PI Power International Limited

EANS-News: PI Power International Limited
Annual General Meeting Approves All Resolutions with an Overwhelming Majority

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Annual & Special Corporate Meetings

St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna, June 22, 2010 - All proposed resolutions on the agenda of the Annual General Meeting (AGM) of PI Power International Limited (PI) held today, Tuesday, in Vienna, were approved by a majority of about 99%.

At the AGM, the Board of Directors confirmed the guidance of the anticipated further capital distribution to certificate holders to a range between EUR 0.60 to EUR 1.40 per certificate[1], as originally announced on May 29, 2010. Including the amount of EUR 6.90 which has already been paid out to certificate holders, the total capital repayment will range between EUR 7.50 and EUR 8.30 per certificate.

As the Articles of Association of PI require that each director shall retire at each AGM, the current Board of Directors put themselves forward for re- election. James Shinehouse, Richard Boléat, George Baird and Murdoch McKillop were re-elected as directors of PI. James Shinehouse was also re-elected to the position of Managing Director of PI.

In addition, the AGM also approved PI´s annual accounts, the directors` report and the auditor´s report for the period January 1, 2009 to December 31, 2009. Grant Thornton Wirtschaftsprüfungs- und Steuerberatungs-GmbH, Vienna, was once again appointed as auditor to the company.

Shareholders´ equity less minority interest as at the balance sheet date of December 31, 2009 totaled EUR 64.8m (previous year: EUR 507.4m). Cash, cash equivalents and financial assets amounted to EUR 68.9m (previous year: 394.3m) at the balance sheet date. The net asset value (NAV) at year end was EUR 1.12 per certificate[1] (following capital repayment of EUR 6.90 per certificate[1] to date). Management costs of the parent company in 2009 were reduced to EUR 23.5m. In the 2008 fiscal year (until the middle of November 2008 under the previous management), costs were still EUR 29.5m.

The Board of Directors also presented to the AGM the preliminary financial results of PI (parent company only) for the five month period ending May 31, 2010. The NAV at the end of May 2010 was EUR 1.10 per certificate, whereas cash and cash equivalents totaled EUR 66.3m. Management costs in the first five months of 2010 should be considerably further reduced compared to the previous year, amounting to only EUR 1.8m.

It was announced at the AGM that the next step would be a further cash distribution of EUR 0.40 per certificate1, depending on confirmation from the auditor of the company. In addition, the company will press ahead with the sale or disposal of the Hohenlohe Wind Park (Germany) and the disposal / realisation of value of the minority shareholding in the gas-fired power plant project in Hungary (Karpat Energo Investments). The aims being pursed by management are the liquidation of the company and the distribution of the remaining capital as instructed by certificate holders.

With respect to the current legal disputes with Meinl Bank AG, PI notified certificate holders of the continuation of the Austrian arbitration proceedings initiated in the previouis year on grounds of excessively high fees. The other litigation in Jersey and the UK is also being continued.

@@start.t2@@Further    information    on    PI    Power    International    is      available      at:
www.powerinterntional.eu

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[1] Excluding treasury certificates

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ots Originaltext: PI Power International Limited
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Metrum Communications GmbH

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

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

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



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