euro adhoc: PANDATEL AG
Justice/Processes
Ad hoc disclosure acc. to Art. 15
WpHG
Merger with Dowslake Microsystems Corp. failed due to the rejection by
plaintiffs
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
16.11.2006
The district court Hamburg informed Pandatel AG that the time limit elapsed for accepting the settlement proposal submitted by court and, consequently, it was rejected by the suing plaintiffs. So, settlement efforts failed and court proceedings continue and will end in due course.
14 shareholders filed derivative suits and actions of nullity against various resolutions of the extraordinary shareholders' meeting of 27.03.2006. In particular, affected are the resolutions on capital decrease and increase, which Pandatel AG wanted to utilize to merge with Dowslake Microsystems Corp. by increasing its share capital against contribution in kind.
With expiration of the time limit for accepting the court settlement proposal, the execution of the merger with Dowslake Microsystems before 31 December 2006 becomes very unlikely. Pandatel AG will continue co-operation with Dowslake Microsystems Corp. on contractual basis and look for other options.
Hanover, 16 November 2006
The Management Board
About PANDATEL PANDATEL is a German corporation based in Hanover. PANDATEL was formed in 1987 as Pan Dacom Telekommunikation GmbH. It went public at Frankfurt stock exchange in November 1999. Majority shareholder is Dowslake Venture Ltd. (U.S.A.) with Dr. Dan D. Yang as CEO. In March 2006, Dr. Yang became also CEO of PANDATEL AG. PANDATEL is specialized in Ethernet technologies. For further information please visit www.pandatel.com
end of announcement euro adhoc 16.11.2006 10:57:08
Further inquiry note:
insignis GmbH, Agency for Communication
Raik Packeiser
Berliner Allee 9 - 11
30175 Hanover, Germany
Phone: .+49 511 33 65 15 31
Fax +49 511 33 65 15 33
Email raik.packeiser@insignis.de
Branche: Telecommunications Equipment
ISIN: DE0006916307
WKN: 691630
Index: Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
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Börse Düsseldorf / free trade
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