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
17.06.2011 – 13:50
-------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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
Original-Content von: Atrium European Real Estate Limited, übermittelt durch news aktuell