euro adhoc: Meinl European Land Ltd.
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Meinl European Land: Announcement
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information
21.11.2007
Jersey, 21st November 2007. Yesterday evening, the Board of Directors of Meinl European Land has received an administrative verdict issued by the Austrian Financial Markets Authority (FMA). In this verdict, the FMA raises the claim, that Meinl European Land Limited may have given misleading signals in connection with an announcement of the call for a shareholders´ meeting held on 23rd August 2007. The Vienna Stock Exchange, an institution under the supervision of the FMA, is accused of contributing to the dissemination of misleading information. This verdict has not grown into legal force; the Board of Directors is determined to appeal against.
The Company takes the view the this verdict by the FMA will not hold up against an appeal; in particular grave procedural mistakes have been made, insufficient evidence has been collected, the verdict is internally inconsistent and the arguments are inconclusive. Furthermore, the verdict completely ignores the continuing involvement of the FMA in the whole process, in particular the fact that the FMA has regularly approved the prospectuses of the Company, that the FMA was informed about purchases of certificates on a daily basis, and that the disclosure requirements with respect to the shareholders´ meeting were coordinated in detail with the FMA.
The Board of Directors will take all legal measures in order to defend against the verdict. The financial consequences amount to EUR 20,000.- for each member of the Board of Directors; further financial consequences from this verdict for the Company are considered non material.
end of announcement euro adhoc 21.11.2007 10:18:34
Further inquiry note:
Dr. Herbert Langsner
+43 676 840 531 250
Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Prime.market
Börsen: Wiener Börse AG / official market