euro adhoc: EIC Electricity SA
EIC Electricity SA ("EIC") announces
that a Swedish district court declares Energisystem Sverige AB
("ESS") bankrupt (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
In the context of a dispute with the former owner of EICs district heating operations in Sweden, a Swedish court declared ESS to be bankrupt on March 19, 2004. ESS has appealed the decision on Sunday March 21, 2004.
The dispute relates to the payment of a conditional purchase price of SEK 6,5 million (CHF 1,1 million) which is claimed by the former owner of ESS. In ESS view, the conditions leading to such payment have not materialized and therefore the conditional purchase price is not due. According to its legal counsel there is a high degree of certainty that this court ruling can be reversed.
EIC through Scandinavian Energy Finance Ltd. ("SEFL") owns 63% of
ESS. EICs total exposure to the SEFL group amounts to CHF 10,6
million, or approx. 39% of the Companys net asset value.EIC is listed on the Swiss Exchange (SWX) and on the Frankfurt Securities Exchange (Bloomberg: EIC SW Equity /EIV GR Equity). The Company holds three private equity investments in the fields of power generation, power trading and district heating.
end of announcement euro adhoc 22.03.2004
Further inquiry note:
EIC Partners AG, Tel. +41-43-844 10 00
Branche: Electricity Production & Distribution
ISIN: CH0007162958
WKN: 940179
Index: Investment Index (IGSP)
Börsen: Frankfurter Wertpapierbörse / official dealing
SWX Swiss Exchange / official dealing