English High Court Order

Galasys plc

("Galasys" or the "Company")

English High Court Order

The Company refers to its announcement dated 29 December 2015 in which it announced that an English High Court order (the "Court Order") was received and accordingly the Extraordinary General Meeting convened for 29 December 2015 ("EGM") had been adjourned until a later date.

This announcement gives further details of the Court Order.

The Court Order was made against Well Oriental Investments Limited ("WOI") (and others) in order to preserve the current composition of the Company's board of directors and executive committees until the case next comes before the English High Court for consideration (the "Return Date").

As regards the EGM, the Court Order required WOI to propose a resolution to adjourn the EGM until after the conclusion of the Return Date hearing and to vote in favour of that resolution. As part of the Court Order, Netrove Ventures Corporation ("Netrove") and Shiji (Hong Kong) Limited ("Shiji") also undertook to vote in favour of the adjournment. The EGM was accordingly adjourned in accordance with the terms of the Court Order before any of the resolutions set out in the notice of the EGM were considered.

The ongoing effect of the Court Order is that WOI is prohibited from voting on any of the resolutions to be proposed at the EGM and from requisitioning any other General Meetings of the Company to consider any similar resolutions pending the Return Date. Both Netrove and Shiji have given undertakings to the Court to refrain from doing the same. Also, none of Seah Kok Wah, Chuah Teong Ming, Chin Chee Seong, Teh Kim Seng and Vincent Lai Tak Yuen shall vote on any such motions at any meeting of the board of directors of the Company pending the Return Date.

The Company has undertaken to start legal proceedings in Jersey as soon as practicable to determine outstanding issues including the current composition of the board and which directors of the Company have authority to conduct litigation on behalf of the Company.

For further information, please contact: