|25.01.2013 - Jersey/Vienna
The Board of Directors of PI Power International Limited (PI) announces that it has been informed of the decision of the Royal Court of Jersey in the proceedings brought by former director Björn Pirrwitz for a payment on his removal from the Board of Directors of the Company at the extraordinary general meeting of April 2009, in the amount of EUR 700,000 plus interest and costs. PI defended that claim, on various grounds, and also brought a third party claim against the former chairman of the Board of Directors of the Company, Wolfgang Vilsmeier, seeking an indemnity from him in the event that the Company was held to be liable to Mr. Pirrwitz. The Court decided in favor of Mr. Pirrwitz in relation to his claim for a payment pursuant to his removal from the Board of Directors and against PI regarding its third party claim with its former chairman.
The Board of Directors is disappointed with this outcome, and considers it entirely inconsistent with all advice it received. The Board is considering its options with respect to these matters and will inform the certificate holders when further information is available.