for which Mr. Pacha had called. The independent attorney-at-law Dr Robert Weber of the law firm White & Case chaired the general assembly.

At the beginning of the general assembly, Dr Weber witnessed that the invitation organized, managed and sent out to the shareholders by Mr. Pacha to this general assembly had been badly prepared and a long list of formal mistakes had occurred which exposed this assembly to be challenged by any shareholder of Pearl Gold AG at the German courts. Seen the huge number of mistakes, one can even question oneself if this had been done purposely in order to be able to challenge resolutions of the assembly. From this background Dr Weber decided to close the general assembly without passing any resolutions. The general assembly was closed at 9h20.

It will be called for a new general assembly shortly by the shareholders Martagon Investments, Sequoia Diversified Growth Fund and Nemo Asset Management.