EANS-Adhoc: P&I Personal & Informatik AG / Ineffective Resolution by Members of the Supervisory Board regarding the Dismissal and Appointment of Members of the Management Board as well as the Assertion of Claims for Damages against Members of the Management Board

ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.

17.06.2010

The Management Board of P&I Personal & Informatik AG has been informed that two members of the Supervisory Board of P&I Personal & Informatik AG, namely Mr. Vinall and Dr Heidel, have tried to pass various resolutions of the Supervisory Board. Both the Chairman of the Supervisory Board and the members of the Management Board of P&I Personal & Informatik AG concur in the opinion that these resolutions are ineffective due to the fact that they were passed by only two out of the three members of the Supervisory Board; the chairman of the Supervisory Board, Mr. Wand, did not participate in the adoption of the resolution. The Supervisory Board was therefore lacking the statutory quorum (see Section 108 para. 2 sentence 3 German Stock Corporation Act - Aktiengesetz, "AktG"). Pursuant to Section 108 para. 2 sentence 3 AktG, resolutions of the Supervisory Board must be adopted by at least three of its members.

The subject matter of the resolutions which Mr. Vinall and Dr Heidel sought to pass were, inter alia:

  • Declaration of the invalidity of the appointment of the Management Board members Mr. Triadis and Dr Voß and their respective employment contracts and, in the case of Dr Voß, alternatively, the revocation for cause of his appointment as a member of the Management Board and the termination for cause of his employment contract without notice;
  • Appointment of Dr Massmann and Dr Mossack as members of the Management Board of P&I Personal & Informatik AG and conclusion of respective employment contracts;
  • Assertion of claims for damages against the members of the Management Board, Mr. Triadis and Dr Voß in the amount of EUR 900,000.00, plus VAT of EUR 171,000.00, plus interest at 8% above the base rate (Basiszinssatz) since 15 July 2009.

The members of the Management Board, Mr. Triadis and Dr Voß will continue to discharge their unaltered duties as members of the Management Board. They are of the opinion that claims for damages which might be asserted against them are without merit.

Wiesbaden, June 17, 2010
Management Board

end of announcement euro adhoc

issuer: P&I Personal & Informatik AG Kreuzberger Ring 56 D-65205 Wiesbaden phone: +49(0)611 7147 267 FAX: +49(0)611 7147 367 mail: aktie@pi-ag.com WWW: www.pi-ag.com sector: Software

ISIN: DE0006913403
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf
language: English

Rückfragen & Kontakt:

Andreas Granderath
+49 (0)611 7147-267
agranderath@pi-ag.com

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