27.03.2009 – 12:06

Meinl International Power Ltd.

EANS-News: Meinl International Power Ltd.
Board of Directors convenes Extraordinary General Meeting (EGM) in Vienna for April 21, 2009

St. Helier, Jersey (euro adhoc) -

Board to receive authorisation to return free cash to certificate 
holders – Further future returns shall be made possible by sale of 
PI’s portfolio of assets

  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.

investments/EGM

Jersey, 27 March 2009 - The Board
of PI Power International (PI) announces the Notice of an EGM in 
Vienna for 21 April 2009, 10 am, in accordance with the requisition 
of a group of shareholders.

The resolutions presented to certificate holders at the EGM include:

• an authorisation of the Board to return free cash to certificate 
holders in one or more tranches, with the expectation of an initial 
return of approx. EUR 300 million in total or such other amount as 
can be lawfully and economically distributed, • the change to the 
investment objectives of the Company whereby the Board is authorised 
to sell or otherwise dispose of all or any assets of the Company and 
no investments in new projects can be made without certificate 
holders´ approval, • an authorisation of the Board to distribute to 
certificate holders proceeds of the sale of the Company´s assets.

"These proposed changes enable us to fulfil what we have promised to 
our certificate holders before our election as independent Board of 
Directors: To minimise the losses of our certificate holders caused 
by the previous board and the Meinl Bank Group", the Chairman of the 
Board of Directors, Wolfgang Vilsmeier, explains. The Board has now 
substantially finished the review of the existing portfolio assets 
and has taken into consideration the dramatically changed economic 
and investment conditions compared to those prevailing at the time of
the initial public offering. In addition the Board has evaluated the 
economically unfavourable impact upon PI´s business of the 
contractual relationships between PI and Meinl Bank AG or its 
associates like Meinl Power Management Limited. The management 
contract with Meinl Power Management Limited will cause substantial 
cash out flows in the future and will negatively affect 
profitability, which will result in unsatisfying returns on equity.

The Board has drawn the following conclusions:

PI is not ideally suited to act as a long-term investor for its 
investments, especially as many of the projects approved by the 
previous Board of Directors involve major financial risks. Many of 
the projects can be developed profitably only at a high level of 
leverage. In addition the currently unfavourable conditions on the 
international credit markets make leveraging of PI´s projects 
additionally more expensive and negatively affect a profitable 
development of these projects. Also the Company´s structure is 
extremely complex and has turned out to be very inefficient. Chairman
of the Board of Directors Wolfgang Vilsmeier adds: "To be honest, 
under these circumstances PI investors are taking `equity-like´ risk 
while getting only `bond-like´ returns".

In addition the proposed resolutions cover, amongst others, a change 
of the name of the Company to "PI Power International Limited" and 
changes to the Articles of Association of the Company and the 
election of a smaller Board of Directors. Several of the proposed 
resolutions will also require the consent of the Jersey Financial 
Services Commission. Detailed information on the content of all 
proposed resolutions will be available at the Company's website 
www.powerinternational.eu.

Finally Vilsmeier invites all certificate holders of PI to take part 
at the EGM. As the Company is subject to Jersey Company Law all 
certificate holders who intend to attend and vote at the EGM have to 
complete and sign the Form of Proxy that will be available for 
download - both in German and English - on the website of the Company
www.powerinternational.eu.

More information on PI Power International is available at:
www.powerinternational.eu

end of announcement                               euro adhoc

Further inquiry note:

Mick Stempel
Hochegger Financial Relations GmbH
T: +43 1 504 69 87 - 385
M: m.stempel@hochegger.com

Mag. Stephanie Cekon
Hochegger Financial Relations GmbH
T: +43 1 504 69 87 - 338
M: s.cekon@hochegger.com

Branche: Energy
ISIN: AT0000A05W59
WKN:
Index: other listings
Börsen: Wiener Börse AG / Third Market