DGAP-News: Octavian Advisors: OCTAVIAN ADVISORS ISSUES STATEMENT ON BALDA
(firmenpresse) - DGAP-News: Octavian Advisors / Key word(s): Legal Matter
Octavian Advisors: OCTAVIAN ADVISORS ISSUES STATEMENT ON BALDA
11.04.2012 / 15:31
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OCTAVIAN ADVISORS ISSUES STATEMENT ON BALDA
Calls on Balda to Divest Remainder of TPK Stake
Requests Special Auditor at Annual General Meeting
NEW YORK - April 11, 2012 - Octavian Advisors LP ('Octavian'), which
through various funds owns approximately 8% of the outstanding shares of
Balda AG ('Balda'), today issued the following statement:
'At the 11-hour Extraordinary General Meeting in February, Octavian's
proposal to replace Balda's Supervisory Board received overwhelming support
from our fellow shareholders not affiliated with Michael Chiang. We are
pleased that this effort to hold the Supervisory Board accountable has led
Balda to take the first step to unlock value by divesting half of the
company's non-strategic stake in TPK and announcing a special dividend.
However, this is not enough, and we call on Balda to follow through on
selling the remaining TPK stake as it previously stated it would, and
immediately return the proceeds to shareholders.
'We have requested an independent special auditor to investigate the failed
sale of Balda's stake in TPK in 2011, as well as potential breaches of
fiduciary duties by members of the Supervisory Board and whether Michael
Chiang or his proxies have inappropriately influenced the Board. We
believe the so-called voluntary special audit commissioned by Balda's
current Management Board in cooperation with the Supervisory Board is
completely inadequate, as any probe commissioned by those being
investigated is unlikely to be objective and fair.
'In addition, we have filed a formal objection to the results of the EGM
because its outcome was decided by a large group of shares that we believe
was improperly allowed to be voted. We have also filed an information
request in court based on Balda's refusal to adequately answer
shareholders' questions, and we reserve the right to requisition another
EGM to elect independent directors once the investigation into these
matters has been completed.
'While we pursue legal avenues designed to give Balda's shareholders an
opportunity to be represented on their company's Board, Octavian will not
propose independent directors at the Annual General Meeting; where things
stand now, it would be pointless to seek election at another meeting where
the will of shareholders is blatantly ignored. We remain committed to
protecting our investment and to effecting positive change at Balda for the
benefit of all shareholders.'
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 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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164519 11.04.2012
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Datum: 11.04.2012 - 15:31 Uhr
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