DSFKDance Sport Federation of Korea
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Tethys received further information in connection with a court hearing on January 4, 2019 where DSFK applied for and received court approval to take enforcement action against EGG, its principals Alexander Skripka, Fedor Ossinin and Alexander Abramov as well as TAG and AOT (the "Defendants").
Tethys had understood that EGG and DSFK would be prepared to enter into a settlement agreement as proposed and set out in draft form as Schedule H to the Arrangement Agreement dated March 19, 2019 between the Company and Jaka Partners FZC ("Jaka"), which provided for Tethys issuing 18 million ordinary shares to Olisol in exchange for settlement of the USD7 million working capital loan and a release of TAG's asset pledges, however, this now appears not to be the case.
EGG and DSFK have recently proposed a different workout solution whereby TAG would agree to provide oil production to EGG in sufficient volumes and at prices that would allow EGG to repay the full amounts still owing to DSFK and would involve TAG implicitly guaranteeing the majority of EGG's repayment obligations to DSFK.