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by the former Board of Directors, which were approved by the extraordinary shareholders' meeting by a slim margin, were no longer valid.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.

Rückfragen & Kontakt:

Alexander Proschofsky
T: 0676/ 347 56 33

Mick Stempel
T: 0664/ 321 18 86