Statement of the independent MIP shareholders regarding Audley Capital’s takeover plan

Wien (OTS) - The Group of Independent Shareholders of Meinl
International Power would like to comment as follows on the plans of
Audley Capital as announced by the management of MIP on 13 October
2008:

- Audley Capital is a financial investor that operates a number of 
   aggressive hedge funds. Therefore, this plan is diametrically 
   opposed to the objective stated by MIP chairman Hans Haider of 
   finding a strategic partner for MIP.

 - An expert opinion on Audley Capital as the manager of a power 
   company has not been seen. As the new owner of MIP’s management 
   company Meinl Power Management, Audley Capital can offer no 
   additional relevant knowledge to improve the operating 
   performance of the company as a replacement of the current owner 
   for Meinl Bank / Karl Heinz Grasser. This means that this 
   acquisition would bring no advantages for the company. 

 - It makes absolutely no sense that the shareholders of MIP pay 
   millions to bring a new owner for the external management company
   on board. 

 - After the events of recent weeks, there is absolutely no 
   justification for the payment of EUR 10 million for the 
   termination of the licence agreement permitting the use of the 
   name "Meinl", which is detrimental to the company. A "fairness 
   opinion" from Meinl Bank’s advisor Lazard on the matter can 
   hardly be considered an objective basis for decision. 

 - No information at all has been provided on the terms of the 
   planned participation of the hedge fund Audley Capital European 
   Opportunities Master Fund. No price, volume, type of transaction 
   or where the shares will come from has been stated. This may 
   simply be a plan to create an exit scenario for Meinl Bank’s MIP 
   holdings.

The plans that were announced yesterday have all the hallmarks of
hasty retreat with no consideration of the very probable negative
consequences for the company. The Meinl Bank shareholder group
apparently wants to take irrevocable action before the courts can
make any decisions. It is also apparent that no potential strategic
partner was found that is interested in taking on a stake in MIP.

As long as these plans have no recognisable added value for the
shareholders of MIP, the Group of Independent Shareholders of Meinl
International Power will oppose them. For this reason, the legal
action to nullify the motions that were, in the opinion of the
shareholders group, adopted illegally at the last general
shareholder’s meeting will continue.

Rückfragehinweis:

Enquiries: 
   Dr. Alexander Proschofsky
   E-Mail: [email protected]
   
   Hochegger Financials
   Mick Stempel
   E-Mail: [email protected]
   Tel.: +43 (0)1 504 69 87-85

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | NEF

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