Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
SETTLEMENT OF LEGAL DISPUTES AND SEVERANCE OF ALL BUSINESS TIES WITH MEINL BANK


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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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17.06.2011

SETTLEMENT OF LEGAL DISPUTES AND SEVERANCE OF ALL BUSINESS
                              TIES WITH MEINL BANK

Jersey,  17  June  2011.  Atrium  European  Real   Estate   Limited   ("Atrium")
(VSE/Euronext: ATRS), one of  the  leading  real  estate  companies  focused  on
shopping centre investment, management and development in  Central  and  Eastern
Europe, announces that it has today entered into  a  settlement  agreement  with
Meinl Bank, Julius Meinl and all of the parties that Atrium named as  defendants
in all of the legal proceedings Atrium filed related to its dispute  with  Meinl
Bank (among others, including certain former directors  of  Atrium  prior  to  1
August 2008).  Gazit-Globe and certain other Atrium investors are  also  parties
to the agreement.  The agreement provides for the  settlement  of  all  disputes
between Atrium and others, on the one hand, and Meinl Bank and  others,  on  the
other hand, and requires dismissal of all claims between them.  

After weighing the best interests of all of its shareholders and  based  on  its
continued review of all available facts and circumstances,  Atrium´s  management
and Board have now approved the settlement for a number  of  reasons,  including
that the settlement:


    - makes clear that neither Meinl Bank nor Atrium will  have  any  obligation
      to indemnify the other under any pre existing agreement or otherwise going
      forward;
    - unwinds the remaining business relations between Meinl  Bank  and  Atrium,
      including the replacement of Meinl Bank as trustee of all of Atrium's bond
      programmes (ISIN: AT0000496641; AT0000341789; AT0000341797;  AT0000496633;
      AT0000492996);
    - provides for Meinl Bank to release all assets  of  Atrium  (including  the
      release of US$15 million) previously withheld by Meinl Bank, but does  not
      provide for any payment from any party to another  party  as  damages  for
      claims that have been asserted or under any other legal title;
    - provides Atrium with a broad release of any and all claims by  Meinl  Bank
      and Julius Meinl, including those where  Meinl  Bank  has  requested  that
      Atrium join it as co-defendant; and
    - fully and finally resolves all disputes between Atrium and Meinl Bank.


This settlement will enable  Atrium  to  focus  on  a  forward-looking  strategy
rather than historical issues. The settlement becomes fully effective  no  later
than January of 2012.  In the  meantime,  all  proceedings  between  Atrium  and
Meinl Bank are suspended.  The parties will now unwind  the  remaining  business
relations between Meinl Bank and Atrium.   Consistent  with  the  position  that

each party has taken in cases in which it is  a  defendant,  each  party  denies
that it has engaged in any wrongdoing.

For further information:
Financial Dynamics:                          +44 (0)20 7831 3113           
Richard Sunderland                        richard.sunderland@fd.com

Further inquiry note:
Financial Dynamics, London 
Richard Sunderland  / Laurence Jones
Phone: +44 (0)20 7831 3113 
mailto:richard.sunderland@fd.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@fd.com
WWW:      http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English
 

 

 



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