Meinl Airports International Ltd.
EANS-Adhoc: Meinl Airports International Ltd.
Board of Directors decided on
initial repayment to AI certificate holders
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
25.05.2009
Board of Directors decided on initial repayment to AI certificate holders
Jersey, May 25, 2009 - The Board of Directors of AI Airports International Limited announces that it has decided on the initial tranche for the capital repayment to certificate holders. This decision came after the Jersey Financial Services Commission confirmed the validity of the resolutions passed at the Extraordinary General Meetings on April 22, 2009. The company had previously indicated a first interim payment of EUR3.50 per share. However, the current Board has now determined, after careful analysis, that the maximum first interim distribution justifiable at this time is EUR2.25 per share. This new figure is lower than indicated before and during the EGM on 22 April, 2009 as a result of a re-evaluation of contingent liabilities and the potential expenditure that could be required in order to maximise value and the ultimate repayments to certificate holders. The Board currently expects that the shortfall in the current distribution is a timing difference rather than an indication of value erosion.
The board also anticipates additional repayments in the future with a second interim repayment completed as soon as it is prudently able to do so. The timing and quantum of these future repayments will be made according to the progress of the ongoing sales process, realising value in other potential assets of the Company including the resolution of litigation, and from the resolution of the Company´s contractual liabilities and other valid claims.
The capital repayment (except in respect of certificates held by the
company) will be transferred to the shareholders of the company,
including Oesterreichische Kontrollbank Aktiengesellschaft ("OeKB")
on or about June 1, 2009. OeKB holds 69,999,997 shares in the company
on account of the certificate holders. OeKB has been instructed to
transfer the capital repayment received (except in respect of
certificates held by the company) to the account holding banks on or
about June 2, 2009, based on the deposit account balances as of June
1, 2009. The account holding banks will then credit the capital
repayment to the accounts of the individual certificate holders. No
action on part of certificate holders is necessary to enable this
capital repayment.The ADCs of AI will trade ex-capital repayment from June 2, 2009 on.
All certificate holders are encouraged to take their own tax advice regarding the tax treatment of the capital repayment.
Further information about AI Airports International is available at: www.airportsinternational.eu
AI Airports International Limited is regulated by the Jersey Financial Services Commission. The registered office is at 17 The Esplanade; St. Helier, Jersey JE4 9NY; Channel Islands
end of announcement euro adhoc
Further inquiry note:
Investor Relations and Public Relations
Hochegger Financial Relations GmbH, Dieter Riedlinger-Baumgartner,
T: +43 1 504 69 87 344, M: d.riedlinger@hochegger.com
Branche: Real Estate
ISIN: AT0000A053N4
WKN:
Index: other listings
Börsen: Wien / Third Market