Statement on the Press Release of Meinl Airports International

Wien (OTS) - Similar to the situation at Meinl International Power (MIP), the proposals presented today by Meinl Airports International (MAI) are insufficient, and a collection of vague plans, according to a statement released by a group of institutional investors, who have nominated independent candidates for the board of directors of MAI. The proposals of MIP end up granting Meinl Group additional payments of EUR 30-35 million as compensation for the external management contracts.

The long sand detailed "improvement measures" mentioned in the press release give a shattering impression of the previous work of the board of directors and the external investment management company of MAI. If there is now talk of creating an investment committee, introducing an approval process for investments and regular reporting for the external management company MAM, the question is what the situation of the company really is like at present, and on which basis investment decisions have been made up until now.
Apparently there is no structured investment process at MAI today, and no control mechanisms. The issue as to whether the external investment company or the shareholders are to bear the costs of an expense due diligence process has not yet been resolved. Based on the far-reaching structural problems at MAI, the only logical step is to immediately replace the responsible managers at MAI.
The proposals of the independent board candidates aim to prevent further payments to Meinl, and to ensure that all potential alternatives are evaluated how unjustified payments to the Meinl Group from MAI can be reclaimed. The proposal to link the management fee of the Meinl management company to asset value in the future is completely incomprehensible. This is absolutely unusual on the marketplace, due to the fact that management fees can be raised by simply taking on additional debt.

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Stephanie Cekon
Tel. +43 / 1 / 504 69 87-38