PEARL GOLD AG: Insolvency Plan for Ending Insolvency Proceedings and for Continuation of the Company Confirmed by Magistrate Court

Berlin (pta024/23.08.2019/16:45 UTC+2) As the company has learned today, the magistrate court Frankfurt on the Main with its order of August 23, 2019, confirmed an insolvency plan submitted by the insolvency administrator, attorney Fabio Algari. The insolvency plan shall enable the ending of insolvency proceedings and the continuation of the company.

According to the plan, Mali National Gold S.A., Bamako/Mali, purchases rights for the delivery of gold by Wassoul'Or S.A., Bamako/Mali, for 11,377 ounces from the insolvency administrator, at a price of EUR 10,500,000.00. The purchase agreement has been concluded under the condition that the insolvency plan will be implemented; the purchasing price has already been deposited in escrow accounts. The proceeds are to cover the costs of the insolvency proceedings, the costs of preparing and auditing the outstanding annual accounts, as well as other expenses expected in the course of 2019; EUR 3.45-3.5 million shall be available to settle the insolvency claims pro rata. As of today, insolvency claims of EUR 44,589,719.02 have been filed, which would result in a share of c. 8 percent. Yet up to now, only claims of EUR 412,139.78 have been acknowledged, the remainder has so far been challenged. The plan does not include measures of company law.

At this point, the confirmation order is not yet final and unappealable. After it has become final and unappealable, the company expects the court to terminate the insolvency proceedings. In order to continue the company thereafter, the general meeting will have to pass a continuation resolution.

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Emitter:	PEARL GOLD AG c/o Malmendier Partners, Kurfürstendamm 213 10719 Berlin Germany
Contact Person:	Julia Boutonnet
Phone:	+49 30 59 00 30 40
E-Mail:	info@pearlgoldag.com
Website:	www.pearlgoldag.com
ISIN(s):	DE000A0AFGF3 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt