Canopy Holdings AS - Request for an extraordinary general meeting

12 Apr 2023 17:02 CEST

12.4.2023 17:02:42 CEST | Canopy Holdings AS | Additional regulated information
required to be disclosed under the laws of a member state

Oslo, 12 April 2023. Canopy Holdings AS (the "Company", Euronext Growth Oslo
ticker: CAN) has received a request from its shareholders Marc Bigas and Skitude
Holding Spain SL, jointly holding 11.4 % of the shares (the "Requesting
Parties"), to call for an extraordinary general meeting (the "EGM") to deal with
a proposal for a resolution to open an investigation in the Company, cf. Section
5-6 (2) and 5-25 (1) of the Norwegian Private Limited Liability Companies Act.
The Company's board of directors (the "Board") will dutifully comply with the
request and call for an EGM to be held by early May 2023. However, the Board is
currently not aware of, nor has been presented with, any concrete matters that
would represent, in its opinion, reasonable grounds to open an investigation.
Furthermore, the Board is of the opinion that a potential investigation is
unlikely to cause any material harm to the Company.

The request is relatively general with respect to the scope of the proposed
investigation. The basis for the proposed investigation is, according to the
Requesting Parties, relating to matters concerning the administration of the
Company in connection with the merger between the Company (at the time named
Skioo Holding AS) and the Spanish company Skitude Technologies SLU, and the
subsequent listing of the Company on Euronext Growth Oslo, both completed in
2020. The Requesting Parties seek clarifications regarding whether the best
interests of the Company have been preserved during this period and whether the
principle of equal treatment of shareholders has been maintained. In particular,
the Requesting Parties are seeking further insight into the Board's actions in
connection with agreements entered into as part of the merger, the listing
process and the following internal conflict regarding the CEO role of the
Company.

The Board notes that the proposed investigation is relating to matters and
circumstances occurring in 2020, more than two years ago. The Board also notes
that the Requesting Parties, and persons associated with the Requesting Parties,
held influential positions in the Company during the said time period, including
positions in the management team and as board members. Furthermore, the Board
cannot see that the Requesting Parties have demonstrated justifiable grounds to
open an investigation, nor that the Requesting Parties have incurred any
economic loss to be compensated by the Company. Hence, the Board believes that
the request for the proposed investigation is unfounded. Should the Requesting
Parties be successful in opening an investigation, the Board believes any
inquiries are unlikely to materially harm the Company (other than the
out-of-pocket costs incurred by the investigators). Lastly, and for the
avoidance of doubt, the Company will reserve all rights to protect its interests
in relation to the above matters.

This information is subject to the disclosure requirements pursuant to article
17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities
Trading Act.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Thomas Wrede-Holm, Chair of the board, +4745690339, twh@investinor.no

ABOUT CANOPY HOLDINGS AS

Canopy Holdings AS is a multi-national technology company listed on Euronext
Growth Oslo. The company owns a leading portfolio of brands and companies that
provides digitalization solutions to ski resorts, destinations, parks and
attractions in key markets. Canopy Holdings AS currently consists of Catalate,
Liftopia.com - http://liftopia.com, Skioo, Skitude and Spotlio.

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