Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
FRAMEWORK AGREEMENT WITH
ADVOFIN TO RESOLVE AUSTRIAN LEGACY LEGAL DISPUTES
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) 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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other
22.03.2017
FRAMEWORK AGREEMENT WITH ADVOFIN TO RESOLVE AUSTRIAN LEGACY LEGAL DISPUTES
Ad hoc announcement - Jersey, 22 March, 2017: Atrium European Real Estate
Limited (VSE/ Euronext: ATRS) (the "Company" and together with its subsidiaries,
the "Group"), announces that its Board of Directors has signed a framework
agreement with AdvoFin Prozessfinanzierung AG ("AdvoFin") and Salburg
Rechtsanwalts GmbH ("Salburg") that the Company expects to resolve a significant
majority of the Austrian legacy issues. The framework agreement marks a
transformative step forward in the Company's goal of resolving all of its
historic legal issues.
The framework agreement establishes a mechanism that the Company expects will
enable clients of AdvoFin and Salburg who purchased Austrian Depository
Certificates ("ADC") of Meinl European Land (as the Company was known pre-August
2008, when it was under different management) between 2002 and 2007 and who have
brought claims or made submissions to join pending criminal proceedings against
the Company to resolve their claims and potential claims.
In the event that all eligible ADC investors opt to participate, the maximum
payment by the Company would be EUR44 million. In light of this progress, the
Company has reassessed its provision relating to these legacy claims and made
the determination to increase it by approximately EUR32 million, which will be
reflected in the Company's full year 2016 annual results which will be announced
today.
For those who choose to push forward with litigation against the Company tied to
these legacy issues, the Company reiterates that it rejects the claims against
it and that it will continue to defend itself vigorously in all proceedings.
For further information:
FTI Consulting Inc.:
Richard Sunderland, Claire Turvey, Ellie Sweeney
+44 (0)20 3727 1000
atrium@fticonsulting.com
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. All investments are subject to risk. Past performance is no guarantee
of future returns. The value of investments may fluctuate. Results achieved in
the past are no guarantee of future results.
Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.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@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien, stock market: Luxembourg Stock Exchange
language: English