|13.09.2013 - Jersey Court of Appeal dismisses PI appeal
Jersey/Vienna, September 13, 2013 – This year’s Annual General Meeting of PI Power International has been scheduled to convene on October 29, 2013 at 12:30 p.m. at the Hotel Hilton Vienna Am Stadtpark.
The consolidated financial statements for 2012 will be made available in both German and English to shareholders and certificate owners on the Website www.powerinternational.eu in the near future. All other details pertaining to the Annual General Meeting (Notice, Managing Director’s Letter, proxy form) will also be available on the Website in the near future in the Investor Relations section under “Annual General Meeting 2013”.
The Board of Directors of PI Power International also announces that it has been informed of the decision of the Court of Appeal of Jersey in the proceedings brought by a former director, Björn Pirrwitz. PI Power International appealed the earlier decision of the Royal Court of Jersey of 24 January, 2013 which found that the Company owed Mr. Pirrwitz an exit payment in the sum of EUR 700,000 upon his removal from the Board of Directors of the Company at the extraordinary general meeting of April 2009. PI Power appealed against that decision on various grounds, including that the Board of Directors had not authorized the payment. However, the Jersey Court of Appeal upheld the Royal Court’s decision and dismissed the Company’s appeal.
The Board of Directors is disappointed with this outcome and intends to report on this matter to shareholders and certificate owners at the Annual General Meeting.
The Board of Directors of PI Power International will present a detailed report to shareholders on the status of the liquidation of the company and further possible capital repayments. Since 2009, in the course of the successive liquidation of the company, the certificate holders have received capital repayments in several tranches totaling EUR 7.80 per certificate.