PI Power International Limited

EANS-News: PI Power International Limited
Annual General Meeting Approves Winding up of the Company


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  Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Annual & Special Corporate Meetings


St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna, July 12, 2012 -
All proposed resolutions on the agenda of the Annual General Meeting (AGM) of PI
Power International Limited (PI) - including the winding up of the Company -
held today, Thursday, in Vienna, were approved by a majority of approximately
99%.

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, 2011 to December 31, 2011.
Grant Thornton Unitreu Wirtschaftsprüfungs- und Steuerberatungs-GmbH, Vienna,
was once again appointed as auditor to the Company.

Moreover, the Board of Directors was authorised to return further capital to
shareholders. The Board of Directors revised its estimate of further cash
repayments to Certificate Holders, in addition to cash repayments to date of
EUR 7.80, to between EUR 0.07 and EUR 0.38 per share/ certificate, excluding
certificates held by PI.

Furthermore, the AGM approved the winding up of the Company in accordance with
Jersey Law. However, there can be no definitive timescale for the finalisation
of the winding up process and the dissolution of the Company because the timing
of the completion of the litigation matters cannot be predicted. The directors
believe, however, that commencing the winding up process at this time will
provide the Company with the flexibility to wind up quickly upon completion of
the litigation matters.

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


Further inquiry note:
Investor Relations and Public Relations
Metrum Communications GmbH
Mick Stempel
T: +43 1 504 69 87-385
M: m.stempel@metrum.at

end of announcement                               euro adhoc 
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company:     PI Power International Limited
             1st Floor, 7 Bond Street 
             A-JE2 3NP St Helier, Jersey, Channel Islands
mail:     info@powerinternational.eu
WWW:      www.powerinternational.eu
sector:      Energy
ISIN:        AT0000A05W59
indexes:     other listings
stockmarkets: Third Market: Wien 
language:   English
 

 

 



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