DGAP-News: Octavian Advisors: OCTAVIAN ADVISORS NOT SURPRISED BY VOTING RESULTS OF BALDA'S EXTRAORDINARY GENERAL MEETING
(firmenpresse) - DGAP-News: Octavian Advisors / Key word(s): AGM/EGM/Statement
Octavian Advisors: OCTAVIAN ADVISORS NOT SURPRISED BY VOTING RESULTS
OF BALDA'S EXTRAORDINARY GENERAL MEETING
09.02.2012 / 12:35
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OCTAVIAN ADVISORS NOT SURPRISED BY VOTING RESULTS OF BALDA'S EXTRAORDINARY
GENERAL MEETING
Plans to Propose Its Slate of Nominees for Election and Call for a Special
Auditor at Balda's Annual General Meeting
NEW YORK - February 8, 2012 - Octavian Advisors LP ('Octavian'), which
through various funds owns approximately 8.3% of the outstanding shares of
Balda AG ('Balda'), today responded to the voting results of Balda's
Extraordinary General Meeting ('EGM').
Richard Hurowitz, Chairman and Chief Executive Officer of Octavian, stated,
'We are disappointed - but not at all surprised - by the results of today's
EGM. As was readily apparent to all those who attended the meeting,
Octavian's proposal to replace Balda's current Supervisory Board received
overwhelming support from shareholders who are not affiliated with Michael
Chiang. Every shareholder who spoke at today's 11-hour meeting was highly
critical of the current Supervisory Board and extremely vocal about their
deep concerns regarding the state of affairs at Balda. Nevertheless,
Balda's Supervisory Board members continue to show no interest in
addressing the company's grave corporate governance issues. Therefore, we
plan to propose our slate of nominees at the company's Annual General
Meeting on May 11 and call for a special auditor to investigate the
Supervisory Board's misconduct and its improper relationship with Michael
Chiang.'
Igor Kuzniar, a Managing Director at Octavian, said, 'We continue to be
disturbed by the current Supervisory Board's apparent conflict of interest
as well as our belief that a large group of shares were improperly allowed
to be voted. This demonstrates the extreme lengths the Supervisory Board
will go to in order to maintain the stranglehold Michael Chiang has over
the company to the detriment of Balda's other shareholders. We are pleased
that BaFin is investigating this extremely serious matter.'
Mr. Kuzniar continued, 'We remain fully committed to taking any and all
actions to protect our investment in Balda and are already taking steps to
continue this important fight at the company's Annual General Meeting, and
if necessary, in the courts. We will do everything in our power to hold
the current Supervisory Board members and those acting surreptitiously on
their behalf personally responsible for what we believe to be improper
actions. We are confident that the wishes of the vast majority of Balda's
shareholders will prevail.'
About Octavian Advisors
Octavian Advisors, LP is a global investment firm with offices in New York
and London. The firm focuses on special situations and distressed
investments in international markets, and has successfully invested in over
40 countries on six continents. Octavian currently manages approximately $1
billion for leading endowments, foundations, pension funds, family offices
and institutions.
Contacts:
For Investors
Georgeson
Cas Sydorowitz?T: +44 (0)870-703-0302
E: shareholderinfo(at)georgeson.com??????For German media
CNC - Communications&Network Consulting
Lasse SchmidT: +49 89 599 458 142E: Nicholas WenzelT: +89 599 458 115E:For International media
Lasse.Schmid(at)cnc-communications.com Nicholas.Wenzel(at)cnc-
communications.com
Sard Verbinnen&Co
Jonathan Doorley
T: +1 212.687.8080
E: JDoorley(at)sardverb.com
End of financial news
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