Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
SETTLEMENT OF LEGAL DISPUTES
AND SEVERANCE OF ALL BUSINESS TIES WITH MEINL BANK
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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.
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17.06.2011
SETTLEMENT OF LEGAL DISPUTES AND SEVERANCE OF ALL BUSINESS
TIES WITH MEINL BANK
Jersey, 17 June 2011. Atrium European Real Estate Limited ("Atrium")
(VSE/Euronext: ATRS), one of the leading real estate companies focused on
shopping centre investment, management and development in Central and Eastern
Europe, announces that it has today entered into a settlement agreement with
Meinl Bank, Julius Meinl and all of the parties that Atrium named as defendants
in all of the legal proceedings Atrium filed related to its dispute with Meinl
Bank (among others, including certain former directors of Atrium prior to 1
August 2008). Gazit-Globe and certain other Atrium investors are also parties
to the agreement. The agreement provides for the settlement of all disputes
between Atrium and others, on the one hand, and Meinl Bank and others, on the
other hand, and requires dismissal of all claims between them.
After weighing the best interests of all of its shareholders and based on its
continued review of all available facts and circumstances, Atrium´s management
and Board have now approved the settlement for a number of reasons, including
that the settlement:
- makes clear that neither Meinl Bank nor Atrium will have any obligation
to indemnify the other under any pre existing agreement or otherwise going
forward;
- unwinds the remaining business relations between Meinl Bank and Atrium,
including the replacement of Meinl Bank as trustee of all of Atrium's bond
programmes (ISIN: AT0000496641; AT0000341789; AT0000341797; AT0000496633;
AT0000492996);
- provides for Meinl Bank to release all assets of Atrium (including the
release of US$15 million) previously withheld by Meinl Bank, but does not
provide for any payment from any party to another party as damages for
claims that have been asserted or under any other legal title;
- provides Atrium with a broad release of any and all claims by Meinl Bank
and Julius Meinl, including those where Meinl Bank has requested that
Atrium join it as co-defendant; and
- fully and finally resolves all disputes between Atrium and Meinl Bank.
This settlement will enable Atrium to focus on a forward-looking strategy
rather than historical issues. The settlement becomes fully effective no later
than January of 2012. In the meantime, all proceedings between Atrium and
Meinl Bank are suspended. The parties will now unwind the remaining business
relations between Meinl Bank and Atrium. Consistent with the position that
each party has taken in cases in which it is a defendant, each party denies
that it has engaged in any wrongdoing.
For further information:
Financial Dynamics: +44 (0)20 7831 3113
Richard Sunderland richard.sunderland@fd.com
Further inquiry note:
Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com
end of announcement euro adhoc
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issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
mail: Richard.sunderland@fd.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English