EANS-News: Balda AG
Balda AG commissions Hengeler Mueller to conduct voluntary
special audit
01.03.2012 – 10:06
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Company Information Bad Oeynhausen (euro adhoc) - Bad Oeynhausen, 1 March 2012: The Board of Directors at Balda AG, in consultation with the Supervisory Board, has mandated law firm Hengeler Mueller, based in Düsseldorf, with a voluntary special audit of business transactions which took place last year. This implements the announcement made at the plastics processing company´s extraordinary general meeting on 8 February 2012. The voluntary special audit will probe whether board members of Balda AG have acted in line with their fiduciary duties in connection with the company´s attempts in 2011 to sell its stocks in the Chinese touchscreen manufacturer TPK Holding Co., Ltd., and whether Balda AG has suffered any damages. The status of the audit will be reported at the ordinary general meeting of Balda AG scheduled for 11 May 2012. US-based hedge fund Octavian Special Master Fund L.P, which has reported a voting interest of 5.22 per cent in Balda AG, has made accusations against the company´s Supervisory Board in connection with these attempts to dispose of the shares. The extraordinary general meeting, called in response to Octavian´s request and held on 8 February 2012, confirmed all Supervisory Board members in their current roles by clear majority. Dominik Müser, CEO, Balda AG: "The voluntary special audit is vital in clarifying the events of 2011 and in bringing to an end a period of speculation in the interest of our company." Company profile of Balda AG The Balda Group develops and produces complete plastic assemblies, electronic products and products for the medical technology industry. Balda´s customers are leading companies in the pharmaceutical, medical technology, consumer electronics electronic communications and mobile phone markets. The Group is internationally positioned with production sites in Germany and Malaysia. A subsidiary in the USA operates in product design and development. Within the scope of its shareholding in a leading touchscreen manufacturer in China, Balda is participating in the dynamic development of the touchscreen displays market. This Corporate News announcement contains forward-looking statements, which are based on the current expectations of Balda´s management. They therefore contain a range of risks and uncertainties because they relate to future events and depend on circumstances that will occur in the future, such as, for example, developments in the mobile communications industry, changes in technology and the ability to timely and successfully develop new products and various other factors. Balda will neither revise these forward-looking statements nor correct them in the event of any unexpected development, unless there is a legal obligation to do so. This Corporate News announcement represents neither an offer to buy shares nor an invitation to submit an offer to buy shares in the United States or any other country. The shares in Balda AG (the "shares") may not be offered or sold in the United States or to or for the account of U.S. persons (as defined in Regulation S of the U.S. Securities Act of 1933, in its current version (the "Securities Act")), unless they are registered or are exempt from registration under the Securities Act. The shares have not been and will not be registered under the Securities Act. Further inquiry note: Frank Elsner Frank Elsner Kommunikation für Unternehmen GmbH Tel.: +49 - 54 04 - 91 92 0 Fax: +49 - 54 04 - 91 92 29 Mail: office@elsner-kommunikation.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: Balda AG Bergkirchener Str. 228 D-32549 Bad Oeynhausen phone: +49 (0) 5734 9 22-0 FAX: +49 (0) 5734 922-2747 mail: info@balda.de WWW: http://www.balda.de sector: Semiconductors & active components ISIN: DE0005215107 indexes: CDAX, Prime All Share stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English