<SEC-DOCUMENT>0001193125-25-014438.txt : 20250128 <SEC-HEADER>0001193125-25-014438.hdr.sgml : 20250128 <ACCEPTANCE-DATETIME>20250128164558 ACCESSION NUMBER: 0001193125-25-014438 CONFORMED SUBMISSION TYPE: PRE 14A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20250128 FILED AS OF DATE: 20250128 DATE AS OF CHANGE: 20250128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Crown LNG Holdings Ltd CENTRAL INDEX KEY: 0001991946 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-42162 FILM NUMBER: 25564977 BUSINESS ADDRESS: STREET 1: 37TH FLOOR, 1 CANADA SQUARE STREET 2: CANARY WHARF CITY: GREATER LONDON STATE: X0 ZIP: E14 5AA BUSINESS PHONE: 44-33-3023-0030 MAIL ADDRESS: STREET 1: 37TH FLOOR, 1 CANADA SQUARE STREET 2: CANARY WHARF CITY: GREATER LONDON STATE: X0 ZIP: E14 5AA </SEC-HEADER> <DOCUMENT> <TYPE>PRE 14A <SEQUENCE>1 <FILENAME>d907580dpre14a.htm <DESCRIPTION>PRE 14A <TEXT> <HTML><HEAD> <TITLE>PRE 14A</TITLE> </HEAD> <BODY BGCOLOR="WHITE" STYLE="line-height:Normal"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the U.S. Securities and Exchange Commission on January 28, 2025. </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section 14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant ☒ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant ☐ </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☒</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>☐<B></B><B></B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☐</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☐</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☐</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">§240.14a-12</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>CROWN LNG HOLDINGS LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☒</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☐</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">☐</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table below per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Crown LNG Holdings Limited </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>37th Floor, 1 Canada Square, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canary Wharf, London, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greater London E14 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5AA United Kingdom </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February [•], 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Shareholders: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Proxy Statement is being furnished to you in connection with the solicitation by the Board of Directors of Crown LNG Holdings Limited, a company limited by shares incorporated under the laws of Jersey, Channel Islands, of proxies for the General Meeting of Shareholders and any adjournments or postponements thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are cordially invited to attend a general meeting of shareholders (the “<B>General Meeting</B>”) of Crown LNG Holdings Limited (the “<B>Company</B>”) to be held on [•], at 9:00 a.m. Eastern Standard Time at [•]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Meeting will be conducted as a hybrid meeting in person at [insert venue address] and virtually, via live internet webcast at [•]. For purposes of attendance at the General Meeting, all references in this proxy statement to “present in person” or “in person” shall include virtually present at the General Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Details regarding the General Meeting, the business to be conducted at the General Meeting, and information about the Company that you should consider when you vote your shares are described in this proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the General Meeting, we will ask shareholders to approve the following proposal as a special resolution: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RESOLVED AS A SPECIAL RESOLUTION THAT</B>, pursuant to article 38A(b) of the Companies (Jersey) Law 1991 and article 12.1(b) of the Company’s articles of association, the Company’s share capital be amended to effect a reverse share split (the “<B>Reverse Share Split</B>”) of the Company’s ordinary shares, no par value, by a ratio in the range of 2 for 1 to 10 for 1, to be determined by the Company’s Board of Directors (“<B>Board</B>”) following the General Meeting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board has determined that approval of the matters to be considered at the General Meeting is in the best interests of the Company and its shareholders. For the reasons set forth in the proxy statement, the Board unanimously recommends a vote “<B>FOR</B>” each matter to be considered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope you will be able to attend the General Meeting. Whether you plan to attend the General Meeting or not, it is important that you read this proxy statement and submit your completed proxy as soon as possible. You may vote over the internet, by telephone, by email or by mail as described in the instructions set forth in this proxy statement. We encourage you to vote by proxy so that your shares will be represented and voted at the meeting, whether or not you can attend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding how to vote, please contact our proxy solicitation agent: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Laurel Hill Advisory Group, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 Robbins Lane, Suite 201 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jericho, NY 11753 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">855-414-2266</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: [•] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Board and the officers and employees of the Company, I would like to take this opportunity to thank you for your continued support. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt"> <TR> <TD WIDTH="100%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">Sincerely,</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"> </P></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">Swapan Kataria</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">Chief Executive Officer</TD></TR> </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Approximate Date of Mailing of Notice of General Meeting and Proxy Materials: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February [•], 2025 </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt"> </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CROWN LNG HOLDINGS LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF GENERAL MEETING OF SHAREHOLDERS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="7%"></TD> <TD VALIGN="bottom" WIDTH="2%"></TD> <TD WIDTH="91%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">TIME:</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">9:00 a.m., Eastern Standard Time</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">DATE:</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">[Day], February [•], 2025</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">PLACE:</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">The General Meeting will be held as a hybrid meeting in person at [insert venue address] and via a live webcast accessible at [•].<I> </I>You can attend the General Meeting online and vote your shares during the online meeting. To attend in person the General Meeting, you must register in advance via [include email address]. To be admitted to the General Meeting’s live webcast, you must register to attend the virtual meeting by visiting [•], and entering your control number as shown in your proxy card or the voting instruction form, and selecting “Register for Virtual Meeting.” You will receive a confirmation email with information on how to attend the General Meeting. On the day of the meeting, you will receive a reminder email with a link to attend the General Meeting. You will also be able to participate in the General Meeting on the day of the meeting by visiting [•] and entering the same control number you used to <FONT STYLE="white-space:nowrap">pre-register</FONT> and as shown in your confirmation email. Electronic entry to the General Meeting will begin at [9:00] a.m., Eastern Standard Time, on the day of the meeting. If you encounter any difficulties accessing the virtual meeting, please call the technical support number that will be posted on the virtual meeting page.</TD></TR> </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SPECIAL RESOLUTION: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RESOLVED AS A SPECIAL RESOLUTION THAT</B>, pursuant to article 38A(b) of the Companies (Jersey) Law 1991 and article 12.1(b) of the Company’s articles of association, the Company’s share capital be amended to effect the Reverse Share Split of the Company’s ordinary shares, no par value, by a ratio in the range of 2 for 1 to 10 for 1, to be determined by the Company’s Board of Directors following the General Meeting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHO MAY VOTE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may vote if you were the record owner of any ordinary shares of no par value in the capital of the Company as of the close of business on January 30, 2025 (the “<B>Record Date</B>”). A list of shareholders of record will be available for inspection by any of our shareholders for any purpose germane to the General Meeting during the General Meeting at [•] and the 10 calendar days before it at our principal executive offices located at 37th Floor, 1 Canada Square, Canary Wharf, London, Greater London E14, 5AA United Kingdom. We are first making this Proxy Statement available to our shareholders over the internet via the Company’s website [insert web address] on or about [•], 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are a shareholder entitled to attend and vote at this General Meeting, you may appoint a proxy or proxies to vote on your behalf. A proxy need not be a shareholder of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>YOUR VOTE IS IMPORTANT TO US. WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE CAST YOUR VOTE PROMPTLY. YOU MAY VOTE IN PERSON; BY EMAIL; OVER THE INTERNET, BY PHONE OR BY SIGNING AND DATING A PROXY CARD AND RETURNING IT TO US BY MAIL. </I></B></P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CROWN LNG HOLDINGS LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT FOR THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL MEETING </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL INFORMATION</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement (the “<B>Proxy Statement</B>”) is being furnished to the shareholders of Crown LNG Holdings Limited, a limited liability no par value company incorporated under the laws of Jersey, Channel Islands (the “<B>Company</B>,” “<B>we</B>,” “<B>us</B>,” and “<B>our</B>”) on behalf of the Board of Directors of the Company (the “<B>Board</B>”) in connection with the solicitation of proxies for use at the General Meeting of shareholders of the Company (the “<B>General Meeting</B>”) to be held on [•], 2025, at 9:00 a.m. Eastern Standard Time at [•], and at any adjournment or postponement. The General Meeting will be held as a hybrid meeting in person at [insert venue address] and virtually via live internet webcast at [•]<I>.</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice of Availability of Proxy Materials </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We commenced mailing to our shareholders of a paper copy of the Proxy Materials on or about February [•], 2025. We sometimes refer to this Proxy Statement and the proxy card, together as the “<B>Proxy Materials</B>.” We also made the Proxy Materials available over the internet via the Company’s website [insert web address] on or about February [•], 2025. You may read, print and download the Proxy Materials at [•]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our shareholders at the close of business on the Record Date will receive printed Proxy Materials as well as instructions as to how to access and review all of the important information contained in the Proxy Materials electronically. It also instructs you on how you may submit your proxy by mail, email, over the internet or by toll-free number. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>QUESTIONS AND ANSWERS REGARDING THE GENERAL MEETING</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Why did I receive these materials? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board is soliciting your proxy to vote at the General Meeting, or at any postponement or adjournment thereof. Shareholders who held ordinary shares of no par value in the capital of the Company (together, the “<B>shareholders</B>”) as of the close of business on the record date, January 30, 2025 (the “<B>Record Date</B>”), are entitled to vote at the General Meeting. You should review the Proxy Materials carefully as they give important information about the proposals that will be voted on at the General Meeting, as well as other important information regarding the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Who can vote at the General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Only our shareholders at the close of business on the Record Date will be entitled to attend and vote at the General Meeting either in person or virtually or voting by proxy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Holders of Record </I></B><I>– </I>If, on the Record Date, your shares were registered directly in your name with our transfer agent, Continental Trust Company. As a holder of record, you may vote in person or virtually at the General Meeting, or you may vote by proxy. Whether or not you plan to attend the General Meeting in person or virtually, we urge you to vote your shares using one of the voting methods described in the Proxy Materials. If you are a holder of record and you indicate when voting that you wish to vote as recommended by the Board, or if you submit a vote by proxy without giving specific voting instructions, then the proxyholders will vote your shares as recommended by the Board on all matters described in this Proxy Statement. Swapan Kataria and Jørn Husemoen, the designated proxyholders, are members of our management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Beneficial Owners </I></B><I>– </I>If, on the Record Date, your shares were held in an account at a bank, broker, dealer, or other nominee, then you are the “beneficial owner” of shares held in “street name” and this Proxy Statement is being made available to you by that nominee. The nominee holding your account is considered the holder of record for purposes of voting at the General Meeting. As a beneficial owner, you have the right to direct your nominee on how to vote the shares in your account. You are also invited to listen to the General Meeting through our webcast which can be accessed via the following event information [insert webcast address for attendees]. However, if you are not the holder of record, you may not vote your shares at the General Meeting unless you request and obtain a valid “legal proxy” from your nominee. Please contact your nominee directly for additional information. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>What are the voting rights of the holders of Ordinary Shares? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the Record Date, the Company had 460,176,205 ordinary shares of no par value in issue. As voting at the General Meeting will be taken on a poll; holders of ordinary shares of no par value in the capital of the Company are each entitled to one vote per share on any matter that is submitted for shareholder approval. Cumulative voting is not permitted with respect to any other matter to be considered at the General Meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>What constitutes a quorum for the General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The presence at the General Meeting, in person, virtually or by proxy, of at least two holders of ordinary shares of no par value in the capital of the Company representing at least <FONT STYLE="white-space:nowrap">one-third</FONT> of the combined voting power of the issued shares on the Record Date will constitute a quorum, permitting business to be conducted at the General Meeting. As of the Record Date, there were an aggregate of 460,176,205 ordinary shares of no par value in the capital of the Company, all of which are entitled to be voted at the General Meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>What proposals am I being asked to vote on at the General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the General Meeting, shareholders will act upon the following proposal which is to be voted on as a special resolution: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposal: The amendment of the Company’s share capital to effect the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposal</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>How does the Board recommend I vote on the proposal? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board recommends you vote: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless contrary instructions are indicated, all shares represented by valid proxies received pursuant to this solicitation (and which have not been revoked in accordance with the procedures set forth below) will be voted as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) “<B>FOR”</B> Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a shareholder specifies a different choice by means of the enclosed proxy, such shares will be voted in accordance with the specification made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>What are the voting requirements to approve the proposal? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The voting requirements to approve the proposal to be voted upon at the General Meeting, as well as the effects of votes against, abstentions and broker <FONT STYLE="white-space:nowrap">non-votes</FONT> on the proposal, are described in the proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A “broker <FONT STYLE="white-space:nowrap">non-vote”</FONT> will occur when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary power with respect to that proposal and has not received instructions from the beneficial owner regarding the voting of the shares. The inspector of election for the General Meeting shall determine the number of shares represented at the General Meeting, the existence of a quorum and the validity and effect of proxies, and shall count and tabulate ballots to assist with poll voting and votes and determine the results. Proxies received but marked as abstentions, as well as broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will be included in the calculation of the number of shares considered to be present at the General Meeting for purposes of determining a quorum. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Is the approval of a proposal contingent on the approval of another proposal? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>How do I vote? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a “holder of record” (that is, if your shares are registered in your own name with our transfer agent), you may vote using any of the voting methods described in the Proxy Materials. You may vote by mail; by email; by internet, by telephone, or, if you received printed Proxy Materials, you may refer to the instructions on the proxy card enclosed with those materials. You may also vote during the General Meeting in person at [insert venue address] or via the internet at [•]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a “beneficial owner” (that is, if you hold your shares in “street name” through a bank, broker, dealer or other nominee), you may vote in accordance with the voting instruction form provided by your bank, broker, dealer or other nominee. The availability of Internet or telephone voting will depend upon your nominee’s voting process. If you wish to vote during the General Meeting, you must first obtain a legal proxy from your bank, broker, dealer or other nominee authorizing you to vote. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Can I change my vote? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Yes, you may change your vote at any time before the polls are closed at the General Meeting. The giving of a proxy does not eliminate the right to vote during the General Meeting. Shareholders have the right to revoke their proxy at any time before the exercise of that proxy by following the instructions below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Holders of Record </I></B>- If you are a “holder of record,” you may change your vote by (i) providing written notice of revocation to Crown LNG Holdings Limited, 37th Floor, 1 Canada Square, Canary Wharf, London, Greater London E14, 5AA United Kingdom, Attention: Corporate Secretary, (ii) executing a subsequent proxy using any of the voting methods discussed above (subject to the deadlines for voting with respect to each method), or (iii) attending the General Meeting and voting either in person or electronically. However, simply attending the General Meeting will not, by itself, revoke your proxy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Beneficial Owners </I></B>- If you are a “beneficial owner” of your shares and you have instructed your nominee to vote your shares, you may change your vote by following the directions received from your nominee to change those voting instructions, or by attending and voting at the General Meeting, provided you have undertaken the necessary steps to do so which can be accomplished as described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any revocation, all shares represented by properly executed proxies will be voted in accordance with the instructions on the applicable proxy, or, if no instructions are given, in accordance with the recommendations of the Board as described above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Could other matters be decided at the General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this Proxy Statement, we are not aware of any business to be presented for consideration at the General Meeting other than the matters described in this Proxy Statement. If, however, other matters are properly presented at the General Meeting, the persons named as proxies will vote in accordance with their discretion with respect to those matters. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>When will the results of the vote be announced? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preliminary voting results will be announced at the General Meeting. The final voting results will be published in a current report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed with the Securities and Exchange Commission (the “<B>SEC</B>”) within four business days following the General Meeting and on the Company’s website. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Who pays for costs relating to the Proxy Materials and General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The costs of preparing, assembling and mailing the Proxy Materials, along with the cost of posting the Proxy Materials on a website, are to be borne by us. In addition to the use of mail, our directors, officers and employees may solicit proxies personally and by telephone, facsimile and other electronic means. They will receive no compensation in addition to their regular salaries. We may request banks, brokers and other custodians, nominees and fiduciaries to forward copies of the Proxy Materials to their principals and to request authority for the execution of proxies. We may reimburse these persons for their expenses in so doing. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Will I have dissenters’ rights with respect to any of the matters to be presented at the General Meeting? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Jersey law, nor our organizational documents, provides for appraisal or other similar rights for dissenting shareholders in connection with any of the matters to be presented at the General Meeting. Accordingly, shareholders will have no right to dissent and obtain payment for their shares save for choosing to vote against the resolution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Who is paying for this proxy solicitation? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will pay for the entire cost of soliciting proxies. The Company has engaged Laurel Hill (the “<B>Proxy Solicitation Agent</B>”) to assist in the solicitation of proxies for the general meeting. The Company has agreed to pay Proxy Solicitation Agent a fee of $[•]. The Company will also reimburse the Proxy Solicitation Agent for reasonable and customary <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses. In addition to these mailed proxy materials, our directors and executive officers may also solicit proxies in person, by telephone or by other means of communication. These parties will not be paid any additional compensation for soliciting proxies. The Company may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>What is the deadline for submitting a shareholder proposal or director nomination for the next annual meeting of shareholders? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shareholders wishing to make a director nomination, or bring another proposal, before the next annual meeting of shareholders (but not include it in the Company’s proxy materials for that meeting) must provide written notice of such proposal to the Corporate Secretary at the Company’s principal executive offices at 37th Floor, 1 Canada Square, Canary Wharf, London, Greater London E14, 5AA United Kingdom, Attention: Corporate Secretary. Such proposals must be received not earlier than the close of business on the 120th day before such annual meeting and not later than the close of business on the later of the 90th day before such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shareholder proposals pursuant to Rule <FONT STYLE="white-space:nowrap">14a-8</FONT> under the Securities Exchange Act of 1934, as amended (the “<B>Exchange Act</B>”), for inclusion in the Company’s proxy statement and form of proxy for the Company’s next annual meeting of shareholders must be received at the Company’s principal executive offices and must be submitted no later than the date that is a reasonable time before the Company begins to print and send the proxy materials for such annual meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, shareholders who intend to solicit proxies in support of director nominees, other than the Company’s nominees, must provide notice in compliance with the universal proxy rules that sets forth the information required by Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not yet determined the date of our next annual meeting of shareholders. Prior to such annual meeting, we will announce the date of the annual meeting and any dates specified above to the extent required by Rule <FONT STYLE="white-space:nowrap">14a-5</FONT> under the Exchange Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Whom should I contact with other questions? </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have additional questions about this Proxy Statement or the General Meeting, or if you would like additional copies of this Proxy Statement, please contact the Proxy Solicitation Agent [•]. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL OVERVIEW </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are seeking shareholder approval to grant the Company, acting by the Board, discretionary authority to effect a reverse share split of the issued and outstanding ordinary shares of no par value in the capital of the Company (“<B>Ordinary Shares</B>”)by a ratio of any whole number between 2 for 1 to 10 for 1 as determined by the Board. One of the primary reasons we are seeking this shareholder approval to grant authority to effect the Reverse Share Split. The purpose of Proposal, the Reverse Share Split, is to maintain the listing of our Ordinary Shares on the Nasdaq Capital Market (“<B>Nasdaq</B>”). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company is a no par value company established under the laws of Jersey, Channel Islands. As such, under its constitutional documents there is no limit on the number of shares it is authorized to issue. As a consequence, the Reverse Share Split will not affect the number of shares the Company is entitled to issue, nor will it affect the relative voting power of the holders of the issued Ordinary Shares. The Reverse Share Split, if effected, would affect all of our holders of Ordinary Shares uniformly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Board unanimously approved to seek shareholder approval to vary the Ordinary Shares so that the Company acting by its Board shall have the power to undertake a Reverse Share Split. If the proposal is approved by the shareholders, the Company will have the authority, acting by the Board in its sole discretion, without further action by the shareholders, to effect the Reverse Share Split, subject to the condition as to the ratio of the Reverse Share Split, which must be a whole number between 2 for 1 to 10 for 1. Subject to the conditions above, the Board’s decision as to whether and when to effect the Reverse Share Split, if approved by the shareholders, will be based on a number of factors, including prevailing market conditions, existing and expected trading prices for our Ordinary Shares, actual or forecasted results of operations, and the likely effect of such results on the market price of our Ordinary Shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company’s Nasdaq Listing Deficiency </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the requirement to maintain a minimum bid price per share of $1.00, such that the share price of the Ordinary Shares close not close below $1.00 for 30 consecutive business days) (the “<B>Nasdaq Minimum Bid Price Rule</B>”). The Company has 180 calendar days, from September 3, 2024 to March 6, 2025, to regain compliance with the Nasdaq Minimum Bid Price Rule. The Company may regain compliance with the Nasdaq Minimum Bid Price Rule if, by the end of the cure period, the closing bid price of the Ordinary Shares is at least $1.00 for a minimum of ten consecutive business days. If the Company cannot demonstrate compliance with each such rule by the end of the cure period, the Ordinary Shares will be subject to delisting, pending an appeal. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purposes of the Proposal and Consequences of Not Approving It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Proposal is important to the Company regaining compliance with the Nasdaq Minimum Bid Price Rule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Proposal </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Proposal seeks shareholder approval of an amendment to the share capital of the Company, and to give our Board flexibility to determine the ratio of the Reverse Share Split necessary to maintain the Company’s Nasdaq listing in the range of 2 for 1 to 10 for 1, in order to regain compliance with the Nasdaq Minimum Bid Price Rule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the proposal presented at this General Meeting is not approved by shareholders, it could result in material adverse consequences for the Company. If our Ordinary Shares are delisted from Nasdaq, we may be forced to seek to have such shares traded or quoted on the OTC Bulletin Board or in the “pink sheets.” Such alternatives are generally considered to be less efficient markets and not as broad as Nasdaq, and therefore less desirable. If the Company’s securities are delisted from Nasdaq, the Company could face material adverse consequences, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a limited availability of market quotations for the Company’s Ordinary Shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduced liquidity; </P></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a determination that the Company’s Ordinary Shares is a “penny share” which will require brokers trading in the Company’s shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for its securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a limited amount of news and analyst coverage for the Company; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a decreased ability to issue additional securities or obtain additional financing in the future. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the Company’s failure to become current in its public reporting obligations could have a negative impact on the Company’s ability to raise capital, as well as its reputation, brand and financial condition. Despite the efforts described above, there can be no assurance that the Company will ultimately regain compliance with all applicable requirements for continued listing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPOSAL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO APPROVE THE AMENDMENT OF OUR SHARE CAPITAL TO EFFECT THE REVERSE SHARE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPLIT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the General Meeting, our shareholders will be asked to approve an amendment to our share capital to effect the Reverse Share Split. The Reverse Share Split is a consolidation of the Ordinary Shares by a ratio in the range of 2 for 1 to 10 for 1, with the exact ratio to be determined by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Reverse Share Split is approved by our shareholders, then the exact ratio of the Reverse Share Split will be promptly set at a whole number within the range of 2 for 1 to 10 for 1 as determined by our Board in its sole discretion. Our Board believes that the availability of alternative Reverse Share Split ratios in the range of 2 for 1 to 10 for 1 will provide it with the flexibility to implement the Reverse Share Split in a manner designed to maximize the anticipated benefits for the Company and its shareholders. In determining the exact ratio of the Reverse Share Split following the receipt of shareholder approval, our Board may consider, among other things, factors such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the historical trading price and trading volume of our Ordinary Shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the then prevailing trading price and trading volume of our Ordinary Shares and the anticipated impact of the Reverse Share Split on the trading market for our Ordinary Shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to have our Ordinary Shares remain listed on Nasdaq; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the anticipated impact of the Reverse Share Split on our ability to raise additional financing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prevailing general market and economic conditions. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the Reverse Share Split is approved by our shareholders, promptly after the exact ratio of the Reverse Share Split is determined by our Board, we will issue a press release announcing the Effective Date (as defined below) of the Reverse Share Split and will file a copy of the special resolution amending the share capital of the Company with the registrar of companies in Jersey. The Reverse Share Split will become effective upon the directors determining the exact ratio of the Reverse Share Split pursuant to the power granted to them per the special resolution passed at the General Meeting (the “<B>Effective Date</B>”). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reasons for the Reverse Share Split </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above in “General Overview,” the proposed Reverse Share Split is intended to adjust the bid price of the Ordinary Shares upward in an effort to regain compliance with Nasdaq’s Minimum Bid Price Rule. If the Reverse Share Split is authorized by shareholders, the Board will have the authority to determine the exact ratio of the Reverse Share Split. Our Board believes that it is in the best interest of the Company and its shareholders that the Board has the ability to determine, in its discretion, the exact ratio of the Reverse Share Split to improve the price level of our Ordinary Shares so that we are able to comply with the Nasdaq Minimum Bid Price Rule. However, we cannot assure you that after the Reverse Share Split the market price of our Ordinary Shares will increase proportionately to reflect the ratio for the Reverse Share Split, that the market price of our Ordinary Shares will not decrease to its <FONT STYLE="white-space:nowrap">pre-split</FONT> level, that our market capitalization will be equal to the market capitalization before the Reverse Share Split or that we will be able to maintain our listing on Nasdaq. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consequences of Not Approving this Proposal </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Proposal is not approved at the General Meeting, it could result in material adverse consequences for the Company. For more information, see “General Overview—Purposes of the Proposals and Consequences of Not Approving Them.” </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Potential Adverse Effects of Approving this Proposal </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>We cannot assure you that the Reverse Share Split will increase our share price and have the desired effect of restoring and maintaining compliance with the Nasdaq Minimum Bid Price Rule. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board expects that the Reverse Share Split will increase the market price of our Ordinary Shares so that we are able to regain and help maintain compliance with the Nasdaq Minimum Bid Price Rule. However, the effect of the Reverse Share Split on the market price of our Ordinary Shares cannot be predicted with any certainty, and the history of similar reverse share splits for companies in like circumstances is varied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is possible that the per share price of our Ordinary Shares after the implementation of the Reverse Share Split will not rise in proportion to the reduction in the number of shares of Ordinary Shares outstanding, and the market price per share after the Reverse Share Split may not exceed or remain in excess of $1.00 per share for a sustained period of time. Even if we effect the Reverse Share Split, the market price of our Ordinary Shares may decrease due to factors unrelated to the Reverse Share Split, including our future financial and operating performance. If the Reverse Share Split is consummated and the trading price of our Ordinary Shares declines, the percentage decline as an absolute number and as a percentage of our overall market capitalization may be greater than would occur in the absence of the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Reverse Share Split is not being proposed in response to any effort of which we are aware to accumulate our shares or obtain control of the Company, nor is it a plan by management to recommend a series of similar actions to the Board or our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There are certain risks associated with a reverse share split, and we cannot accurately predict or assure the Reverse Share Split will produce or maintain the desired results. The Board believes that the benefits to the Company outweigh the risks and recommends that you vote in favor of granting the Board the discretionary authority to effect the Reverse Share Split. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Risks Associated with the Reverse Share Split </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Even if the Reverse Share Split is effected, some or all of the expected benefits discussed may not be realized or maintained. The market price of our Ordinary Shares will continue to be based, in part, on our performance and other factors unrelated to the number of shares outstanding. The liquidity of our Ordinary Shares may be harmed by the implementation of the Reverse Share Split, given the reduced number of shares of Ordinary Shares that would be in issue after the Reverse Share Split, particularly if the share price does not increase as a result. The Board does not intend for the Reverse Share Split to have any anti-takeover effects. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Effects of the Reverse Share Split </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ordinary Shares</I>. If the Reverse Share Split is approved by our shareholders at the General Meeting, promptly after the exact ratio of the Reverse Share Split is determined by our Board, the Company plans to issue a press release announcing the Effective Date of the Reverse Share. Except for adjustments that may result from the treatment of fractional shares as described below, each issued share of our Ordinary Shares will automatically be changed, as of the Effective Date, into a fraction of a share based on the ratio approved and implemented by our Board. In addition, proportional adjustments will be made to the maximum number of shares issuable under, and other terms of, (i) our equity incentive plan, (ii) the number of shares issuable under our outstanding restricted share units and the number of shares issuable under, and the exercise price of, our outstanding options, and (iii) the number of shares issuable under, and the exercise price of, our outstanding warrants. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except for adjustments that may result from the treatment of fractional shares of Ordinary Shares, as described below, because the Reverse Share Split would apply to all issued Ordinary Shares, the implementation of the Reverse Share Split would not alter the relative rights and preferences of our existing shareholders nor affect any shareholder’s proportionate equity interest in the Company. For example, a holder of two percent (2%) of the voting power of the issued Ordinary Shares immediately before the effectiveness of the Reverse Share Split will generally continue to hold two percent (2%) of the voting power of the issued Ordinary Shares immediately thereafter. Moreover, the number of shareholders of record will not be affected by the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amendment effecting the Reverse Share Split will not change the terms of our Ordinary Shares. The shares of our Ordinary Shares issued upon effectiveness of the Reverse Share Split will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to our issued Ordinary Shares. Our Ordinary Shares issued under the Reverse Share Split will remain fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Effects on the Number of Authorized Shares. </I>The total number of shares that we are authorized to issue will not be affected by the Reverse Share Split and will remain unlimited per the terms of the memorandum of association of the Company. However, as a result of the Reverse Share Split, the number of shares of Ordinary Shares in issue will be reduced in proportion to the ratio selected by our Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because our shareholders have no preemptive rights to purchase or subscribe for any of our unissued Ordinary Shares, the future issuance of additional Ordinary Shares will reduce our current shareholders’ percentage ownership interest in the total issued Ordinary Shares. In the absence of a proportionate increase in our future earnings and book value, an increase in the number of Ordinary Shares would dilute our projected future earnings per share, if any, and book value per share of all our issued Ordinary Shares. If these factors were reflected in the market price of our Ordinary Shares, the potential realizable value of a shareholder’s investment could be adversely affected. An issuance of additional Ordinary Shares could therefore have an adverse effect on the potential realizable value of a shareholder’s investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Effect on Warrants and other Convertible or Exchangeable Securities.</I> Under the terms of the Company’s outstanding warrants, the number of shares issuable upon exercise of each outstanding warrant will automatically be decreased to reflect the effect of the Reverse Share Split, and the exercise price of each such warrant will automatically be adjusted by multiplying the exercise price in effect immediately before the Reverse Share Split by a fraction (x) the numerator of which is the number of shares purchasable upon the exercise of the warrants immediately before the Reverse Share Split and the denominator of which is the number of shares purchasable immediately after the Reverse Share Split. The number of shares reserved for issuance pursuant to outstanding warrants will be adjusted proportionately based upon the ratio implemented by the Board in effecting the Reverse Share Split, subject to our treatment of fractional shares. Proportionate adjustments are also generally required to be made to the per share exercise or conversion prices, as applicable, and the number of shares issuable upon the exercise or conversion, as applicable, of any other convertible or exchangeable securities that may entitle the holders to purchase, exchange for, or convert into, Ordinary Shares. This would result in approximately the same aggregate price being required to be paid under such outstanding exercisable, convertible or exchangeable securities upon exercise or conversion, as applicable, and approximately the same value of shares being delivered upon such exercise, exchange or conversion, immediately following the implementation of the Reverse Share Split, as was the case immediately preceding the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Listing</I>. Our Ordinary Shares currently trades on Nasdaq. The implementation of the Reverse Share Split will directly affect the listing of our Ordinary Shares on Nasdaq, and we believe that the Reverse Share Split could potentially increase our share price, facilitating compliance with the Nasdaq Minimum Bid Price Rule. Following the Reverse Share Split, we intend for our Ordinary Shares to continue to be listed on Nasdaq under the symbol “CGBS”, subject to our ability to continue to comply with Nasdaq rules, although our Ordinary Shares would have a new committee on uniform securities identification procedures (“<B>CUSIP</B>”) number, a number used to identify our Ordinary Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>“Public Company” Status</I>. Our Ordinary Shares is currently registered under Section 12(b) of the Exchange Act, and we are subject to the “public company” periodic reporting and other requirements of the Exchange Act. The proposed Reverse Share Split will not affect our status as a public company or this registration under the Exchange Act. The Reverse Share Split is not intended to have the effect of a “going private transaction” covered by Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> under the Exchange Act. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Possible Anti-Takeover Effects</I>. If shareholders approve the Reverse Share Split and the Board implements the Reverse Share Split, the Reverse Share Split could have anti-takeover effects because it would result in a proportional increase in the number of authorized shares of capital share relative to the number of shares of capital share outstanding after effecting the Reverse Share Split. A relative increase in the number of our authorized shares of capital share could enable the Board to render more difficult or discourage an attempt by a party attempting to obtain control of the Company by tender offer or other means. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The issuance of capital share in a public or private sale, merger or similar transaction would increase the number of issued Ordinary Shares entitled to vote, increase the number of votes required to approve a change of control of the Company, and dilute the interest of a party attempting to obtain control of the Company. Any such issuance could deprive shareholders of benefits that could result from an attempt to obtain control of the Company, such as the realization of a premium over the market price that the attempt could cause. Moreover, the issuance of capital share to persons friendly to the Board could make it more difficult to remove incumbent officers and directors from office even if the change were favorable to shareholders generally. However, this anti-takeover effect is not the purpose or intent of our Board. We have no present intent to use the relative decrease in the number of issued Ordinary Shares for anti-takeover purposes. The Board has no present intent to authorize the issuance of additional Ordinary Shares of capital share to discourage efforts to obtain control of the Company if they were to arise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Fractional Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will not issue fractional shares in connection with the implementation of the Reverse Share Split. If a beneficial owner of our Ordinary Shares would be entitled to receive a fractional share upon completion of the Reverse Share Split, we will instead round up to the nearest whole number of shares.] </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. Federal Income Tax Consequences </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary describes certain material United States federal income tax consequences of the Reverse Share Split to holders of our Ordinary Shares. This summary is based on the income tax provisions of the Internal Revenue Code of 1986, as amended (the “<B>Code</B>”), United States Treasury regulations promulgated thereunder, administrative rulings and judicial authority, all as in effect as of the date of this proxy statement. Subsequent developments in United States federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could result in the United States federal income tax consequences of the Reverse Share Split differing from those discussed below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary does not address all of the United States federal income tax consequences that may be relevant to holders of our Ordinary Shares in light of their particular circumstances or to holders that may be subject to special tax rules, including, without limitation, banks, insurance companies, thrift institutions, other financial institutions, regulated investment companies, real estate investment trusts, personal holding companies, foreign entities, nonresident alien individuals, broker-dealers, S corporations, partnerships or other pass-through entities, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, United States expatriates, holders subject to the alternative minimum tax, traders in securities that elect to use a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting, dealers in securities or currencies, holders of our Ordinary Shares whose functional currency is not the U.S. dollar, holders that hold our Ordinary Shares as part of a position in a “straddle” or as part of a “hedging,” “conversion” or other integrated investment transaction for federal income tax purposes, persons who acquire shares of our Ordinary Shares in connection with employment or other performance of services, or persons that do not hold our Ordinary Shares as “capital assets” as defined in the Code (generally, property held for investment). If a partnership (or other entity classified as a partnership for United States federal income tax purposes) is the beneficial owner of our Ordinary Shares, the United States federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships that hold our Ordinary Shares, and partners in such partnerships, should consult their own tax advisors regarding the United States federal income tax consequences of the Reverse Share Split. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary does not address tax considerations under state, local, <FONT STYLE="white-space:nowrap">non-U.S.,</FONT> and <FONT STYLE="white-space:nowrap">non-income</FONT> tax laws. Furthermore, no ruling or tax opinion of legal or tax counsel has been obtained with respect to the consequences of the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>TAX MATTERS ARE COMPLICATED, AND THE TAX CONSEQUENCES OF THE REVERSE SHARE SPLIT DEPEND UPON THE PARTICULAR CIRCUMSTANCES OF EACH SHAREHOLDER. ACCORDINGLY, EACH SHAREHOLDER SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE UNITED STATES FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF THE REVERSE SHARE SPLIT. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Reverse Share Split should be treated as a recapitalization that qualifies as a corporate “reorganization,” as defined in the Code, for United States federal income tax purposes. Therefore, subject to the limitations and qualifications set forth in this discussion and to the note below regarding the receipt of an additional fraction of a share, no gain or loss will be recognized by a holder of our Ordinary Shares upon the Reverse Share Split, the aggregate tax basis in the Ordinary Shares received by a holder pursuant to the Reverse Share Split would equal the aggregate tax basis in the Ordinary Shares surrendered by such holder under the Reverse Share Split, and the holding period for the Ordinary Shares received by a holder under the Reverse Share Split should include the holding period for the Ordinary Shares surrendered by such holder under the Reverse Share Split. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted above, we will not issue fractional shares in connection with the Reverse Share Split. Instead, holders of our Ordinary Shares who otherwise would be entitled to receive fractional shares of our Ordinary Shares will automatically be entitled to receive an additional fraction of a share of Ordinary Shares to round up to the next whole post-Reverse Share Split Ordinary Share. The U.S. federal income tax consequences of the receipt of such an additional fraction of a share of Ordinary Shares is not clear. It may be possible that holders of our Ordinary Shares who receive an additional fraction of a share of Ordinary Shares will recognize gain, which may be characterized as either a capital gain or dividend, to the extent of the value of the fraction of a share received. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Accounting Consequences </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Effective Date of the Reverse Share Split, if any, the net income or loss and net book value per share will be increased because there will be fewer shares outstanding. We do not anticipate that any other accounting consequences would arise as a result of the Reverse Share Split. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange of Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Shares held in Book-Entry Form </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company’s registered shareholders may hold some or all of their shares electronically in book-entry form with our transfer agent and are provided with a statement reflecting the number of shares registered in their accounts. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you hold registered shares in book-entry form, you do not need to take any action to receive Ordinary Shares in registered book-entry form after the effectiveness of the Reverse Share Split. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="5%"> </TD> <TD WIDTH="3%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A transaction statement will automatically be sent to your address of record by our transfer agent as soon as practicable after the Effective Date indicating the number of Ordinary Shares that you hold. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Shares held in “Street Name” </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the implementation of the Reverse Share Split, we intend to treat shareholders holding our Ordinary Shares in “street name,” through a bank, broker or other nominee, in the same manner as registered shareholder whose Ordinary Shares are registered in their names. Banks, brokers and other nominees will be instructed to effect the Reverse Share Split for their beneficial holders holding our Ordinary Shares in “street name”. However, such banks, brokers and other nominees may have different procedures than registered shareholders for processing the Reverse Share Split. If you hold your Ordinary Shares in “street name” with a bank, broker or other nominee, and if you have any questions in this regard, we encourage you to contact your bank, broker or nominee. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Appraisal Rights </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shareholders do not have appraisal rights under Jersey Islands law or under our Articles or bylaws in connection with the Reverse Share Split. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interests of Certain Persons in this Proposal </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When you consider our Board’s recommendation to vote in favor of this Proposal, you should be aware that certain of our directors and officers have an interest in this proposal as a result of their ownership of Ordinary Shares. However, we do not believe that our directors and officers have interests in this proposal that are different from or greater than those of any of our other shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Required Vote </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of this Proposal requires the affirmative vote of the holders of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the votes cast by the shareholders present and eligible to vote at the General Meeting. Shareholders may vote “<B>FOR</B>,” “<B>AGAINST</B>,” or “<B>ABSTAIN</B>” with respect to this Proposal. Abstentions will have the same effect as a vote “<B>AGAINST</B>” this proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect this Proposal will be considered a routine matter under applicable share exchange rules. Accordingly, without specific instructions from you, your bank, broker or other nominee will have discretionary authority to vote your Ordinary Shares on this Proposal. However, we understand that certain brokerage firms have elected not to vote even on “routine” matters without your voting instructions. If your bank, broker or other nominee has made this decision, and you do not provide voting instructions, your vote will not be cast. Accordingly, we urge you to direct your bank, broker or other nominee how to vote by returning your voting materials as instructed or by obtaining a proxy from your broker or other nominee in order to vote your shares in person at the General Meeting. Broker <FONT STYLE="white-space:nowrap">non-votes</FONT> will have the same effect as votes “<B>AGAINST</B>” this Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “<B>FOR</B>” THE APPROVAL OF THIS PROPOSAL. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITY OWNERSHIP OF</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth certain information regarding the beneficial ownership of the Company’s Ordinary Shares as the Record Date, by: (i) each director; (ii) each of our named executive officers; (iii) all executive officers and directors of the Company as a group; and (iv) all those known by the Company to be beneficial owners of more than five percent of any class of our Ordinary Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of common and/or preferred share that they beneficially own, subject to applicable community property laws. The table is based upon information supplied by officers, directors and principal shareholders, including information set forth in ownership reports filed with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The percentages below are based on a total of 460,176,205 Ordinary Shares in issue as of the Record Date: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="17%"></TD> <TD VALIGN="bottom" WIDTH="8%"></TD> <TD WIDTH="44%"></TD> <TD VALIGN="bottom" WIDTH="8%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="8%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Title of Class</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name and Address of Beneficial</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Owner <SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of Company<BR>Ordinary Shares<BR>Beneficially Owned</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage of Company<BR>Ordinary Shares</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><I>Executive Officers and Directors</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Andrew Judson</TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Jørn Husemoen <SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">18,457,880</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">[4.01</TD> <TD NOWRAP VALIGN="bottom">%] </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Swapan Kataria <SUP STYLE="font-size:75%; vertical-align:top">(3) </SUP></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">158,689,323</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">[34.48</TD> <TD NOWRAP VALIGN="bottom">%] </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Ellen Hanetho</TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Gry Osnes</TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><B><I>All executive officers and directors as a group (5 individual)</I></B></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">177,147,203</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">38.49</TD> <TD NOWRAP VALIGN="bottom">% </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><I>5% Holders</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Raghava Corporate Pte. Ltd. <SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">55,070,563</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">11.96</TD> <TD NOWRAP VALIGN="bottom">% </TD></TR> </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless otherwise noted below, the address of each beneficial owner listed on the table is c/o Crown LNG Holdings Limited, 37th Floor, 1 Canada Square, Canary Wharf, London, Greater London E14, 5AA United Kingdom. </P></TD></TR></TABLE> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares held by Black Kite AS. Jørn Skule Husemoen owns 100% of the interest in Black Kite AS and has sole voting and investment power of the securities held by Black Kite AS. The address for Jørn Skule Husemoen is Askekroken 11, 0277 Oslo, Norway. </P></TD></TR></TABLE> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP> </TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares held by Citibank, N.A. Nominee. The Kataria Capital Corporation owns 100% of the interest in the securities held by Citibank, N.A. Nominee and has sole voting and investment power of the securities held by Citibank, N.A. Nominee. The Kataria Trust owns 100% of the interest in Kataria Capital Corporation and has sole voting and investment power of the securities held by Kataria Capital Corporation. Swapan Kataria is the trustee of the Kataria trust and has sole voting and investment power of the securities held by the Kataria Trust. The address for Citibank, N.A. Nominee is 1 North Wall Quay, Dublin. </P></TD></TR></TABLE> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP> </TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Devavarapu Tvisha Ragendri owns 100% of the interest in Raghava Corporate Pte Ltd and has sole voting and investment power of the securities held by Raghava Corporate Pte Ltd. The address for Raghava Corporate Pte Ltd is 7500A Beach Road, <FONT STYLE="white-space:nowrap">#14-302,</FONT> The Plaza, Singapore 199591. </P></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Solicitation of Proxies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have engaged the Proxy Solicitation Agent to assist us in soliciting proxies for the General Meeting. We will pay the Proxy Solicitation Agent a base fee of $[•], plus reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses. Our officers, director, employees, consultants, agents and representatives may solicit proxies in person or by telephone, fax or email. We will pay our officers, director, employees, consultants, agents and representatives no additional compensation for these services. We will ask banks, brokers and other institutions, nominees and fiduciaries to forward these proxy materials to their principals and to obtain authority to execute proxies. We will then reimburse them for their expenses. We will pay all of the costs of soliciting these proxies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have questions concerning the proposals in this proxy statement or need assistance in voting, please contact our Proxy Solicitation Agent: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Laurel Hill Advisory Group, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 Robbins Lane, Suite 201 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jericho, NY 11753 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">855-414-2266</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[•] </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Matters </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We know of no other business that will be presented at the General Meeting. If any other matter properly comes before the shareholders for a vote at the General Meeting, however, the proxy holders will vote your shares in accordance with their best judgment. This discretionary authority is granted by the execution of the form of proxy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Householding of Proxy Materials </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery requirements for the Proxy Materials with respect to two or more shareholders sharing the same address by delivering a single set of the Proxy Materials addressed to those shareholders. This process, which is commonly referred to as “householding,” potentially means extra convenience for shareholders and cost savings for companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the General Meeting, a number of brokers with account holders who are Company shareholders will be “householding” the Proxy Materials. A single set of the Proxy Materials will be delivered to multiple shareholders sharing an address unless contrary instructions have been received from the affected shareholders. Once you have received notice from your broker that they will be “householding” communications to your address, “householding” will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in “householding” and would prefer to receive a separate set of the Proxy Materials, please notify your broker or the Company. Direct your written request to Crown LNG Holdings Limited, 37th Floor, 1 Canada Square, Canary Wharf, London, Greater London E14, 5AA United Kingdom, Attention: Corporate Secretary. The Company undertakes to promptly deliver a separate set of the Proxy Materials upon receiving your written request. shareholders who currently receive multiple copies of the Proxy Materials at their addresses and would like to request “householding” of their communications should contact their brokers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SEC rules permit us to print an individual’s multiple accounts on a single set of General Meeting materials. To take advantage of this opportunity, we have summarized on one set of General Meeting materials all of the accounts registered with the same tax identification number or duplicate name and address, unless we received contrary instructions from the impacted shareholder before the mailing date. We agree to deliver promptly, upon written or oral request, a separate copy of the General Meeting materials, as requested, to any shareholder to which a single copy of those documents was delivered. If you prefer to receive separate copies of the General Meeting materials, contact [•]. A number of brokerage firms have instituted householding. They will have their own procedures for shareholders who wish to receive individual copies of the Proxy Materials. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORWARD-LOOKING STATEMENTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Proxy Statement contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this Proxy Statement, including statements regarding the Company’s ability to regain compliance with Nasdaq listing standards and become current in its reporting with the Securities and Exchange Commission. The Company has attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Forward-looking statements represent management’s current expectations and predictions and are based on information available as of the time such statements are made. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, it cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause its actual results to materially differ from those expressed or implied by these forward-looking statements, including the risk of not receiving shareholder approval for the proposals in this Proxy Statement, further delays in the filing of the Company’s late periodic reports and restated financial statements in amendments to prior periodic reports, the discovery of additional information regarding the error identified in the Company’s previously issued consolidated financial statements, the scope of the anticipated restatement of previously issued financial statements as a result of the error, the remediation by management and the Company’s independent registered public accounting firm of the identified material weaknesses in internal control over financial reporting, the Panel’s determination following the Company’s appeal of its delisting decision, the Panel’s decision whether or not to grant the Company various extension periods following the submission of a hearing request to regain compliance with deficiencies with various Nasdaq Listing Rules, the Company’s ability to regain compliance with various Nasdaq Listing Rules and, if applicable, any other continued listing standards and other risk factors described in the section entitled “Risk Factors” in its <FONT STYLE="white-space:nowrap">20-F</FONT> and other documents filed with or furnished to the SEC by the Company from time to time. These forward-looking statements speak only as of the date of this Proxy Statement. Except as required by law, the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this Proxy Statement. </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Appendix A </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PROPOSED AMENDMENT TO THE </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SHARE CAPITAL OF CROWN LNG HOLDINGS LIMITED. </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">“RESOLVED, as a special resolution that, pursuant to article 38A(b) of the Companies (Jersey) Law 1991 and article 12.1(b) of the Company’s articles of association, the Company’s share capital be amended to effect the Reverse Share Split of the Company’s ordinary shares, no par value, by a ratio in the range of 2 for 1 to 10 for 1, to be determined by the Company’s Board of Directors following the General Meeting.” </P> </DIV></Center> </BODY></HTML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>