Meinl International Power (MIP): Results of the Extraordinary Shareholders’ Meeting Are Invalid

Wien (OTS) - The extraordinary shareholders' meeting held
yesterday led to the selection of Richard Boleat to the Board of
Directors of Meinl International Power to replace Michael Treichl,
according to the declaration made by the Chairman of the Board. For
this reason, the proposals made by the former Board of Directors,
which were approved by the extraordinary shareholders' meeting by a
slim margin, were no longer valid. The subsequent "correction" of the
voting results by the Chairman of the Board, which took place about
one hour after the announcement and confirmation of the results of
the previous vote, will be subject to close scrutiny by the
responsible regulatory authorities.

On balance, the second extraordinary shareholders' meeting of
Meinl International Power on July 28, 2007 was characterized by
serious deficiencies and the items on the agenda were chaotically
dealt with and managed by the Chairman of the Board. Never before,
neither in Jersey nor in the case of an Austrian company, have votes
of investors been subsequently counted after the voting was concluded
and the results officially announced.

In addition, the shareholders' meeting has raised a series of new
questions. For one thing, it must be clarified whether individual
transactions are permissible if they led to shifts among certificate
owners. There are concrete indications that large numbers of voting
rights were purchased from business partners with close ties to Meinl
Bank at a price of EUR 8,- or more per certificate directly before or
during the shareholders' meeting by Meinl Bank. These voting blocks
were decisive in determining the final outcome of the voting.

Furthermore, one will have to wait for the results of the ongoing
investigations on the part of the public prosecution department,
which could potentially create a completely new situation at MIP.

In conclusion, it must be said that close to half of the
shareholders no longer place their confidence in the existing Board
of Directors, and reject their proposals to manage the company. This
represents a clear-cut mandate for the group of independent
candidates, who will determinedly take advantage of all the legal
means at their disposal.

Rückfragehinweis:

Alexander Proschofsky
   T: 0676/ 347 56 33
   mailto:proschofsky@activeinvestor.at
    
   Mick Stempel
   T: 0664/ 321 18 86
   mailto:m.stempel@hochegger.com

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