Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
CLARIFICATION OF PURPORTED
EVENT OF DEFAULT AND INTEREST PAYMENTS
St Helier Jersey / Channel Islands (euro adhoc) -
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
Company Information
CLARIFICATION OF PURPORTED EVENT OF DEFAULT AND INTEREST PAYMENTS
ATRIUM SUES MEINL FOR DECLARATORY RELIEF
Jersey, 22 January 2011: Atrium European Real Estate Limited
("Atrium" or the "Company") (VSE/Euronext: ATRS), notes the media
comment containing statements by Meinl Bank ("Meinl") regarding a
purported event of default notice received by the Company in relation
to the 10.75% convertible bond, which was issued to Meinl (the
"Bond") in August 2008. This is yet another attempt by Meinl to
deflect from the real issues which are those that led to the arrest
of Julius Meinl in April 2009 on a number of charges including
defrauding investors, following an investigation into his actions
while in control of the Company (then called Meinl European Land) by
the Austrian State Prosecutor, for which he remains on E100million
bail, and those contained in the E2 billion lawsuit for damages and
compensation which Atrium filed against Julius Meinl and other
defendants in August 2010.Yesterday morning Atrium filed a claim against Meinl Bank and others in the English High Court seeking a declaration to confirm that the letter received from Centrum Bank AG, a bank in Vaduz, Liechtenstein, on behalf on an unnamed client dated 18 January 2011 is not a valid notice of default under the Bond and that it is not liable for any amount, either in principal (of which there is only E20million outstanding) or interest, in relation to the Bond.
Atrium is entitled under English law to set off any sums payable to Meinl as the value of its E2billion claim against Meinl and other defendants exceeds and extinguishes any sums due under the Bond.
The interest payments on, and status of, Atrium's other bonds remain unaffected.
For further information:
Financial Dynamics:
+44 (0)20 7831 3113
Richard Sunderland
Laurence Jones
{Atrium@fd.com}[HYPERLINK: mailto:Richard.sunderland@fd.com]end of announcement euro adhoc
Further inquiry note:
Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com
Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / official market