Shareholder Group Files Legal Challenge Against MIP Shareholders’ Meeting

Wien (OTS) - A group of investors led by Alexander Proschofsky has
filed a legal challenge today against the results of the
extraordinary shareholders’ meeting of Meinl International Power
(MIP), held on July 28, 2008. The initial lawsuit designed to contest
the shareholders’ meeting was filed at the competent court of
jurisdiction in Jersey and served to the legal representative of MIP
by the Viscount’s Department (corresponds to the Ministry of Justice
of Jersey). The lawsuit targets the retroactive correction of the
original vote on resolutions pertaining to items 7 and 8 on the
agenda (replacement of board member Michael Treichl, election of
Richard Boleat) by MIP Chairman Hans Haider, as well as the
non-authorized exercise of voting rights by Hans Haider, in
particular the voting on the resolutions in respect to items 9 to 17
on the agenda.

The lawsuit claims that Michael Treichl was unequivocally voted
out of office by the majority of the shareholders present in the
meeting hall, and that Richard Boleat, a representative independent
of the Meinl Group, was duly and properly elected by the majority of
shareholders. The respective results were announced by the MIP
Chairman and confirmed by the notary public.

In the view of the claimants, the subsequent behavior of Hans
Haider, who retroactively counted additional "No" votes, clearly
constitutes an unlawful action. The court is called upon to rescind
the subsequent "vote" and restore the lawful status, in which Richard
Boleat was elected to the board of directors, and Michael Treichl is
no longer a member. Accordingly, the results of the resolutions
pertaining to the items on the agenda proposed by Hans Haider for the
morning of the shareholders’ meeting are to be considered as legally
invalid.

Until the court has clarified the situation, the board of
directors of MIP is called upon to refrain from passing any
resolutions except those required for maintaining normal business
operations. In particular, this demand applies to all capital
measures of any kind, the payment of a termination fee to Meinl Bank
or new investment projects. Furthermore, all board members are
notified of the fact that they are personally liable for any unlawful
or improper actions taken after the lawsuit has been served.

This lawsuit is the first measure to be taken by a group of
investors as a response to the manner in which the shareholders’
meeting of MIP, led by Hans Haider, was held. Further legal steps are
currently being prepared.

Rückfragehinweis:
Hochegger Financials
Mick Stempel
Tel.: +43/1/504 69 87/85
Fax: +43/1/504 69 87/60
mailto:[email protected]

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