PI Power International Limited

EANS-Adhoc: PI Power International Limited (in liquidation): Board Announces the Sale of Stratius Investments Limited

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  Disclosed inside information pursuant to article 17 Market Abuse Regulation
  (MAR) 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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Strategic management decisions
13.04.2017


Jersey/Vienna, April 13, 2017 - After completing the auction process previously
announced, PI Power International Limited (in liquidation) (the Company) has
sold its entire interest in Stratius Investments Limited, the Company's
Cyprus-registered subsidiary (Stratius) that holds the claim for the arbitration
award in relation to the Karpat Energo investment.  After engaging with
approximately two dozen parties, four participated in the detailed auction
process.  The winning bid was submitted by Meinl Bank AG.  The sale price was
EUR 2.75 million.

By means of the sale, Stratius has converted its last remaining investment asset
to cash, which allows the board of directors of the Company (the Board) to
complete the summary winding up process approved by the shareholders /
certificate holders during the Company's general meeting of July 2012. 
According to the terms of the sale, the Company is obligated to remain open for
three months, after which time the Board will complete the winding up process
and dissolve the Company. After settlement of existing liabilities and payment
of costs to complete the winding up and dissolution, the Board estimates that
there will be between EUR 0.03 and EUR 0.035 per ADC for repayment to
shareholders / certificate holders.


Further inquiry note:
Metrum Communications
Stefan Trittner
T: +43 664 964 81 24
E-mail: s.trittner@metrum.at

end of announcement                               euro adhoc 
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issuer:      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 securities.at
stockmarkets: Third Market: Wien 
language:   English
 

 


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