(or any adjourned or postponed meeting
thereof)
OSLO,
Norway, Nov. 4, 2024 /PRNewswire/ -- Opera Limited
(NASDAQ: OPRA), one of the world's major browser developers and a
leading internet consumer brand, today announced that it will hold
the 2024 annual general meeting of shareholders (the "AGM")
at 3:00 p.m. Central European Time on
December 3, 2024 at the Opera offices
in Wroclaw, Poland (Opera
Software, ul. Plac Teatralny 8, 50-051 Wroclaw, Poland).
The agenda for this year's AGM is:
- A proposal of share consolidation of the Company's ordinary
shares at a ratio of consolidating each two ordinary shares into
one ordinary share of the Company (the "Share
Consolidation"), to simplify our share structure as further
described below, will be submitted to Opera's shareholders to be
considered and voted upon at the AGM.
- To transact such other business as may properly come before the
2024 AGM of Shareholders or any adjournment or postponement
thereof.
The Company's American depositary shares ("ADSs") that
trade on Nasdaq each represent two (2) underlying ordinary shares
in the Company. There are no other share classes in the Company –
only ordinary shares. The Company has observed some confusion as it
relates to ordinary shares versus ADSs, both in terms of
ownership percentages, and earnings per share versus earnings per
ADS. To simplify, we propose a Share Consolidation to merge each
two ordinary shares into one ordinary share, following which the
ratio between shares and ADSs can then be changed to be one-to-one
(1:1). Subject to the approval of the Share Consolidation at the
AGM, Opera's board of directors (the "Board") has approved a
change in the ADS ratio proportionate to the Share Consolidation,
from one (1) ADS representing two (2) ordinary shares to become one
(1) ADS representing one (1) ordinary share (the "ADS Ratio
Change"), to take effect on December 6,
2024 (the "Effective Date"). Holders of ADSs need not
take any action in regard to the ADS Ratio Change.
The Share Consolidation and ADS Ratio Change collectively will
not affect the number of ADSs outstanding or any investor's
ownership percentage in the Company. As such, the effect of these
changes on the value of each ADS in the Company, as traded on
Nasdaq, is neutral. These changes are also neutral for Opera's
pre-IPO majority investor. By simplifying our share structure, we
will make it easier for our investors to analyze and understand
metrics based on the number of shares outstanding.
The Board has fixed the close of business on November 1,
2024 (Eastern Daylight Time) as the
record date (the "Record Date") for determining the
shareholders entitled to receive notice of, and to attend, the AGM
or any adjourned or postponed meeting thereof. Holders of record of
the Company's ordinary shares, at the close of business on the
Record Date are entitled to notice of, and to vote at, the AGM or
any adjournment or postponement thereof. Holders of the Company's
ADSs who wish to exercise their voting rights for the underlying
ordinary shares must act through the depositary of the Company's
ADS program, The Bank of New York Mellon. The notice of the AGM,
which sets forth the resolutions to be submitted to shareholder
approval at the meeting, is available on the Company's website at
investor.opera.com. The proposed Share Consolidation is subject to
a simple majority vote.
Shareholders and ADS holders may obtain a copy of the Company's
annual report on Form 20-F, free of charge, from the Company's
website at investor.opera.com/sec-filings.
About Opera
Opera is a user-centric and innovative software company focused
on enabling the best possible internet browsing experience across
all devices. Hundreds of millions use the Opera web browsers for
their unique and secure features on their mobile phones and desktop
computers. Founded in 1995, and headquartered in Oslo, Norway, Opera is a public company listed
on the Nasdaq stock exchange under the ticker symbol "OPRA".
Download the Opera web browser and access other Opera products from
opera.com. Learn more about Opera at investor.opera.com.
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SOURCE Opera Limited
