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Legal options for shareholders of Blackstone Resources AG

Thanks to several tips from concerned investors, the attention of the Swiss Association for the Protection of Investors (SASV) has been drawn to the company Blackstone Resources AG. The shares of Blackstone Resources AG were delisted from the Swiss stock exchange as of 13 October 2022. The reason for the delisting of the shares of Blackstone Resources AG was that the company had failed to find an auditor in due time. Since then, these shares can no longer be traded on a stock exchange, which makes a sale much more difficult for shareholders.

Blackstone Resources AG had already come to the attention of the Swiss Financial Market Supervisory Authority (FINMA). In a media release dated 12 April 2022, FINMA stated that the company had manipulated its own share price.

Since then, further discrepancies have come to light at Blackstone Resources AG: The public prosecutor's office in Chemnitz has initiated investigations against a subsidiary of Blackstone Resources AG on suspicion of subsidy fraud. In the meantime, this subsidiary has also become insolvent.

As far as the parent company Blackstone Resources AG is concerned, various daily newspapers reported that it had liquidity problems and that employees' wages could no longer be paid. Moreover, rumours are circulating that this company is not much more than a letterbox company.

Against this background, several shareholders of Blackstone Resources AG have contacted the SASV and asked for support. As shown not least by the proceedings against UBS, shareholders can best exercise their rights if they join forces with other shareholders and pool their financial resources. Therefore, as a first step, the SASV will collect requests from shareholders. Subsequently, the concrete steps to protect the interests of these shareholders will be discussed.

If shareholders who together hold 5% of the shares come forward to the SASV, they could request access to all the company's books and records. Further rights, such as the calling of an extraordinary general meeting, the formulation of agenda items or the appointment of a special audit, require a shareholding of 10% or a share volume with a nominal value of at least CHF 1 million (for agenda items) or CHF 2 million (for a special audit).

The SASV therefore calls upon all interested shareholders of Blackstone Resources AG to register using the following form.

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