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Abonner Meinl European Land Limited

Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
Strategic management decisions
HL: Purchase of Meinl European Land certificates in the best commercial interest of both the Company and its shareholders and in compliance with all legal requirements Utl.: ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Company Information
29.08.2007
Jersey, 29 August 2007
Responding to investor concerns, Meinl European Land wishes to 
clarify the following:
Information about purchase of certificates disclosed in the 
Prospectus since the IPO
MEL has issued Prospectuses in connection with its capital markets 
activites that were reviewed in detail and approved by the Austrian 
Financial Market Authority (FMA). The Prospectuses specifically and 
publicly make clear that the Company may at any time purchase 
certificates, and that the market maker (Meinl Bank AG) has been 
authorised to acquire certificates for the Company´s account at any 
time. There was no obligation either under the laws of Jersey or 
under Austrian law to disclose the purchase of certificates other 
than in the course of normal regular company reporting.
MEL´s true value considerably higher than the price at which 
certificates were purchased
There were two main reasons for purchasing certificates. First was 
that the Company´s management - in line with international analysts´ 
price targets of up to EUR 28 - considered the underlying value to be
considerably higher than the value in the market during the first 
half of the year. Second was that there were at the time - and 
currently still are - plans to take on board strategic partners that 
will contribute to a sustained increase in the Company´s growth. For 
these reasons, Management has no intention to dispose of the 
purchased certificates at less than the average purchase price (EUR 
20.43), since the underlying value continues to exceed the purchase 
price in the Company´s judgement.
Process of purchase of 88.8 million certificates correct and in 
compliance with all laws
With the publication on 23 August 2007 of the report for the second 
quarter of 2007, MEL has announced the purchase of a total of 52.3 
million certificates as per 30 June 2007. The average purchase price 
was EUR 20.78 per certificate. Prior to a disclosure in its next 
regular quarterly company publication, MEL reports that a further 
36.5 million certificates have been acquired at an average price of 
EUR 19.93 during the third quarter up to today´s date. Of the total 
of 88.8  million certificates, 83.9 million were acquired through the
Stock Exchange and 4.9 million were acquired over-the-counter at 
prices equal or close to the quoted prices at the time. At no time 
did the Company acquire any certificates from Meinl Bank AG, from its
affiliates or from any Meinl Bank funds. No preferential treatment 
was given to any individual investors willing to sell at any time.
Solid shareholders´ equity and high level of liquid funds
Funds totalling EUR 1.8 billion were used for the purchase of the 
Company´s certificates. In the Group accounts these amounts are 
deducted from shareholders´ equity and do not affect the profit and 
loss account. After such deduction, the Group´s shareholders´ equity 
amounts to EUR 3.1 billion. The Company has sufficient liquid funds, 
amounting to EUR 1.6 billion, to finance further growth. These funds 
are invested conservatively, held in interest-bearing bank accounts, 
or invested in highly rated government bonds or bank bonds, both of 
short maturities. MEL´s investments do not include any securities of 
Meinl Airports Investment Limited or Meinl International Power 
Limited.
MEL takes shareholders´ concerns very serious and introduces stronger
measures for corporate governance, transparency and communication 
immediately
MEL has reacted to shareholders´ concerns and has resolved to 
introduce with immediate effect permanent changes with respect to 
corporate governance, transparency and communication. As a first 
step, MEL voluntarily undertakes to announce from now on any further 
transactions in certificates on a weekly basis in arrears, whereby in
accordance with shareholders´ approval no more than a total of 90 
million certificates will be purchased. Rupert-Heinrich Staller, a 
renowned capital markets expert specialising in shareholder activism 
and corporate governance, has been given the responsibility to ensure
implementation of these changes as Meinl European Land´s capital 
markets representative. The changes also include the introduction of 
a performance-related fee structure which will be discussed with 
shareholders and submitted for approval to the next General Meeting.
Meinl European Land - a highly successful company with outstanding 
prospects
MEL´s results for the first half of 2007 underline its continuing 
excellent performance. Profit after tax rose by an impressive 127% to
EUR 113.0 million. Year-on-year, the property portfolio increased by 
42% to EUR 2.3 billion. Since the upward trend in operating 
performance continues unabated, the Company maintains its view that 
the underlying value of the business is substantially higher than the
average purchase price of the certificates it holds.
end of announcement                               euro adhoc 29.08.2007 09:36:14

Further inquiry note:

Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market

Plus de actualités: Meinl European Land Limited
Plus de actualités: Meinl European Land Limited