Archived posting to the Leica Users Group, 2005/08/04
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]I do not read European credit/restructuring problem law, but I would bet this is really negative info. It sounds a little like someone is preparing to sell off the bits and pieces..... Sort of a final liquidation.. of the entire company.... under a hostile action. Can someone help read this for us laymen? Frank Filippone red735i@earthlink.net Leica Camera AG major shareholders hold up on further investment; restructuring at risk Leica Camera AG, <http://www.leica-camera.com/> Solms, Germany, cannot currently preclude the implementation of the capital increase resolved by its Extraordinary General Meeting on May 31 will fail due to five actions for avoidance, the company says in a press release. Major shareholders Herm?s International SCA, Paris, France, and ACM Projektentwicklung GmbH, Salzburg, Austria, have informed Leica Camera that, as long as actions are pending in court, they will not participate in the capital increase and will not subscribe for new shares. Against this background, there is a danger that the capital increase cannot be implemented and that, consequently, the rehabilitation and restructuring of the company cannot be realized. According to the information currently available to Leica Camera, five actions for avoidance of these capital measures have been brought. Although the lawyers representing four of the plaintiffs have handed over their actions for avoidance to Leica Camera AG, the company has not been formally served any actions for avoidance by the regional superior court up to now. The plaintiffs are the shareholders Veit Paas, Peter Eck, EO Investors GmbH, Reinhold Str?bele jointly with Leasing- und Handelsservice Heinrich GmbH. Leica Camera has issued a total of 4.5 million no par value shares. The central point of the actions is the alleged violation of the subscription rights of all shareholders. From the point of view of the company all of the points put forward in this respect by the plaintiffs are unfounded, the company says. Leica Camera AG had talks with the four plaintiffs in order to come to an agreement with them. So far these talks have been without result. Leica Camera AG remains open for dialogue and hopes for a quick solution, in order to be able to carry on with the restructuring, the company says.