Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
FORM ANNOUNCEMENT
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.
05.06.2009
FORM ANNOUNCEMENT
Jersey, 5 June 2009. Atrium European Real Estate ("Atrium" or the
"Company") (ATX: ATR), one of the leading real estate companies
focused on shopping centre investment, management and development
in Central and Eastern Europe, has received a letter, dated 2
June 2009, from Citicorp Trustee Company Limited ("Citicorp"),
as the trustee of notes issued under the Company's guaranteed
medium term note programme 2006 (ISIN XS0263871328). The letter
alleges that the buy-back of certificates undertaken by the
Company's previous management in mid-2007, when it traded as Meinl
European Land, was in breach of Jersey law and, as such, Citicorp
has determined that a condition constituting an event of default of
the medium term notes has occurred which Citicorp has further
determined is materially prejudicial to the note holders. The
letter goes on to say that Citicorp reserves its rights in respect
thereof. The letter does not contain notice of acceleration of
the notes. No documentation was provided to support the
allegations in the letter.The Company strongly disagrees with and rejects Citicorp's determination. The letter comes more than a year after prior correspondence of substance between Citicorp and the Company in relation to this matter, which has previously been disclosed. In the course of this prior dialogue the Company made its position fully clear to the trustee, being that (based on the legal advice it has received from leading counsel on the legality of the buy-back of certificates) there has been no such breach of the terms of the notes and that even if there was such breach (which is denied) it was not materially prejudicial to note holders. The Company continues to hold this view, and accordingly will be taking all steps necessary to uphold its position and has reserved its rights.
The Company does not intend to make any further announcement in relation to this matter unless (in the view of the Company) there is a material change in circumstances.
-Ends-
For further information:
Financial Dynamics: +44 (0)20 7831 3113 Richard Sunderland Stephanie Highett Laurence Jones atrium@fd.com
end of announcement euro adhoc
Further inquiry note:
Financial Dynamics: +44 (0)20 7831 3113
Richard Sunderland
Stephanie Highett
Laurence Jones
atrium@fd.com
Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wien / official market