AI Airports International Limited

EANS-News: AI Airports 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 AI Airports International Limited (AI) 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 1.75 to EUR 2.70 per certificate[1], as originally announced on May 29, 2010. Including the amount of EUR 2.95 which has already been paid out to certificate holders, the total capital repayment will range between EUR 4.70 and EUR 5.65 per certificate.

Furthermore, the Board of Directors reported to the Annual General Meeting on the sale of the company´s stake in the Polish airport of Bydgoszcz to a co- owner. The stipulated selling price was PLN 16.5m, equal to about EUR 4.0m at the currency translation date, which is above the book value of this minority shareholding.

As the Articles of Association of AI 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 AI. James Shinehouse was also re-elected to the position of Managing Director of AI.

In addition, the AGM also approved the AI´s annual accounts, the directors` report and the auditor´s report for the period January 1, 2009 to December 31, 2009. BDO Alto Limited, Jersey, was appointed as auditor to the company.

Shareholders´ equity less minority interest as at the balance sheet date of December 31, 2009 totalled EUR 187.6m (previous year: EUR 386.8m). Cash and cash equivalents amounted to EUR 199.9m (previous year: EUR 369.3m) at the balance sheet date. The net asset value (NAV) at year end was EUR 2.77 per certificate[1] (following capital repayment of EUR 2.95 per certificate1 to date). Management costs of the company in 2009 were reduced to EUR 17.2m. In the 2008 fiscal year (until the beginning of August 2008 under the previous management), costs were still EUR 31.0m. No management, license or market maker fees were paid to the Meinl Bank Group in 2009.

The Board of Directors also presented to the AGM the preliminary financial results of AI (parent company only) for the five month period ending May 31, 2010. Shareholders´ equity amounted to EUR 184.7m. Cash and cash equivalents totalled EUR 190.9m. The management costs of the company should be considerably further reduced, and amounted to EUR 2.4m in the first five months of 2010.

It was announced at the AGM that the next step would be a further cash distribution of EUR 1.10 per certificate[1], as soon as a conclusive and binding agreement is reached concerning Parma Airport and confirmation is received from the auditor of the company. In addition, efforts for the sale of the airport stake Ulan Ude and the Sochaczew development project are continuing, as well as the disposal of AI´s stakes in two consulting companies. 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, AI 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.

Further  information    on    AI    Airports    International    is     available    at:

----------------------- [1] Excluding treasury certificates

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ots Originaltext: AI Airports International Limited
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Mick Stempel
T: +43 1 504 69 87-385

Michaela Lipa
T: +43 1 504 69 87-341

Branche: Real Estate
ISIN:      AT0000A053N4
Index:    other listings
Börsen:  Wien / Third Market

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