|12.07.2012 - All proposed resolutions on the agenda of the Annual General Meeting (AGM) of PI Power International Limited (PI) ? including the winding up of the Company ? held today, Thursday, in Vienna, were approved by a majority of approximately 99%.
As the Articles of Association of PI require that each director shall retire at each AGM, the current Board of Directors put themselves forward for re-election. James Shinehouse, Richard Boléat, George Baird and Murdoch McKillop were re-elected as directors of PI. James Shinehouse was also re-elected to the position of Managing Director of PI.
In addition, the AGM also approved PI?s annual accounts, the directors? report and the auditor?s report for the period January 1, 2011 to December 31, 2011. Grant Thornton Unitreu Wirtschaftsprüfungs- und Steuerberatungs-GmbH, Vienna, was once again appointed as auditor to the Company.
Moreover, the Board of Directors was authorised to return further capital to shareholders. The Board of Directors revised its estimate of further cash repayments to Certificate Holders, in addition to cash repayments to date of EUR 7.80, to between EUR 0.07 and EUR 0.38 per share/ certificate, excluding certificates held by PI.
Furthermore, the AGM approved the winding up of the Company in accordance with Jersey Law. However, there can be no definitive timescale for the finalisation of the winding up process and the dissolution of the Company because the timing of the completion of the litigation matters cannot be predicted. The directors believe, however, that commencing the winding up process at this time will provide the Company with the flexibility to wind up quickly upon completion of the litigation matters.