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Implenia AG

euro adhoc: Implenia AG
Annual & Special Corporate Meetings
Implenia general meeting brings clarity Extraordinary general meeting confirms statutory restrictions on share registration by an overwhelming majority

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Company Information
14.12.2007
D i e t l i k o n, 14 December 2007.  An extraordinary general 
meeting of Swiss construction services company Implenia AG decided by
an overwhelming majority to keep the company´s existing restrictions 
on registering foreign shareholders unchanged. A 86,8 % majority of 
the 241 shareholders present rejected the proposal by UK financial 
company Laxey Partners, which had made its takeover offer of 5 
November contingent on the removal of Implenia´s current rules on 
share registration.
According to Switzerland´s "Lex Koller" law and a related ruling by 
Bülach District Council, no more than 20% of voting rights in 
Implenia may be owned by foreign shareholders. If this threshold is 
breached, Implenia would qualify as foreign-controlled. As a result, 
a lucrative part of the company´s business - one which is crucial to 
its whole business model - would be lost, and a substantial amount of
value would be destroyed. The Board of Directors strongly 
recommended, therefore, that shareholders reject the attempt to 
remove the relevant restrictions on registering foreign investors.
Virtually all the shareholders present at the meeting followed this 
recommendation. Lex Koller means that Laxey´s registered voting 
shares currently only amount to 4.9% of Implenia´s total share 
capital, but even if it had been able to vote with all the shares it 
owns, this would still not have been enough to reach the majority 
needed to remove the registration restrictions. Of the other 
shareholders represented at the extraordinary general meeting, 98,5 
percent voted in favour of the Board of Directors´ proposal. Chairman
of the Board of Directors Anton Affentranger described it as a "clear
decision by the company´s senior body in the fight against Laxey, 
which is motivated solely by self-interest". He announced that the 
Board of Directors, fortified by this decision, would continue to 
work tirelessly in the interests of all shareholders and the company.
end of announcement                               euro adhoc

Further inquiry note:

Hirzel.Neef.Schmid.Konsulenten
Aloys Hirzel
Tel +41 43 344 42 42
Email aloys.hirzel@konsulenten.ch

Branche: Building materials
ISIN: CH0023868554
WKN: 2386855
Index: SPI, SPIEX, SSCI
Börsen: SWX Swiss Exchange / official market

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