Cryo-Save Group N.V.: Salveo breaches response time and convenes EGM
(Thomson Reuters ONE) -
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading
international stem cell storage company and the largest family stem cell bank in
Europe, announces today that it has taken notice of the fact that Salveo Holding
S.A. ('Salveo'), the company's minority shareholder with 27%, has convened an
extraordinary general meeting of shareholders ('EGM') that shall be proposed to
resolve on the appointment of a new executive director (CEO) and the replacement
of one non-executive director.
On 3 June 2013, in response to and in view of Salveo's request to convene an EGM
and the strategic character of the proposals Salveo made to the company, Cryo-
Save exercised its right under the Dutch Corporate Governance Code to invoke a
180-day response time in order to have further deliberations and constructive
consultations with Salveo on its proposals and to investigate possible
alternatives, as prescribed by the Corporate Governance Code. In this respect,
Cryo-Save adds that Salveo has communicated repeatedly to the company that it
shall propose its controlling shareholder, Mr. Frédéric Amar, for the position
of chief executive officer. As Salveo is a direct competitor, Cryo-Save believes
that a nomination of Mr. Amar on its board of directors is likely to cause
conflicts of interests and loyalty issues which it does not consider in the
interest of its business, its shareholders and its other stakeholders. Cryo-Save
has sought to resolve these issues with Salveo through consultations and
negotiations, but these have been halted by Salveo for reasons unclear to Cryo-
Save.
Cryo-Save believes that Salveo's decision to breach the response time and to
convene an EGM violates various core principles of Dutch corporate law and
therefor will take legal action against Salveo. In the meantime, the company
will continue to explore alternatives, as prescribed by the Corporate Governance
Code.
Cryo-Save will keep its shareholders and other stakeholders informed of
significant developments and will issue additional statements if and when
appropriate.
Enquiries:
Cryo-Save Group + 31 (0)575 509 100
Walter van Pottelberge, Chairman
About Cryo-Save (www.cryo-save.com/group)
Cryo-Save, the leading international family stem cell bank, stores more than
225,000 samples from umbilical cord blood and cord tissue. There are already
many diseases treatable by the use of stem cells, and the number of treatments
will only increase. Cryo-Save has cryopreserved samples from over 70 countries
on six continents, with ultra-modern processing and storage facilities in
Belgium, Germany, Dubai, India and South Africa.
Click here for press release in PDF:
http://hugin.info/143308/R/1718989/571997.pdf
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1718989]
Unternehmensinformation / Kurzprofil:
Datum: 26.07.2013 - 08:56 Uhr
Sprache: Deutsch
News-ID 282091
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