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PI Power International Limited

EANS-News: PI Power International Limited
Annual General Meeting approves all resolutions by an overwhelming majority

St Helier, Jersey, Channel Islands (euro adhoc) -

Further cash distribution EUR 2.50 per certificate(1) announced
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Annual & Special Corporate Meetings
Utl.: Further cash distribution EUR 2.50 per certificate(1) announced
Jersey/Vienna,
October 7, 2009 - All proposed resolutions on the agenda of the 
Annual General Meeting (AGM) of PI Power International Limited (PI) 
held today, Wednesday, in Vienna, were approved by a majority of 98% 
to 100% of votes.
At the AGM the Board of Directors also updated the guidance of 
anticipated potential further capital distribution to a range between
EUR 2.60 bis EUR 3.70 per certificate(1) (compared to the range from 
1.60 and 3.60 EUR per certificate(1) in June 2009). 2.50 EUR per 
certificate(1) shall be distributed as soon as practical.  The amount
of EUR 4.40 per certificate1) was already paid out in June 2009.
The certificate holders present at the AGM approved all the 
pre-requisites required for authorising the Board of Directors to 
make a further interim distribution of capital. After carefully 
considering the financial position of PI at the present time and 
after giving consideration to making a solvency statement in 
accordance with Jersey Company Law, the company will distribute EUR 
2.50 per certificate(1) as soon as practical.
In addition the certificate holders authorised the Board of Directors
to distribute up to an aggregate maximum of EUR 200 million to 
investors over the next six months. Furthermore, the Board of 
Directors was authorised, notwithstanding the permitted 
distributions, to declare by way of further interim distributions 
such amounts as the directors in their discretion may resolve be 
distributed.
As the Articles of Association of the company require that each 
director shall retire at each AGM, the current Board of Directors put
themselves forward for re-election. Murdoch McKillop, Richard Boléat,
George Baird and James Shinehouse were re-elected to the roles of 
directors of PI. James Shinehouse was also re-elected to the role of 
Managing Director of the company.
The AGM also approved the company´s accounts, the directors´ report 
and the auditor´s report for the period 1 January 2008 to 31 December
2008. Grant Thornton Wirtschaftsprüfungs- und Steuerberatungs-GmbH, 
Vienna, was appointed as auditor to the company.
The Board of Directors also presented at the AGM the unaudited 
financial results of PI (parent company) for the half year ended 30 
June 2009. The loss after tax was EUR 30.0 m (compared with minus EUR
36.3 m in the full year 2008). Gross assets (excluding cash and 
equivalents) at 30.6.2009 amounted to EUR 93.3 m (compared with EUR 
125.4 m at year end 2008). After the first cash distribution of EUR 
4.40 per certificate(1) the total shareholders funds were EUR 222.9 m
(compared with EUR 506.6 m at year end 2008). Cash and equivalents 
amounted to EUR 140.0 m (compared with EUR 390.9 m at year end 2008.
(1) Excluding treasury certificates
Further information on PI Power International is available at:
www.powerinternational.eu

Further inquiry note:

Please address any inquiries to:

Investor Relations and Public Relations
Hochegger Financial Relations GmbH

Mick Stempel
T: +43 1 504 69 87-385
M: m.stempel@hochegger.com

Michaela Lipa
T: +43 1 504 69 87-341
M: m.lipa@hochegger.com

Branche: Energy
ISIN: AT0000A05W59
WKN:
Index: other listings
Börsen: Wien / Third Market

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