Sand Grove Announces the Publication of Presentation and Website Providing Further Information on Proposed Changes to the Board and Nomination Committee of Otello

On 4 August 2020 Sand Grove Capital Management LLP (“Sand Grove”), which owns or has economic interest in shares representing approximately 25.4% of the common stock of Otello Corporation ASA (the “Company” or “Otello”), requested that the Company’s Board of Directors convene an Extraordinary General Meeting (“EGM”) to vote on proposed changes to the Board and Nomination Committee.

Today Sand Grove announces that it is publishing a presentation to provide further information to market participants regarding the reasons for the proposed changes to the Board of Directors and Nomination Committee of the Company. The presentation with further information can be found at www.upgradingotello.com.

Sand Grove believes that the proposed changes are essential for Otello. The experienced and professional Board candidates will have the requisite time, ability and experience to support the current management team to set and achieve strategic goals for the Company. The candidates are independent of Sand Grove and will be focused on unlocking the inherent value in the Company’s assets for all shareholders.

Shareholders are encouraged to visit the website to learn more about the reasons for Sand Grove’s proposals and why they should vote for the proposed changes at the upcoming EGM.

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