Investor Representatives on Meinl International Power and Dissociating the Company From Meinl Bank

Wien (OTS) - Since the IPO of Meinl International Power (MIP), investors have lost more than EUR 200 million, based on the current share price of the company. During the same period, the companies of Meinl Bank and Karl-Heinz Grasser of MIP have been paid more than EUR 50 million in fees. And now, and additional EUR 32 million is to be paid into the pockets of unsuccessful managers to reward them for their lack of success and their unsatisfactory performance, including EUR 11 million to be paid to Karl-Heinz Grasser.

Following the report issued by the Austrian National Bank last week, and the guarantee clause contained in it, which was not known to investors, as well as the legally dubious share buybacks, we believe there are many reasons to terminate the management contracts without any additional payments. If the contents of the Austrian National Bank report prove to bet rue, then there will be considerable claims to damages to be filed against Meinl Bank and the board members of MIP.

Alexander Proschofsky: "For us, the question is how much Meinl Bank has to pay to MIP, and not the other way around. For example, MIP decided to do without EUR 150 million in proceeds in the course of the IPO which Meinl Bank should have raised, according to the National Bank report. Generally in Austria and in Jersey, the person breaking glasses has to pay, and not the other way around".

In addition to the payment of EUR 32 million, an additional problem is that the same managers at MIP who were responsible for the current situation of the company now want to implement the restructuring measures. And, according from a media report published today, they are being subject to an official investigation by the district attorney’s office in connection with their work at MIP.

In respect to the confessions made by the current board of directors in the materials distributed at today's press conference, regarding a debt obligation of EUR 40 million to finance JM Marketing and trading within the context of a bond contract, the following can be said:

Alexander Proschofsky: "I personally asked the question at the shareholders' meeting held on May 14, 2008, if such a financing by means of a bond contract existing. The response of the board of directors, despite repeated inquiries, was that this was not the case. I feel deceived, and have lost any confidence I may have had in these managers".

For this reason, we request the support of other shareholders at the upcoming shareholders' meetings, in order to prevent any further payments to the unsuccessful investment managers.

Rückfragen & Kontakt:

Alexander Proschofsky
Phone: +43-(0)676/ 3475633
Mail: proschofsky@activeinvestor.at

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