Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
OFFER TO RESOLVE LEGAL DISPUTES


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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
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19.01.2016


OFFER TO RESOLVE LEGAL DISPUTES

Jersey, 19 January 2016.  Atrium European Real Estate Limited (the "Company")
(VSE/Euronext: ATRS), a leading owner, operator and developer of shopping
centres and retail real estate in Central and Eastern Europe and the ultimate
parent of the Atrium Group, announces the resolution of the Dutch litigation
brought by "Stichting Atrium Claim" and the establishment of an arrangement to
create a compensation fund through which to resolve disputes currently being
litigated in Austria in the civil courts as well as submissions by individuals
to join pending criminal proceedings.  The arrangement involves Meinl Bank AG
and attorneys from the Stichting (including one who represents certain current
Austrian plaintiffs).  Stichting asserts that it represents the interests of
present and former investors in the Company who purchased certificates between
2002 and 2007, when the Company was known as Meinl European Land Limited,
predating all current officers and directors.

The arrangement offers the opportunity for qualifying investors to recover from
a compensation fund.  Although the Company continues to believe that there is no
basis for any claims to be made against it in the Austrian civil proceedings,
those proceedings generally assert damages on behalf of investors tied to
purported misstatements and omissions in public statements of Meinl European
Land.  The Company has joined as a participant in the arrangement as a means to
put legacy issues behind it, providing an opportunity for all those litigating
and who have made submissions to join the criminal proceeding to achieve a
comprehensive resolution, and in so doing address a source of significant
demands on management time and associated legal fees and costs, which are
detrimental to its shareholders.    

Under the arrangement announced today, qualifying investors may obtain
compensation in accordance with a standard methodology explained in full on the
Stichting's website—www.atriumclaim.com—which takes into account factors such as
dividends received, current holdings, timing of investment and total amounts
invested.  The Company encourages all eligible investors to review carefully the
information made available through this website, to seek advice from a suitably
qualified adviser and then make their own decisions about whether to join the
arrangement.  Those who choose to obtain compensation through the arrangement
announced today will receive a payment calculated using the methodology set
forth in the arrangement.  To participate, eligible investors will need to
complete an on-line form and release, and submit certain information related to
their claims. 

While it is not clear at this time how many investors will make an offer to
participate in the arrangement, the Company believes it is important to support
reasonable efforts to help bring final resolution to these longstanding issues. 
Although the Company's maximum exposure under the arrangement (including costs)
is approximately EUR 32 million, the actual amount will be determined over time
and will depend on the number of investors who participate. 

The Company is hopeful that eligible investors will participate in this process.
For those who choose to push forward with litigation against the Company tied to
these legacy issues, the Company emphasizes its belief that there is no basis
for the claims against it and that it will continue to defend itself vigorously
in all proceedings. 


For further information:
FTI Consulting Inc.:                                         +44 (0)20 3727 1000
Richard Sunderland / Claire Turvey
atrium@fticonsulting.com


Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.com

end of announcement                               euro adhoc 
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issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
mail:     richard.sunderland@fticonsulting.com
WWW:      http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien, stock market: Luxembourg Stock Exchange 
language:   English
 

 

 

Original-Content von: Atrium European Real Estate Limited, übermittelt durch news aktuell

Weitere Meldungen: Atrium European Real Estate Limited

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